Alpha FX revenues grow on strong payments solutions performance

Payments group Alpha FX said on Wednesday that first-half revenues had grown on the back of two consecutive quarters of record income for its payments solutions wing.

Alpha said revenue for the six months ended 30 June had risen 16% year-on-year to £18m despite the "challenging environment" facing the company as a result of the Covid-19 pandemic.

The AIM-listed group stated its long-term growth ambitions remained "unchanged" and added that it had continued to invest in back-office headcount, technology and geographic expansion.

Alpha added that it was still debt free, with net assets in excess of £80m and a net cash balance of roughly £37m.

Chief executive Morgan Tillbrook said: "I am very pleased with the progress made during the period given the challenges faced.

"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."

As of 0940 BST, Alpha FX shares were up 5.94% at 731p.