11 Jul 2018 07:00
11 July 2018
Alpha FX Group plc
("Alpha" or the "Group")
Trading update
Alpha FX Group plc (AIM:AFX), a founder led, UK-based foreign exchange service provider, today provides a trading update for the six month period ended 30 June 2018.
The Board is pleased to report that revenue for the period is expected to be approximately £9.6 million, representing an increase of over 50% on the corresponding period last year. This performance has been derived from strong growth in our core UK corporate market supplemented by increasing traction in both Europe (with employees based from our London office) and the institutional division which launched in March. The period has seen increased investment across our business, including a number of key hires made in both the corporate and institutional divisions, to support the continuing growth of the business.
Based on the performance in the period and the outlook for the second half, the Board remains confident that earnings for the full year will be in line with expectations.
Morgan Tillbrook, Founder and Chief Executive Officer of Alpha said:
"We are delighted with the continued progress of the business. Our core market continues to go from strength to strength whilst the new business in Europe and the initial success of our institutional division gives us confidence for the future."
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
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 founder led, UK-based foreign exchange service provider focused on managing exchange rate risk for UK corporates and institutions 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.