Alpha FX revenue, customers grow in first half

Foreign exchange risk management and accounts provider Alpha FX Group said in a trading update on Thursday that its first-half revenue was ahead 35% to £46m, including £1m of re-charged interest.

The AIM-traded firm said foreign exchange risk management revenues were up more than 30% year-on-year for the six months ended 30 June, to £32m.

Its risk management client numbers, meanwhile, were up 22% over the same period, to 975.

In alternative banking, the company’s revenues increased more than 40% to £14m, while alternative banking accounts increased 239% to 3,061.

Operationally, the board said its Milan office, launched in March, was already profitable along with its other established divisions in London, Toronto and Amsterdam.

It said it continued its “significant investments” into people and technology to drive further expansion, adding that it was in a “strong” cash and liquidity position, with over £95m in free cash.

“I'm pleased to report on a strong period of trading for the group, with strong growth across both our divisions,” said chief executive officer Morgan Tillbrook.

“Following the decentralisation of our divisions, we have never been more confident in their significant standalone potential.

“The enhanced focus is enabling each division to better direct their resources toward their distinct strategic priorities, in turn, creating more value for all their stakeholders, and positioning them to build a new era of innovation and growth.”

At 1608 BST, shares in Alpha FX Group were down 1.71% at 1,725p.

Reporting by Josh White at Sharecast.com.