London-listed Alpha FX Group plc (LON: AFX) is expecting revenue of more than £77 million for 2021, which is a yearly increase of 67 percent, the company announced in a trading update on Wednesday.
In 2020, the company generated £46.2 million in revenue, along with a pre-tax profit of £17.1 million. With the latest expectations, it will be another year with tremendous growth for the company. Additionally, it highlighted that both the latest revenue and profit expectations are exceeding the previous analysts' expectations.
Alpha FX closed the first six months of 2021 with £34.2 million in total group revenue, Finance Magnates reported earlier. That was a yearly jump of 31 percent, while the pre-tax profits came in 27 percent higher at £17.1 million.
“In 2021, we started to see the benefits of the investments we made in decentralizing our operations and the day-to-day running of the business, empowering our management teams to strengthen our position in FX risk management and build out new and innovative propositions in our alternative banking operations,” said Morgan Tillbrook, the Founder and CEO at Alpha FX.
“This strategy, together with the recovery in many of our clients' markets, has delivered strong revenue and profit growth across the Group.”
The latest revenue expectation of the company includes £1 million of recharges to clients of bank costs that mainly arose in the second half of the year. Moreover, it pointed out that the margins of the second half of last year might be impacted by hiring, normalizations of spends and some investments.
Upcoming Expansions and Executive Changes
Meanwhile, the London-headquartered company is expanding its international presence. It is planning to establish a new office in Italy in the first half of 2022 and another in Australia in the second half of the year.
Furthermore, the company announced that its Group CFO, Tim Kidd intends to retire next year and has agreed on an extended notice period until April 2023.
