Alpha FX Sees 16% YoY Revenue Jump in H1 2020, Stocks Rally 11%

Alpha FX, a United Kingdom-based Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term provider, has reported a 16 percent year-on-year increase in its revenue for the six-month period ended 30 June 2020 with £18 million, compared to £15.6 million for the same period in the previous year.

As seen on the latest London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (LSE) filing, the Group still remains “profitable, debt free, and extremely well capitalized.”

It currently has assets in excess of £80 million, along with £37 million in free cash in its books, thus creating strong financial flexibility. The company is utilizing it to gain more clients. The average revenue per client continued to increase for the FX provider and it also added 28 clients, taking the total count to 671.

The LSE filing also detailed that its growth in the UK marketplace remained flat year-over-year, but its new business divisions showed a healthy growth trend.

Alpha Payment Solutions achieved consecutive record revenue quarters in Q1 and Q2, while Alpha Institutional also recorded a growth of 21 percent against the comparable period last year.

“I am very pleased with the progress made during the period given the challenges faced,” said Morgan Tillbrook, CEO of Alpha FX. “The fundamental drivers of our business not only remain unchanged but continue to strengthen as we further invest in our operations and technology, and I remain confident in the Group's ability to maintain its long-term profitable growth.”

Stock market reacts to the positive numbers

The impact of the healthy figures is also projected in the market performance of the shares of the forex provider. The stock price of the company jumped 10.7 percent at the market opening on Wednesday, compared to Tuesday’s closing price.

“Although a pandemic like this undoubtedly brings with it challenges, I also believe it can bring opportunities,” Tillbrook added. “Rallying together has brought the team closer to one another, reminded us to focus on what's important, and ultimately allowed us to identify and address our weaknesses head on.”