14th Jul 2021 10:45
Alpha FX Group PLC - London-based foreign exchange risk management and international payments - Says trading in the first half ended June 30 has been "strong" across its business, with revenue up 89% year on year at GBP34 million. Adds 84 new clients and notes average revenue per client continued to increase.
Expects to exceed current internal expectations for 2021, on the back of continued strong trading. In 2020, saw revenue of GBP46.2 million with pretax profit of GBP17.1 million.
"As a result of the growing revenue streams from Alternative Banking, our cash conversion is becoming increasingly strong, helping support future investments and the collateralisation of hedging contracts as the group expands," company says.
Chief Executive Morgan Tillbrook adds: "I spoke throughout 2020 about the team's drive and commitment to ensure we emerged from the pandemic a stronger and better business. The growth we have seen in the first half of the year is testament to their efforts, as well as our strategy of continuing to reinvest in the business."
Current stock price: 1,610.00 pence, up 3.2% on Wednesday
Year-to-date change: up 24%
By Paul McGowan; [email protected]
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