Alpha FX Group plc, a UK-based provider of Foreign Exchange services, has released its financial report for FY 2017.
The numbers are indicative of improved performance across the board, highlighted by improved revenues, which reached £13.5 million, up 60% YoY from 2016 levels of £8.5 million.
Additionally, underlying operational profit also recorded a substantial improvement, climbing to £6.8 million, posting a 55% improvement from £4.4 million in 2016.
The underlying operational profit excludes one-off costs, associated with the IPO and non-cash share based payment. Alpha FX was successfully listed on AIM (London Stock Exchange) as of April 7, 2017, which aided the company in raising £13 million.
Furthermore, Alpha FX’s reported operating profit posted a 29% rise YoY to reach £5.6 million, relative to 2016’s release at £4.4 million.
Meanwhile, the company’s underlying basic earnings per share also improved to 17.5p, up 31% from 13.4p in 2016. The company has issued a dividend of 3.4 pence per share, which will be payable to shareholders on May 16, 2018.
Chief Executive Officer of Alpha FX, Morgan Tillbrook, commented: “I’m delighted with the progress that Alpha has made during the year. As well as delivering strong revenue and profit growth we have invested strategically across all aspects of our business to enable sustainable future growth, whist maintaining margins. The benefits of our IPO in April 2017 continue to exceed our expectations.”
Alpha’s Operational Changes in 2017
Alpha FX has undergone various operational modifications over the course of 2017. With regards to its staff, the company increased its employment capacity from 21 to 32 employees, and has consolidated its overall office headquarters to Paddington, London.
As part of its efforts to focus on the innovations of platform technologies, the company has added to its technology team to reach 9 individuals, whose focus is on developing new technological advancements that will enable Alpha FX to offer products that will improve its competitive advantage.
Alpha FX’s strive for growth was evident through the increase in the total number of clients to 310, a 39% yearly improvement, which excludes Training Accounts, classified as those accounts that have generated less than £10,000 in revenue since being onboarded.
In August of last year, Alpha FX was also able to successfully obtain a BIPRU license from UK’s FCA, further enabling the company to offer currency swaps and options to its clients.