Foreign exchange risk management and payments specialist group Alpha FX (AFX:AIM) upgraded its expectations for full-year profit on Thursday following a continuation of strong trading in September. The shares added 1.4% to £10.90.
Business momentum has continued after strong July and August trading as reported at the interim results on 2 September with growth coming from both the FX risk management business and the alternative banking division as the group continued its penetration across the UK, Europe and Canada.
Chief executive Morgan Tilbrook commented: ‘Whilst much uncertainty remains in the wider world, I am looking forward to the rest of the year and beyond with optimism.’
Following the interim results co-founder Tilbrook sold 2.71 million shares at 910p each, pocketing a very handsome £24.95 million as we reported on 17 September.
The board’s upgrade takes into account the provision for bad debts and would mean the company delivering profits at least in line with 2019 operating profits of £14.7 million.
Consensus broker forecasts already imply that the company will beat 2019’s outcome with expected operating profits of almost £16 million. On the back of today’s update, broker Liberum upped its price target to £11.70 from 935p.