(Alliance News) - Alpha FX Group PLC on Wednesday shook off Covid-19 to post a first half revenue climb, though profit succumbed to rising costs.
In the six months to June 30, revenue climbed 16% to GBP18.0 million from GBP15.6 million a year earlier. Pretax profit dropped 25% annually to GBP4.7 million from GBP6.3 million.
The foreign exchange risk management and payment services provider's operating expenses surged 30% to GBP12.2 million and finance costs came in at GBP1.2 million, against none a year earlier.
"After a strong quarter one, trading in the quarter two was marginally down against the comparable period, following the impact of Covid-19. However, as the world begins to recover from the impact of Covid-19, we have seen the group's performance return to the levels we saw in quarter one, with a strong group performance recorded in both July and August," Alpha FX said.
The company decided against paying a dividend, after a 2.2 pence per share payout in the first half of 2019.
Alpha FX explained: "Due to the continued uncertainty regarding the future impact of Covid-19 on the global economy, the board is not declaring an interim dividend. Instead, the group will continue to focus on maximising the strength of its balance sheet in order that it can invest in the long-term growth of the business and capitalise on the current opportunities that it sees in its marketplaces."
Shares in the company were 4.2% higher at 927.50p each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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