Alpha FX, a United Kingdom-based forex provider, has reported a 16 percent year-on-year increase in its revenue for the six-month period ended 30 June 2020 with £18 million, compared to £15.6 million for the same period in the previous year.
As seen on the latest London Stock Exchange (LSE) filing, the Group still remains “profitable, debt free, and extremely well capitalized.”
It currently has assets in excess of £80 million, along with £37 million in free cash in its books, thus creating strong financial flexibility. The company is utilizing it to gain more clients. The average revenue per client continued to increase for the FX provider and it also added 28 clients, taking the total count to 671.
The LSE filing also detailed that its growth in the UK marketplace remained flat year-over-year, but its new business divisions showed a healthy growth trend.
Alpha Payment Solutions achieved consecutive record revenue quarters in Q1 and Q2, while Alpha Institutional also recorded a growth of 21 percent against the comparable period last year.
“I am very pleased with the progress made during the period given the challenges faced,” said Morgan Tillbrook, CEO of Alpha FX. “The fundamental drivers of our business not only remain unchanged but continue to strengthen as we further invest in our operations and technology, and I remain confident in the Group’s ability to maintain its long-term profitable growth.”
Stock market reacts to the positive numbers
The impact of the healthy figures is also projected in the market performance of the shares of the forex provider. The stock price of the company jumped 10.7 percent at the market opening on Wednesday, compared to Tuesday’s closing price.
“Although a pandemic like this undoubtedly brings with it challenges, I also believe it can bring opportunities,” Tillbrook added. “Rallying together has brought the team closer to one another, reminded us to focus on what’s important, and ultimately allowed us to identify and address our weaknesses head on.”