Alpha FX Group plc (LON: AFX) has published its unaudited interim financials for the first six months of 2021, reporting a 90 percent rise in its revenue year-over-year. The group revenue for the period came in at £34.2 million, which is up from £18 million generated in the time span a year before.
The revenue growth was “supported by a broad recovery in client activity post lockdown and strong growth across all divisions,” according to the company.
Additionally, the jump in business activities pushed the reported profit of the company between January and June to £15.3 million. This figure is 225 percent higher than the previous year’s £4.7 million. Moreover, the pre-tax profit margin of the firm improved to 45 percent from 27 percent.
The underlying basic earnings per share of the company for the six months also strengthened to 27.9 pence in the period, while the basic earnings per share stood at 27.6 pence.
“I am proud to report on a strong set of results for the Group which saw growth and profitability achieved across all divisions,” said Morgan Tillbrook, CEO at Alpha FX.
Jump in Client Numbers
Listed in the London Stock Exchange (LSE), Alpha FX provides FX Risk Management and alternative banking solutions to corporates and institutions to its international client base. It has multiple offices in the UK, Europe and Canada, and it is now opening a new branch in Milan, Italy.
In addition, the group company elaborated that it has strengthened its client numbers to 838 by the end of June after closing 2020 with 754 clients.
Progressive Outlook
As the markets are normalizing from the impact of the pandemic, the company is now looking at an ‘even larger’ opportunity. “Our momentum from the first half has continued into H2, and the Group's trading has continued to be strong, driven by a healthy demand for our services from existing and new clients,” Alpha FX noted.
Tillbrook added: “Since our IPO in 2017, we have gone a long way to establish Alpha as a leading provider of FX Risk Management solutions, and our strategy to grow that reputation internationally continues to gain momentum.”
