After posting 60% revenue growth last year, UK-based foreign exchange service provider Alpha FX Group plc (AIM:AFX) has issued a strong Trading Update for the six month period ended June 30, 2018.
The company stated that it is pleased to report that revenue for the period is expected to be approximately £9.6 million (USD $12.7 million), representing an increase of over 50% on the corresponding period last year. This performance has been derived from strong growth in its core UK corporate market supplemented by increasing traction in both Europe (with employees based from its London office) and the institutional division which launched in March. The period has seen increased investment across the business, including a number of key hires made in both the corporate and institutional divisions, to support the continuing growth of the business.
Based on the performance in the period and the outlook for the second half, the Board remains confident that earnings for the full year will be in line with expectations.
Morgan Tillbrook, Founder and Chief Executive Officer of Alpha said:
We are delighted with the continued progress of the business. Our core market continues to go from strength to strength whilst the new business in Europe and the initial success of our institutional division gives us confidence for the future.