AFX.L Share News (AFX)

(Sharecast News) - Foreign exchange risk management and alternative banking provider Alpha FX said on Wednesday that its first half revenue was ahead 89% year-on-year, at £34m.
The AIM-traded firm reported an 11% increase in client numbers to 838 at the period end on 30 June, from 754 at the end of the 2020 financial year.

It said in its trading update that since June 2020, its market opportunity and dynamics were once again consistent with the pre-Covid-19 environment.

All divisions were profitable in the half-year, and delivering "strong" growth, the board said, while cash conversion was still strong, supported by the growth of the alternative banking division.

Alpha FX said that since its announcement on 27 May that it was on track to exceed expectations for the full-year, trading had continued strongly.

As a result, the directors said they now expected that, in the absence of any major new impacts from the pandemic, the group would further exceed its current expectations for the full year.

"I spoke throughout 2020 about the team's drive and commitment to ensure we emerged from the pandemic a stronger and better business," said chief executive officer Morgan Tillbrook.

"The growth we have seen in the first half of the year is testament to their efforts, as well as our strategy of continuing to reinvest in the business.

"Whilst there are still six months of this year left to go, I am incredibly proud of what we have achieved and would like to thank everyone for their hard work and support."

Alpha FX said it would provide a more comprehensive update in its interim results on 1 September.

At 0851 BST, shares in Alpha FX Group were up 6.35% at 1,659p.