(Alliance News) - Alpha FX Group PLC said Wednesday it expects its revenue in the first half to be 60% higher than the year before, driven by growth in its core UK market, and now thinks its full year performance will be ahead of expectations.
Shares in Alpha FX were 7.6% higher in London on Wednesday at 780.00 pence each.
For the six months to June 30, the foreign exchange and payments service provider expects to report revenue of GBP15.6 million, compared to GBP9.7 million generated last year.
"The performance continues to be driven by growth in our core UK corporate market, as well as an acceleration in European revenue from our multi-lingual team based within our London office. In addition, the institutional division continues to perform well and increases revenue," explained Alpha FX.
The company said its Canadian office is yet to contribute "meaningful revenue" as it continues to focus on recruitment and client acquisition. Alpha FX remains "confident and excited" about the potential revenue generation of its Canadian business.
Alpha FX said its online payment platform, Alpha Pay, which was launched in late 2018, "continues to be well received by both new and existing clients".
The company continued: "We continue to invest in our innovative payment capabilities and look forward to this having an ongoing impact on client acquisition and retention across the group."
Founder & Chief Executive Morgan Tillbrook added: "This is another strong period of trading and we remain excited about the prospects of continuing to deliver our strategy throughout the remainder of the year. I would like to thank all of our team for their efforts in the first half of the year and now look forward to carrying this momentum into the second half."
Alpha FX is moving its headquarters to a new office in London at the end of August. The company, therefore, expects its costs to increase in the second half.
"Despite this, based on the performance at this stage of the year, the board expects full year earnings to be ahead of expectations," the company added.
In 2018, Alpha FX reported pretax profit of GBP9.7 million on revenue of GBP23.5 million.
