1 October 2020
Alpha FX Group plc
("Alpha FX" or the "Group")
Alpha FX Group plc (AIM: AFX), a FX risk management and payments specialist servicing corporates and institutions internationally, today announces a trading update for the year ending 31 December 2020.
In our interim results announcement on 2 September, we reported that we experienced a strong performance in July and August. Following on from this, trading in September has also been particularly strong and encouragingly this was across all areas of the business. Growth has come from both our FX risk management and alternative banking divisions, as they continued their penetration across the UK, Europe and Canada.
As a result, despite the ongoing uncertainty surrounding COVID-19, the Board is increasing its expectations for full year earnings, and taking into account provision for bad debts is confident that earnings will be at least in line with FY 2019.
Morgan Tillbrook, Founder & Chief Executive Officer of Alpha said:
"Despite the fact that 2020 has created a number of challenges for the business, I am extremely proud of how the team has responded. Our performance to date is testament to the quality of our people, clients and the investors who support us, and I would like to thank everyone who continues to play a part in Alpha FX's journey. Whilst much uncertainty remains in the wider world, I am looking forward to the rest of the year and beyond with optimism."
Alpha FX Group plc via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Liberum Capital Limited (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Alma PR (Financial Public Relations) Tel: +44 0203 405 0205
Notes to Editors
Alpha provides FX risk management and alternative banking solutions to corporates and institutions across the UK, Europe and Canada. Combining leading expertise and technology, the Group partners with a small number of high value clients, to provide enterprise-level solutions across four key areas: FX risk management, international payments, accounts and collections.
Since it was incorporated in 2010, Alpha FX has been able to build and retain a high-quality client base that includes a number of highly respected brands.