10 Jul 2019 07:00
10 July 2019
Alpha FX Group plc
("Alpha" or the "Group")
Trading update
Alpha FX Group plc (AIM:AFX), a provider of foreign exchange and payments solutions to the corporate and institutional markets, today announces a trading update for the six month period ended 30 June 2019.
The Board is pleased to report that revenue for the period is expected to be approximately £15.6m, representing a 60% increase on the corresponding period 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.
As expected, our Canadian office is yet to contribute meaningful revenue as the focus of the business has been on recruitment and client acquisition. With the foundations of a strong team now in place, client account growth accelerated throughout the first half of the year and we remain confident and excited about the future revenue generation of the Canadian business.
Our online payment platform Alpha Pay, which was launched in December 2018, continues to be well received by both new and existing clients. 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.
As previously announced, we will be moving our headquarters to a new office in London at the end of August. This investment reflects our commitment to attracting and retaining exceptional people, whilst providing an environment within which they can thrive, and will also provide us with the capacity to grow our headcount in the second half of the year and beyond.
As a result of our office move, costs in the second half of the year will increase as expected. Despite this, based on the performance at this stage of the year, the Board expects full year earnings to be ahead of expectations.
Morgan Tillbrook, Founder and Chief Executive Officer of Alpha said:
"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."
Enquiries:
Alpha FX Group plc via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Henry Lisney, COO
Liberum Capital Limited (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Neil Patel
Richard Bootle
Kane Collings
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 foreign exchange and payments specialist focused on helping organisations manage their currency exposures more effectively. The Group's primary client base consists of corporates and institutions 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 a number of highly respected household brands.