8 December 2021
Alpha FX Group plc
("Alpha FX" or the "Group")
Trading Update
Alpha FX Group plc (AIM: AFX), a leading provider of high-tech, high-touch FX risk management and alternative banking solutions to corporates and institutions globally, today announces a trading update for the financial year ending 31 December 2021.
Following our interim results announcement on 1 September 2021, the Board is pleased to announce that trading has remained strong. Growth continues to be derived from the Group's core Corporate & Institutional FX Risk Management divisions in London, alongside record half year performances, already achieved in H2 to date, from all three of the Group's newer divisions: Alpha Netherlands, Alpha Canada and Alpha Platform Solutions.
We anticipated in our interim report that as part of our strategy to invest for future growth, costs would accelerate in the second half of the year as the restrictions posed by COVID eased further. This has indeed been the case, in particular from increased hiring in both Front and Back Office across all divisions.
Despite this increase in costs, as a result of the continued strong trading since 1 September 2021, the Board now expects that revenue and earnings for the year will be ahead of most recent expectations.
A more detailed trading update will be provided as usual in January 2022.
Enquiries:
| Alpha FX Group plc | via Alma PR |
| Morgan Tillbrook, Founder and CEO | |
| Tim Kidd, CFO | |
| | |
| Liberum Capital Limited (Nominated Adviser and Sole Broker) | Tel: +44 (0) 20 3100 2000 |
| Neil Patel | |
| Cameron Duncan | |
| Kane Collings | |
| | |
| Alma PR (Financial Public Relations) | Tel: +44 (0) 20 3405 0205 |
| Josh Royston | |
| Andy Bryant | |
| Kieran Breheny | |
Market Abuse Regulation
The information contained within this announcement is deemed by Alpha FX Group plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. The person who arranged for the release of this announcement on behalf of Alpha FX Group plc was Tim Kidd, Chief Financial Officer.
Notes to Editors
Alpha provides FX risk management and alternative banking solutions to corporates and institutions across the UK, Europe and Canada. Combining leading expertise and technology, the Group partners with a small number of high value clients, to provide enterprise-level solutions across four key areas: FX risk management, international payments, accounts and collections.
Since it was incorporated in 2010, Alpha FX has been able to build and retain a high-quality client base that includes a number of highly respected brands.
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