16 Jan 2018 07:00
16 January 2018
Alpha FX Group plc
("Alpha" or the "Group")
Trading update
Alpha FX Group plc (AIM:AFX), a founder led, UK-based corporate foreign exchange service provider, today provides a trading update for the year ending 31 December 2017.
The Board is pleased to report that revenue for the year is ahead of expectations and is expected to be £13.5 million.1
The Group has made significant progress across all of its key strategic goals. A key benefit of the IPO has been the ability to attract and retain the highest quality staff, with total headcount having increased from 30 to 51 over the year. Despite this investment, underlying operating profit margin is expected to be in line with expectations.2
Reflected within these numbers is the growth of the Group's technology team, whose focus on enhancing Alpha's currency management software is already attracting new clients, whilst further differentiating the Group's offering. Additionally, the recruitment of a number of staff that are bilingual and fluent in foreign languages has enabled Alpha to steadily expand into select European territories and the Group has already been successful in onboarding European clients as a result.
The Group intends to publish its maiden full year results on 21 March 2018.
Morgan Tillbrook, Founder and Chief Executive Officer of Alpha said:
"I am delighted to report that the benefits of being publicly listed are being realised and we are delivering on our growth ambitions. Along with a strong trading performance, we have put in place several building blocks to help us develop a very special business. The latest significant step has been relocating our head office to London, bringing all of our staff under one roof, and helping us maintain the unique culture which is so important to our success."
1Revenue for year ended 31 December 2017 of £13.5m is unaudited
2Underlying excludes the impact of one-off costs relating to the IPO and non-cash share based payments
Enquiries:
Alpha FX Group plc via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Liberum Capital Limited (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Neil Patel
Richard Bootle
Alma PR (Financial Public Relations) Tel: 07580 216 203
Josh Royston
Helena Bogle
Rebecca Sanders - Hewett
Market Abuse Regulation
This announcement is released by Alpha FX Group plc and contains inside information for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Alpha FX Group plc was Tim Kidd, Chief Financial Officer.
Notes to Editors
Alpha is a founder led, UK-based corporate foreign exchange service provider focused on managing exchange rate risk for UK corporates that trade internationally. The Company's primary client base consists of medium sized corporates that have a requirement to convert currency for a commercial purpose, such as buying or selling goods and services overseas, repatriating profits, or expatriating payroll. Since it was incorporated in 2010, Alpha has been able to build and retain a high-quality client base that includes brands such as ASOS, Holland & Barrett and Global Data.