Corporate foreign exchange specialist Alpha FX Group plc (LON:AFX) has released its results for 2017, indicating healthy growth on both the top and bottom line.
Alpha indicated that Revenue was up 60% in 2017 to £13.5 million (2016: £8.5 million), with operating profit up 29% to £5.6 million (2016: £4.4 million). The year was also a milestone one for the company, which successfully listed on AIM on April 7, 2017, raising £13 million of primary proceeds.
The company increased its front office staff numbers from 21 to 32 in the year, with an greater focus on its technology platform increasing the technology team to 9 people by year end. The company headquarters relocated with all staff moving to Paddington, London. The company’s total number of clients increased by 39% to 310.
Post year-end, Alpha FX strengthened its Board adding COO Henry Lisney. The company also launched an institutional offering, further expanding the Group’s total addressable market.
Morgan Tillbrook, Founder and CEO of Alpha FX, 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.
As far as outlook goes, Alpha stated that it has only penetrated a small proportion of its addressable market, one that will over time become even larger with its recent entry into overseas markets and expansion into new sectors such as the institutional market which was announced today. The company said that Q1 has already started positively in all areas, and with a clear strategy and highly motivated team in place the outlook for the year is positive.
The full Alpha FX release on 2017 results can be seen here.