Foreign exchange provider Alpha FX (AFX:AIM) reported strong first half revenue growth of 40% to 30 June 2019. Better still, the company now anticipates full year earnings to be ahead of expectations, fuelling an 8% surge in its shares to 780p.

Consensus expectations for earnings per share (EPS) had been pitched at 24.3p, according to Reuters data. It is commonly understood for companies to make an announcement if they believe actual results will be 10% or more away from market expectations, although it is a bit of a gray area.

Liberum have today confirmed that they are raising their own estimates for 2019 by 9%, which puts its EPS estimate at 25.8p, on a fully diluted basis this year.


The UK corporate market continues to power most of the business coming Alpha's way but the company is increasingly eyeing Europe and North America.

Last year the company opened a Canadian office and management believe that they now have a strong team in place and remain ‘confident and exited’ about future revenue generation. The business unit is yet to contribute any meaningful revenues.

The company already supplies foreign exchange services to some of the world's leading financial firms, including investment bank JP Morgan and Soros Fund Management, named after infamous trader George Soros.


‘This is another strong period of trading and we remain excited about the prospects of continuing to deliver our strategy throughout the remainder of the year,’ said chief executive and founder Morgan Tillbrook.

The company is expected to move into larger headquarters in London at the end of August and that seems likely to increase operating costs in the second half, which may cap EPS upgrades for the time being.

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Issue Date: 10 Jul 2019