Alpha FX Group (LON: AFX), a provider of FX risk management, accounts and payments solutions to corporates and institutions, reported a 35 percent increase in revenue for the first six months of 2022.
According to the official numbers published on Thursday, the revenue of the company for the period reached £46 million, including £1 million of re-charged interest, compared to £34 million generated in the first six months of the previous year.
Additionally, the company revealed that the revenue from its core FX risk management services jumped more than 30 percent to reach £32 million. It was boosted with a 22 percent increase in client numbers to 975.
Alternative banking services of Alpha FX brought in £14 million in revenue, which is 40 percent higher than the same period of the previous year. The number of alternative banking accounts witnessed a 239 percent jump, reaching 3,061.
“I'm pleased to report on a strong period of trading for the Group, with strong growth across both our divisions,” Morgan Tillbrook, the Chief Executive Officer of Alpha FX, said in a statement.
“Following the decentralization of our divisions, we have never been more confident in their significant standalone potential. The enhanced focus is enabling each division to better direct their resources toward their distinct strategic priorities, in turn, creating more value for all their stakeholders and positioning them to build a new era of innovation and growth.”
Profitable Branches
Though the company did not reveal its profitability in the trading update of the first six months, it established divisions in London, Toronto and Amsterdam that are all profitable. Even the corporate office in Milan, which was launched in March 2022, turned profits.
The company closed in 2021 with a 94 percent rise in profits that touched £33.2 million. Furthermore, it generated revenue of £77.5 million, which was 68 percent higher.
