International payments company OzForex Group has suffered a fall in earnings, despite higher income, as it ramps up an ambitious investment program.OFX reported a net profit of A$21.8 million for the 12 months to March - down 10.1 per cent on the $24.3 million of profit in the previous corresponding period.Fee and commission income rose 16 per cent to $111.2 million.Last August OFX chief executive Richard Kimber briefed the market on a new strategy aimed at doubling the company's revenue by 2019. The "accelerate strategy" involves more aggressive branding and marketing (including a trading name change to OFX), expansion of operations into low value payments and other areas, and a big investment in technology. As a result, operating expenses rose 28 per cent to $72.1 million.Kimber said the investment was showing results, with an increase in branded search and web traffic, a positive response to a YouTube campaign, and 55,000 downloads of the OFX app since July last year.He said the company was in a transitional year, with several new executives joining the business.Active client numbers rose six per cent to 150,900 and transaction volume rose 12 per cent to 784,200. The average transaction value rose five per cent to $25,000.Australia and New Zealand accounted for 54 per cent of income, growing 19 per cent over the year. The fastest growth was in the North American market, where income was up 36 per cent.One concern for the company, given its intention to maintain elevated investment spending over the next few years, is that cash flow and cash holdings were down.Cash flow from operations fell from $38.5 million in 2014/15 to $15.8 million in the year to March. The company said this reduction was due to a timing issue in the settlement of open mark-to-market positions.Cash and cash equivalents fell from $168.8 million to $142.1 million.