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Alpha FX underlying operating profit up 84%

By BFN News | 08:08 AM | Tuesday 05 September, 2017

Alpha FX's underlying operating profit rose by 84% to £3.2m in the six months to the end of June. Revenue rose by 90% to £6.3m and the group declared a maiden interim dividend of 1.5p per share, payable on 13 October. Chief executive Morgan Tillbrook said: "Alpha has developed a highly differentiated service in an established market through the strength of its vision, culture and people. Our client base continues to grow and there is significant scope to grow our presence in the UK corporate FX market. "As Alpha's reputation grows ever stronger and the proceeds from the IPO are put to use, the Group looks forward to the significant opportunity that lies ahead and delivering on the objectives we set out at IPO." Alpha FX also issued an update on changes in the company's growth share scheme. At IPO the company implemented a growth share scheme, under which B ordinary shares in the company's subsidiary may be issued to full-time employees of the group. The B shares contain a put option, such that, when and to the extent vested, they can be converted into ordinary shares in the company. Under the original terms of the scheme, the B shares allotted to participants would vest in three equal tranches, occurring annually, starting on 31 December 2017 until 31 December 2019. Vesting would require 30% revenue growth per year, meaning that full vesting would require three year compound growth of 120%. The group said that following consultation with participants in the growth share scheme, the length of the scheme has been extended, with the B shares vesting in five equal tranches, occurring annually, starting on 31 December 2017 until 31 December 2021. The requirements for revenue growth in the first three years remain the same, namely 30% per year, while vesting in years four and five require 20% revenue growth per year. At 8:08am: (LON:AFX) Alpha Fx Group Plc share price was -10p at 550p Story provided by

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