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Alpha FX jumps as it lifts annual guidance after first-half revenue surge

Revenues soared by 60% in the first half, with much of the growth coming from Alpha’s core UK corporate market

foreign exchange rates
Alpha FX has made a habit of upgrading forecasts over the past year

Alpha FX Group PLC (LON:AFX) was in demand on Wednesday after the Foreign exchange service provider revealed full-year results should be better-than-expected.

Revenue soared by 60% in the six months ended 30 June to £15.6mln, with performance continuing to be driven by growth in Alpha’s core UK corporate market.

The AIM company has also seen an acceleration in European revenue from its multi-lingual London-based team.

READ: Alpha surges as it lifts earnings guidance once again

Alpha is moving to a new office in the capital at the end of August as it looks to add to its team.

This will lead to an expected increase in costs in the second half but, despite this, the board still “expects full-year earnings to be ahead of expectations”.

“This is another strong period of trading and we remain excited about the prospects of continuing to deliver our strategy throughout the remainder of the year,” said chief executive and founder Morgan Tillbrook.

“I would like to thank all of our team for their efforts in the first half of the year and now look forward to carrying this momentum into the second half.”

City broker Liberum repeated its ‘buy’ recommendation on the back of the update, but hiked its price target up to 785p from 675p.

Of the first-half growth, analysts said: “This highlights their market share gains in the core UK and increasingly European corporate FX markets and the initial contributions from the Institutional business, Alpha Pay and the first overseas office initiative.”

Alpha shares were up 7.6% to 780p in early deals on Wednesday.

Quick facts: Alpha FX Group PLC

Price: 1155 GBX

LSE:AFX
Market: LSE
Market Cap: £429.52 m
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