Alpha FX profits jump as rise in client numbers boost revenues
Source - SMW
Alpha FX reported a jump in profits as more customers signed up to use its foreign exchange services.
For the year ended 31 December 2018, underlying operating profit was up 48% to £10.0m and revenue surged 73% to £23.5m.
Growth was driven by 55% increase in client numbers to 482 for the year, as well as the 'promising start' made by the Institutional team that launched in March 2018, the company said.
The first quarter of 2019 had 'begun well and with the dedication and focus of the high-quality team in place, the Board looks forward to another year of continued progress in all areas of the business,' the company said.
'As well as once again delivering strong revenue and profit growth, the impact of the investments made in the previous year highlight the strength of our strategy, and the returns that we are seeing give us great confidence for the future,' said Morgan Tillbrook, Chief Executive Officer of Alpha FX. At 9:25am: (LON:AFX) Alpha Fx Group Plc share price was +35p at 675p