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Alpha FX surges as it lifts earnings guidance once again

Trading has continued to be strong since the last guidance upgrade back in September, meaning 2018 earnings will likely be even better than the revised forecasts

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Alpha will report its full-year results in March

Alpha FX Group PLC (LON:AFX) shares zipped higher at the opening bell on Thursday after the foreign exchange services provider said its 2018 earnings will be better than expected.

It is the second time in recent months that Alpha FX has lifted its forecasts, having previously done so back in September.

Since then, trading has “continued to be strong” in both its corporate and newly-established institutional business, the AIM company said today.

“This favourable performance has been achieved across the group and continues to validate the investments that have been made to date,” read a brief stock exchange announcement.

“It is expected that the next financial year will see further increases in investment to take full advantage of market opportunities, including ongoing investment in technology and back-office infrastructure as well as increased costs relating to the recently launched operation in Canada.”

Analysts at City broker Liberum added: “With clear evidence that management understands how to invest for growth, we believe the combination of the further technology and headcount investment outlined in today's statement, and the recent £20m fundraise, position the business for further upgrades over the next 24 months.”

Full-year results for the year ended 31 December are set to be published in March.

Alpha shares were up 8% in early deals on Thursday morning.

--Adds analyst comment--

Quick facts: Alpha FX Group PLC

Price: 918 GBX

LSE:AFX
Market: LSE
Market Cap: £367.8 m
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