Alpha FX expects FY revenues to top ?35m

(Sharecast News) - Foreign exchange payments group Alpha FX said trading had continued to be strong since its last update, with full-year revenues now expected to top £35.0m.
Alpha FX, which added that pre-tax profit margins were also slightly ahead of expectations despite continued investments made in 2019, said the results came off the back of another strong performance from its core corporate and institutional divisions, across both UK and European markets.

The AIM-listed group recorded 34.0% growth in client numbers from 482 to 648 during the year, while the number of countries in which Alpha services clients also grew - further extending the group's runway for growth.

Alpha noted that heightened levels of uncertainty around the 2019 general election and Brexit had "naturally" made foreign exchange an increased topic of conversation, however, it said the headlines did not have a material impact on its performance

"Fundamentally, this is because we remain focused on promoting a structured and formalised approach to currency risk management - one where clients buy currency in line with a pre-agreed strategy, rather than in response to isolated macro conditions," said Alpha FX.

As of 1345 GMT, Alpha shares were up 2.06% at 1,240p.