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Screenshot of a breaking news alert e-mail from Q2 2017
Following on our exclusive coverage of the 2016 results (12 months to September 30, 2016) of institutional FX brokerage ACM Group plc, more commonly known in the industry as just Alpha, we have been provided the company’s results for the first quarter of fiscal 2017 indicating that Alpha’s 2016 restructuring and strategy of focusing on institutional business is paying off.
Alpha brought in Revenues of £5.7 million (USD $7.0 million) in the 3-month period to December 30, 2016, versus £8.8 million for the entire prior year.
The company reported a Net Profit of £1.2 million for Q1.
Alpha continued to build its customer base ending Q1 with £45 million of client money.
Alpha CEO Muhammad Rasoul commented to LeapRate:
The team at Alpha has really done a great job, in such a short period of time, to transform the old “Alpha Capital Markets” into the new “Alpha”. We had to analyze absolutely everything and to be frank it was very much a start up environment with many team members wearing two or three hats at a time. The results are starting to show now, and you can see them in Q1.
We have completed in under 12 months restructuring of staff, legal agreements, new offices, Information Technology, clearing and execution relationships, and completely transformed the revenue mix of the old Alpha, which was almost 100% retail, into the new Alpha which is B2B. The increase in client assets that you see is the momentum that we have and continuation of us onboarding strategic partners which we have had in some cases for almost 20 years.
Alpha’s summary income statement for Q1 follows: