8th Jan 2020 09:47
(Alliance News) - Alpha FX Group PLC on Wednesday said it sees a growth potential in 2020 after the number of its customers jumped by over a third in 2019.
The stock was 2.8% higher in London in morning trade at 1,249.00 pence a share.
The AIM-listed payments company said trading has continued to be strong since its last update in mid-October, with 2019 revenue expected to exceed GBP35 million and pretax profit margin to come in ahead of expectations.
In 2018, Alpha FX reported revenue of GBP23.5 million, meaning that it expects at least 49% growth.
The company noted that client numbers surged by 34% during the year to 648 clients, whilst the number of countries it operates in also increased.
By division, Alpha FX noted that its newly launched Canada unit - in October 2018 - and Payment Solutions division - in December 2018 - continued to build momentum. The company said it expects Canada unit to contribute to its profit in 2020, while Payment Solutions is on track to become a "meaningful" contributor of earnings in the medium-term.
Alpha FX will publish its 2019 results in March, it said.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
AFX.L