LONDON (Alliance News) - Alpha FX Group PLC on Wednesday reported strong growth in both profit and revenue for 2018, leading to an increased dividend.
The foreign exchange service provider registered a sharp rise in profit to GBP9.7 million from GBP5.6 million in 2017. The company's revenue rose 74% to GBP23.5 million from GBP13.5 million the year before.
Alpha FX's operating expenses increased 75% to GBP13.8 million from GBP7.9 million.
The company declared a final dividend of 4.6 pence per share, along with an interim dividend of 1.9p, giving Alpha FX a total dividend of 6.5p, 33% higher than the 4.9p distributed in 2017.
Alpha FX's dividend policy sees the company pay out about 30% of underlying pretax profit.
"I'm very happy with the progress we have made during the year. As well as once again delivering strong revenue and profit growth, the impact of the investments made in the previous year highlight the strength of our strategy, and the returns we are seeing give us great confidence for the future," said Chief Executive Morgan Tillbrook.
Alpha FX achieved a 55% rise in client numbers to 482.
Alpha FX attributed its rise in revenue to the performance of its core UK corporate market unit and increasing its presence in the European corporate market.
During 2018 the company created a new division, Institutional, and launched an international payment platform, Alpha Pay, both of which aided revenue growth.
Alpha FX believes it is "barely scratching the surface" of its potential and hopes its new divisions will allow it to increase in size and increase its market share. The company said it will continue to invest in its business, hoping to "take full advantage" of its "growing market opportunity".
The first quarter has "begun well", according to Alpha FX, and it looks forward to another year of "continued progress".
Shares in Alpha FX were up 7.8% Wednesday at 690.00 pence each.
