17 Jul 2017 07:00
17 July 2017
Alpha FX Group plc
("Alpha", the "Company" or the "Group")
Trading update
Alpha FX (AIM:AFX), a founder led, UK-based corporate foreign exchange service provider, provides a trading update for the six month period ending 30 June 2017.
The Board is pleased to report that revenue for the period was ahead of expectations at £6.3 million. Revenue generated remained strong as the Company delivered on its advisory led service to its clients. The overall performance was driven by both an increase in new clients trading their foreign exchange through Alpha for the first time and increasing volumes of trades with existing clients. As a result, Alpha expects to deliver a full year out turn above market expectations.
During the period Alpha recruited new staff, to support both its continued market penetration strategy and its steps to enhance the effectiveness of its currency risk management solutions through the development of new technology and hedging products.
The period under review includes 12 weeks as a publicly listed company following the successful IPO and admission to AIM on 7 April 2017.
Morgan Tillbrook, Founder and Chief Executive Officer of Alpha said:
"I am pleased to report on the continuing momentum in the business. The benefits of our IPO are already being seen through our wider recognition and the ability to attract and incentivise the right individuals for our business. As we continue to deploy the proceeds raised from the IPO we will be able to facilitate increasingly larger trades and accounts and we look forward to the remainder of this year and beyond with confidence."
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
Dominik Götzenberger
Alma PR (Financial Public Relations) Tel: 07580 216 203
Josh Royston
Helena Bogle
Hilary Buchanan
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.