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Alpha revenue ahead of expectations

By BFN News | 07:23 AM | Monday 17 July, 2017

Alpha FX Group said revenue for the six months to the end of June was ahead of expectations at £6.3 million. A trading update said that revenue generated remained strong as the company delivered on its advisory led service to its clients. It said the overall performance was driven by both an increase in new clients trading their foreign exchange through Alpha for the first time and increasing volumes of trades with existing clients. It said that as a result, Alpha expected to deliver a full year out turn above market expectations. During the period Alpha recruited new staff, to support both its continued market penetration strategy and its steps to enhance the effectiveness of its currency risk management solutions through the development of new technology and hedging products. It said the period under review included 12 weeks as a publicly listed company following the successful IPO and admission to AIM on 7 April 2017. Founder and chief executive Morgan Tillbrook said: "I am pleased to report on the continuing momentum in the business. "The benefits of our IPO are already being seen through our wider recognition and the ability to attract and incentivise the right individuals for our business. "As we continue to deploy the proceeds raised from the IPO we will be able to facilitate increasingly larger trades and accounts and we look forward to the remainder of this year and beyond with confidence." Story provided by

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