TIDMAFX

RNS Number : 2997K

Alpha FX Group PLC

01 September 2021

1 September 2021

Alpha FX Group plc

("Alpha FX" or the "Group")

Interim Report

Alpha FX Group plc (AIM: AFX), a provider of FX risk management and alternative banking solutions to corporates and institutions internationally, today announces its unaudited Interim Report for the six months ended 30 June 2021.

Financial Highlights

 
      -   Group H1 revenue up 90% to GBP34.2m (H1 2020: GBP18.0m) 
           supported by a broad recovery in client activity post 
           lockdown and strong growth across all divisions. 
      -   Underlying* H1 profit before tax up 214% to GBP15.4m 
           (H1 2020: GBP4.9m) reflecting the operational gearing 
           of the business. 
      -   Reported H1 profit before tax up 225% to GBP15.3m (H1 
           2020: GBP4.7m) 
      -   Uplift in H1 profit before tax margin to 45% (H1 2020: 
           27%) benefitting from short-term lower travel, hiring 
           and entertainment expenses. 
      -   Underlying H1 basic earnings per share of 27.9p in the 
           period (H1 2020: 9.5p), with basic earnings per share 
           of 27.6p (H1 2020: 8.9p). 
      -   The Group is well capitalised and debt free, with net 
           assets in excess of GBP98m and GBP67m of own free cash 
           on the balance sheet. 
      -   Cash conversion continues to be strong, supported by 
           the growth of the Alternative Banking division. 
      -   Proposed interim dividend of 3.0p (H1 2020: nil). 
 

Operational Highlights

 
      -   Client numbers** increased during the period from 754 
           (December 2020) to 838 as at 30 June 2021. 
      -   Maintained a diversified client base drawn from a range 
           of sectors. 
      -   Our Corporate team continued to serve as the incubator 
           for future leaders to launch Alpha into new markets, 
           reflected in the success of our overseas offices in the 
           first half. 
      -   Launched new end-to-end platform to drive scalability 
           of high growth Alternative Banking following decentralisation*** 
           of the technology stack. 
      -   Milan office set to open in H2 subject to regulatory 
           approval 
      -   A healthy outlook as we emerge from the pandemic, with 
           the Group's market dynamics consistent with pre-COVID 
           environment and with our addressable market opportunity 
           expanding. 
 

* Underlying excludes the impact of non-cash share-based payments.

** The Group exclude Training Accounts (those that have generated less than GBP10,000 in revenue since being onboarded) in order to provide a clearer picture of client retention for the purposes of these figures.

(***) Decentralisation refers to the process of dividing the business into two separate divisions - FX Risk Management and Alternative Banking - each with their own dedicated technology, infrastructure and teams.

Outlook

As we continue to emerge from the pandemic, activity has normalised and the market opportunity is ever larger. Our momentum from the first half has continued into H2, and the Group's trading has continued to be strong, driven by a healthy demand for our services from existing and new clients. In order to maximise our long-term growth opportunities, we will continue to re-invest across all divisions in the business in H2 and beyond. We remain confident in the direction of travel of the business and the full year outcome, in line with our revised expectations reported in the Group's trading update announced on 14 July 2021.

Morgan Tillbrook, Chief Executive Officer of Alpha FX commented:

"I am proud to report on a strong set of results for the Group which saw growth and profitability achieved across all divisions. Since our IPO in 2017, we have gone a long way to establish Alpha as a leading provider of FX Risk Management solutions, and our strategy to grow that reputation internationally continues to gain momentum. Our movement into Alternative Banking in 2020 represented new, unchartered territory, and questions may therefore have been raised as to whether the success we have achieved as a high-quality, people-led FX consultancy could be replicated when it came to developing technology and products. Ultimately, I believe the results published today show that it can.

Our decentralisation effort has no doubt played a key part in our progress, creating two highly focused and agile teams with clearly defined strategies for growth. But when we take a step back, I believe our success to date comes down to a far simpler truth - whether it's providing a high-quality consultancy service or a high-quality technology offering, the common denominator is always the same - people. At Alpha, we are privileged to be working with some of the sharpest, hardest-working (and nicest!) people in the industry. They have, and always will be our greatest strength.

I'd like to thank our team members for their outstanding contribution, our clients for their loyalty, and our investors for their continued faith in our exciting journey. I look forward to providing a further update at the end of the year."

Enquiries:

 
 Alpha FX Group plc                     via Alma PR 
 Morgan Tillbrook, Founder and CEO 
 Tim Kidd, CFO 
 
 Liberum Capital Limited                Tel: +44 (0) 20 
  (Nominated Adviser and Sole Broker)    3100 2000 
 Neil Patel 
 Cameron Duncan 
 Kane Collings 
 
 Alma PR (Financial Public Relations)   Tel: +44 (0) 20 
                                         3405 0205 
 Josh Royston 
 Andy Bryant 
 Kieran Breheny 
 

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.

Market Abuse Regulation

This announcement is released by Alpha FX Group plc and contains inside information for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Alpha FX Group plc was Tim Kidd, Chief Financial Officer.

Chief Executive's Statement

Overview

Whilst uncertainty will remain under COVID-19, the normalisation of international trading activity experienced since June 2020 continued in H1 of this year. As a result, trading in the first half was strong across all divisions of the business; revenue increased 90% against the same period last year, client numbers increased by 84, and average revenue per client continued to increase.

The Group is profitable across all divisions, and underlying profit before tax was GBP15.4m with our margin benefitting from lower than planned travel, hiring and entertainment expenses. The initial results from expanding our culture, product offering and technology into alternative banking and overseas offices has been particularly encouraging and underpins our confidence in the longer-term growth of the company.

As well as completing the decentralisation of our operations and the day to day running of the business, the management team has been able to dedicate significant time in H1 to focus on the medium and long-term strategy for the Group. We have already started to execute these plans and by taking the time to clarify 'where to play and how to win', we continue to see increasing traction and stickiness with clients as our service offering and infrastructure evolves to better meet their requirements. Moving forward, we will continue to focus on understanding our clients' needs and concentrating on those areas and markets where we know that we can differentiate and therefore grow sustainably.

Board change

Vijay Thakrar - Non-Executive Director

In May, we were delighted to appoint Vijay Thakrar to the Board as an independent Non-Executive Director, following Matt Knowles transition to Strategic Adviser earlier in the year.

Vijay is a Chartered Accountant with extensive strategic, commercial and governance experience with fast growth public companies, and was previously a Partner at EY and Deloitte, chairing Deloitte's mid cap listed companies' practice. He has served on various Boards in a non-executive capacity, including The Quoted Companies Alliance and Quorn Foods, and has extensive experience in chairing both audit and remuneration committees. Vijay is currently a Non-Executive Director at Treatt plc, The Alumasc Group plc, Sanderson Design Group plc and RSM UK. Vijay will also chair the Audit Committee.

We undertook a comprehensive search when looking for our next non-executive Director, and are delighted to have been able to attract someone of Vijay's calibre. As well as bringing with him a wealth of experience across a number of successful and respected companies, it has been clear from working with Vijay that he really values Alpha's emphasis on culture and people.

Strategy, culture and growth

We have grown strongly year-on-year since inception, driven by our focus on people, culture, clients, technology and an employee ownership structure. Our performance in the first half continues to reflect our retention and hiring of top talent and particularly our successful transition of incentivised team leaders to launch new business divisions.

Overall headcount increased during the first half of the year, from 147 to 171 as at 30 June 2021. This comprised new hires in both Front Office, focused on new business development, where headcount increased to 84 (FY2020: 78), and in Back Office (focused on supporting the growth of our technology and operations in Alternative Banking), where headcount increased to 87 (FY2020: 69). We expect investment in headcount to accelerate in H2 as the world returns to normal and the hindrances to hiring created by the pandemic subside. Importantly, the teamwork and solidarity required to rise to the challenge of the pandemic meant we not only maintained but strengthened our culture during lockdown.

Our investment in technology is delivering new and innovative client propositions and building business units that are increasingly decentralised. This has supported the growth in client numbers in H1 to 838 (FY 2020: 754) and the successful trading across all the divisions including our established and newer overseas offices.

As we scale and the business becomes more complex, the challenges of managing culture and talent will increase, but our performance during the pandemic gives us confidence not only for the second half, but well beyond as we look to further expand in a measured way by product and geography, and continue to invest in shaping a team that is capable of supporting the business as it expands.

Our in-house recruitment team is developing in line with our ambitions and is beginning to have a marked effect on bringing new talent into the organisation, both in the UK and in our overseas offices. As the team continues to grow within Alpha FX and share in our unique culture, we are confident that they will become ever more effective and provide us with another competitive advantage.

Another of those competitive advantages, our employee share ownership schemes, is undoubtedly one of the major reasons for the ongoing success of the Company. The collective ownership and ability for our staff to benefit in a tangible way from the client outcomes they deliver, ensures that we are all pulling in the same direction, whilst also always putting the long-term interests of our clients first. We continue to devise new schemes to ensure more of our colleagues are able to participate.

Business overview

FX Risk Management

Our FX Risk Management division focuses on supporting corporates and institutions globally, that trade currency for commercial purposes, such as buying or selling goods and services overseas or hedging the underlying value of an asset or liability. We service this marketplace through our corporate and institutional sales teams in London, Canada, Amsterdam and (soon to be) Milan. FX Risk Management had a strong half, with revenues up 48% to GBP24.7m, helped by recovering client trading activity across our core UK client base and growth in our overseas offices.

Our Corporate London division continues to perform strongly with revenues up 29%. Since the beginning of H2 2020, the overall market opportunity has been broadly consistent with pre-COVID levels. Notable exceptions include tourism and hospitality, but this has been more than offset by increased activity in other sectors. Overall, our strong performance in the period reflects our continued investment for growth, alongside the quality of our people, service offering, and highly diversified client base. In addition, this division continues to serve as the incubator for future leaders within the business, fostering our strong culture, knowledge and expertise, and providing the basis for expansion into new products and geographies.

Overseas offices

Our overseas offices in Canada and the Netherlands achieved excellent growth in the half with the Toronto office making a significant profit contribution.

Our Netherlands office demonstrates the success of exporting Alpha's culture from our core UK Corporate team. Set up in April 2020, this office achieved a profitable contribution in the half and has achieved quarter on quarter revenue growth since launching.

Subject to regulatory approval, we intend to launch a new office in Milan in the second half. This move will see three existing employees from our London office move to Italy to lead the team, having already demonstrated strong track records of success penetrating the Italian market when operating from the UK base. Establishing a presence in Italy not only provides greater prospects within this already encouraging marketplace but, additionally, enables the Group to attract high-quality local talent.

We also intend to invest in long-term office leases in Canada and The Netherlands which reflects our confidence in the markets and will enable us to create inspiring world-class working environments for our colleagues and to attract new talent.

Our model is proving to be scalable across a number of geographic regions, and we continue to identify new growth opportunities in overseas markets as our addressable market expands.

Alternative Banking

Our Alternative Banking division focuses on providing corporates and institutions globally with a suite of alternative banking solutions covering payments, collections and accounts. Serviced primarily by a specialist team within Alpha Platform Solutions, the team also benefits the wider Group from cross-selling with our corporate and institutional sales teams. Alternative Banking revenues grew substantially in the period, up 600% to GBP9.5m on H1 2020, led by the payments business, Alpha Platform Solutions.

Following the launch of our new end-to-end technology stack in April 2021, Alternative Banking achieved consecutive record-breaking revenue quarters in Q1 and Q2. The investments made into this division are bearing fruit, and the platform is becoming increasingly more attractive to existing and potential clients. Moving into the second half, this division has a long-term strategy in place underpinned by a focused technology roadmap and a highly capable team.

As a result of the growth experienced in our Alternative Banking division, our cash conversion continues to strengthen, providing the basis for future investments into the Group and the collateralisation of hedging contracts.

Technology

The Group has seen the benefits of investment in its technology platforms during the half year. Our product updates are being deployed faster than ever before and at a higher quality, which is driving the strong growth in Alternative Banking. The Group continues to focus on investing in technology and we expect further key platform updates in the second half. Having completed and launched a brand-new end-to-end platform for Alternative Banking, and migrated our Alternative Banking clients across to this platform in line with our decentralisation plan, the focus of the technology team has now expanded to devising and developing the next generation platform for FX risk management. By investing further, we will enhance our reputation for cutting edge solutions and ensure that both aspects of our business have the optimal foundations for long-term scalability.

Market developments

Since the beginning of H2 2020, the overall market opportunity has been broadly consistent with pre-COVID levels. Overall, our strong performance in the period reflects our continued investment for growth, alongside the quality of our people, service offering, and highly diversified client base. We hope successful vaccine roll-outs in our key geographies and normalisation of trading relationships post-Brexit, will all underpin the higher activity levels across our client base that we have seen since June 2020.

Financial Review

In the six months to 30 June 2021 revenue increased by 90% over the prior period to GBP34.2m with strong growth across all divisions. In addition to the segmental analysis in note 3, which is based on legal entities, the Group segments the revenue between FX Risk Management and Alternative Banking to reflect the two main drivers of growth.

The FX Risk Management division focuses on supporting corporates and institutions that trade currency for commercial purposes through the Group's sales teams located in London, Toronto and Amsterdam. Revenue in the 6 months to June 2001 grew by 48% over the prior period to GBP24.7m supported by a broad recovery in client activity post lockdown.

The Alternative Banking division focuses on providing corporates and institutions with a suite of alternative banking solutions covering payments, collections and accounts across the UK, Europe and Canada. The service is primarily offered by Alpha Platform Solutions, a division of Alpha FX Limited although there are increasing cross-selling contributions from the corporate and institutional sales teams, who are primarily focused on FX Risk Management. The Alternative Banking division generated revenue of GBP9.5m in the period (H1 2020: GBP1.4m).

As shown in note 3 of the Interim Report, total revenue from hedging products (forwards and options), has increased against the prior period from GBP11.8m to GBP17.1m. The revenue from forward transactions represents the difference between the rate charged to clients and the rate paid to banking counterparties. There were no structural changes in forward commission rates in the year in comparison to the prior year. Spot and payments revenue increased from GBP6.2m to GBP17.1m due to the growth of Alpha Platform Solutions together with increased spot flow from the Institutional business, where underlying activities mean that spot transactions are more common.

In the six months to 30 June 2021, 60% of the revenue in the year was derived from products where the revenue is converted into cash within a few days of the trade date, as opposed to 51% in FY 2020. This has continued to have a positive impact on the Group's cashflow.

In the prior year the Group entered into a settlement agreement with a Norwegian client whereby weekly repayments are due until June 2022 in respect of their obligations for unpaid margin totalling GBP30.2m. Throughout the current period the client has continued to meet their settlement agreement cash repayment obligations on time with a gross balance of GBP13.3m outstanding as at 30 June 2021.

As we continue to receive the weekly repayments from the Norwegian client, the results have benefited from the reversal of the two accounting provisions. For the 6 months to 30 June 2021 the reversal of the two accounting provisions total GBP471,000 and can be broken down as follows:

-- A provision for the estimated probability of default which reduced by GBP153,000 in the 6 months to June 2021 with the credit included in operating expenses. The outstanding provision as at 30 June 2021 was GBP117,000.

-- A provision representing the difference between the nominal value of future payments and their net present value which reduced by GBP318,000 in the 6 months to June 2021 with the credit included in finance income. The outstanding provision as at 30 June 2021 was GBP244,000

Underlying profit is presented in the income statement to allow a better understanding of the Group's financial performance on a comparable basis from year to year. The underlying profit excludes the impact of share-based payments, and on this basis, the underlying profit before tax in the year increased by 214% to GBP15.4m.

The underlying profit before tax margin for the period increased to 45% (H1 2020 27%). However, in the second half of 2021 with the impact of COVID-19 subsiding, the margin will likely be impacted by an acceleration in hiring, a normalised travel and entertaining spend and the opening of the Italy office.

Underlying basic earnings per share were 27.9p in the period (H1 2020: 9.5p) whilst basic earnings per share were 27.6p (H1 2020: 8.9p).

Cash flow

On a statutory basis, net cash and cash equivalents increased in the first half by GBP3.1m to GBP86.1m. The Group's cash position can fluctuate significantly from period to period due to the impact of changes in the collateral received from clients, early settlement of trades, or the unrealised mark to market profit or loss from client swaps, resulting in an increase or decrease in cash with a corresponding change in other payables and trade receivables. Therefore, in addition to the statutory cash flow, the Group presents an adjusted net cash summary below which excludes the above items.

In the period to June 2021 adjusted net cash on this basis has increased by GBP14.3m to GBP66.6m. This represents the net impact of the cash conversion from the trading in the period together with the cash inflow of GBP6.7m from the client subject to a repayment plan.

 
                                                                           30 June 21          31 Dec 20 
                                                                              GBP'000            GBP'000 
 Net cash and cash equivalents                                                 86,102             82,972 
 Variation margin paid to banking counterparties                                5,235             17,734 
-----------------------------------------------------  ------------------------------  ----------------- 
                                                                               91,337            100,706 
 Margin received from clients and client held funds*                         (28,163)           (50,767) 
 Net MTM timing loss/(profit) from client drawdowns and 
 extensions within trade receivables                                            3,395              2,332 
 
 Adjusted net cash**                                                           66,569             52,271 
 

* Included in 'other payables' within 'trade and other payables'

** Excluding collateral received from clients, early settlements and the unrealised mark to market profit or loss from client swaps

Dividend

With the Group's growth expectations once again consistent with pre-COVID levels, the Board now deem it appropriate to readopt a progressive dividend policy.

Subsequently, the Board is pleased to declare an interim dividend of 3.0 pence per share (2020: nil). The interim dividend will be payable on 8 October 2021 to shareholders on the register at 10 September 2021. The ex-dividend date is 9 September 2021.

Consolidated Statement of Comprehensive Income

 
                                                  Unaudited       Unaudited             Audited 
                                                 six months      six months          year ended 
                                                         to              to         31 Dec 2020 
                                               30 June 2021    30 June 2020 
                                       Note         GBP'000         GBP'000             GBP'000 
 
 Revenue                                             34,184          18,006              46,217 
 
 Operating expenses                                (18,801)        (13,429)            (29,457) 
 
 Underlying operating profit                        15,51 7           4,778              17,149 
 Share-based payments                                 (134)           (201)               (389) 
------------------------------------         --------------  --------------  ------------------ 
 
 Operating profit                       4            15,383           4,577              16,760 
 
 Finance income                         5               318             299                 747 
 Finance expenses                       5             (397)           (163)               (370) 
------------------------------------  -----  --------------  --------------  ------------------ 
 Profit before taxation                              15,304           4,713              17,137 
 
 Taxation                                           (3,036)           (969)             (3,333) 
------------------------------------  -----  --------------  --------------  ------------------ 
 Profit for the period                               12,268           3,744              13,804 
------------------------------------  -----  --------------  --------------  ------------------ 
 
 Attributable to: 
 Equity holders of the parent                        11,201           3,411              12,469 
 Non-controlling interests                            1,067             333               1,335 
------------------------------------  -----  --------------  --------------  ------------------ 
 Profit for the period                               12,268           3,744              13,804 
------------------------------------  -----  --------------  --------------  ------------------ 
 
 Other comprehensive income/(loss): 
 Exchange gain /(loss) arising 
  on translation of foreign 
  operations                                              2            (26)                  17 
------------------------------------  -----  --------------  --------------  ------------------ 
 Total comprehensive income 
  for the period                                     12,270           3,718              13,821 
------------------------------------  -----  --------------  --------------  ------------------ 
 
 Attributable to: 
 Equity owners of the parent                         11,203           3,385              12,486 
 Non-controlling interests                            1,067             333               1,335 
------------------------------------  -----  --------------  --------------  ------------------ 
 Total comprehensive income 
  for the period                                     12,270           3,718              13,821 
------------------------------------  -----  --------------  --------------  ------------------ 
 
 Earnings per share attributable 
  to equity owners of the parent 
  (pence per share) 
 - basic                                6             27.6p            8.9p               31.7p 
 - diluted                              6             26.9p            8.7p               30.5p 
 - underlying basic                     6             27.9p            9.5p               32.8p 
 - underlying diluted                   6             27.2p            9.3p               31.6p 
------------------------------------  -----  --------------  --------------  ------------------ 
 

Consolidated Statement of Financial Position

 
                                                                                 Audited 
                                                  Unaudited     Unaudited             at 
                                                      as at         as at 
                                                    30 June       30 June         31 Dec 
                                                       2021          2020           2020 
                                  Note              GBP'000       GBP'000        GBP'000 
 Non-current assets 
 Intangible assets                                    2,530         1,986          2,074 
 Property, plant and equipment                        2,170         2,163          2,251 
 Right-of-use assets                                  6,540         7,347          6,945 
 Trade and other receivables       8                 11,168        13,438          5,832 
-------------------------------  -----  -------------------  ------------  ------------- 
 Total non-current assets                            22,408        24,934         17,102 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 Current assets 
 Trade and other receivables       8                 58,129        46,922         70,476 
 Cash and cash equivalents         9                 86,102       116,605         82,972 
 Other cash balances               9                  4,002         3,642          4,025 
-------------------------------  -----  -------------------  ------------  ------------- 
 Total current assets                               148,233       167,169        157,473 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 Total assets                                       170,641       192,103        174,575 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 Equity 
 Share capital                     11                    82            80             80 
 Share premium account                               50,608        50,578         50,582 
 Capital redemption reserve                               4             4              4 
 Merger reserve                                         667           667            667 
 Retained earnings                                   43,068        26,585         35,631 
 Translation reserve                                     26          (19)             24 
-------------------------------  -----  -------------------  ------------  ------------- 
 Equity attributable to equity 
  holders of the parent                              94,455        77,895         86,988 
 Non-controlling interests                            4,082         2,832          3,653 
-------------------------------  -----  -------------------  ------------  ------------- 
 Total equity                                        98,537        80,727         90,641 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 Current liabilities 
 Trade and other payables          10                56,277       102,322         74,310 
 Current tax liability                                2,665         1,302          1,808 
 Provisions                                               -            13              - 
-------------------------------  -----  -------------------  ------------  ------------- 
 Total current liabilities                           58,942       103,637         76,118 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 Non-current liabilities 
 Trade and other payables          10                 5,177             -                - 
 Deferred tax liability                                 941           400            626 
 Lease liability                                      7,044         7,339          7,190 
-------------------------------  -----  -------------------  ------------  ------------- 
 Total non-current liabilities                       13,162         7,739          7,816 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 Total equity and liabilities                       170,641       192,103        174,575 
-------------------------------  -----  -------------------  ------------  ------------- 
 
 
  Consolidated Cash Flow Statement                              Unaudited       Unaudited        Audited 
                                                               six months      six months     year ended 
                                                                       to              to    31 Dec 2020 
                                                             30 June 2021    30 June 2020 
                                              Note                GBP'000         GBP'000        GBP'000 
 Cash flows from operating activities 
 Profit before taxation                                            15,304           4,713         17,137 
 Net finance expense/(income)                                          79           (136)          (377) 
 Amortisation of intangible assets                                    398             158            496 
 Impairment of intangible assets                                        -               -            278 
 Depreciation of property, plant and 
  equipment                                                           271             214            449 
 Depreciation of right-of-use assets                                  405             403            805 
 Initial recognition of discount relating 
  to the Norwegian client                                               -           1,275          1,275 
 Loss on disposal of fixed assets                                       -               -              1 
 Share-based payment expense                                          134             242            389 
 Provision utilised in year                                             -            (83)           (95) 
 Increase in other receivables                                      (950)           (513)        (1,117) 
 (Decrease)/ increase in other payables                        (21,361)            37,794         10,972 
 Decrease/(increase) in derivative 
  financial assets                                                    986          11,530       (11,453) 
 Decrease/(increase) in financial 
  assets at amortised cost                                          6,298        (26,931)       (18,199) 
 Increase/(decrease) 
  in 
  derivative 
  financial 
  liabilities                                                       8,505         (3,528)        (4,691) 
 Decrease/(increase) 
  in 
  other 
  cash 
  balances                                                             23             225          (158) 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 Cash 
  (outflows)/inflows 
  from 
  operating 
  activities                                                       10,092          25,363        (4,288) 
 Tax 
  paid                                                            (1,864)           (398)        (2,029) 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 Net 
  cash 
  (outflows)/inflows 
  from 
  operating 
  activities                                                        8,228          24,965        (6,317) 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 
 Cash flows from investing activities 
 Payments to acquire property, plant 
  and equipment                                                     (190)            (97)          (425) 
 Proceeds 
  from 
  the 
  sale 
  of 
  property, 
  plant 
  and 
  equipment                                                             -               -              3 
 Expenditure 
  on 
  internally 
  developed 
  intangible 
  assets                                                            (854)           (962)        (1,666) 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 Net 
  cash 
  outflows 
  from 
  investing 
  activities                                                      (1,044)         (1,059)        (2,088) 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 
 Cash flows from financing activities 
 Dividends paid to equity owners of                               (3,276)               -              - 
  the Parent Company 
 Dividends paid to non-controlling 
  interests                                                         (473)               -        (1,020) 
 Issue of ordinary shares by Parent 
  Company                                                             236          19,281         19,281 
 Share issue costs                                                      -            (81)           (81) 
 Issue of ordinary shares by subsidiary                                 -               -              1 
 Payment 
  of 
  lease 
  liabilities                                                       (310)           (466)          (775) 
 Net 
  interest 
  (paid)/received                                                   (233)              31            (6) 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 Net 
  cash 
  outflows 
  from 
  financing 
  activities                                                      (4,056)          18,765         17,400 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 
 Increase in net cash and cash equivalents 
  in the period                                                     3,128          42,671          8,995 
 Net 
  cash 
  and 
  cash 
  equivalents 
  at 
  beginning 
  of 
  period                                                           82,972          73,960         73,960 
 Net 
  exchange 
  gains 
  / 
  (loss)                                                                2            (26)             17 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 Cash 
  and 
  cash 
  equivalents 
  at 
  end 
  of 
  period                                      9                    86,102         116,605         82,972 
-------------------------------------------  -----  ---------------------  --------------  ------------- 
 
 
 
 
 
   Consolidated Statement of Changes in Equity 
 
                    Attributable to the owners of the parent 
                                       Share             Capital                                                           Non-controlling 
                        Share        premium          redemption      Merger        Retained    Translation                      interests 
                      capital        account             reserve     reserve        earnings        reserve        Total                          Total 
                      GBP'000        GBP'000             GBP'000     GBP'000         GBP'000        GBP'000      GBP'000           GBP'000      GBP'000 
 Balance at 31 
  December 
  2019                     74         31,388                   4         667          22,932              7       55,072             2,499       57,571 
-----------------  ----------  -------------  ------------------  ----------  --------------  -------------  -----------  ----------------  ----------- 
 Profit for the 
  year                      -              -                   -           -          12,469              -       12,469             1,335       13,804 
 Other 
  comprehensive 
  income                    -              -                   -           -               -             17           17                 -           17 
 Transactions 
 with 
 owners 
 Issue of shares 
  to 
  non-controlling 
  interests 
  in subsidiary 
  undertakings              -              -                   -           -               -              -            -             1,089        1,089 
 Shares 
  repurchased 
  from 
  non-controlling 
  interests                 -              -                   -           -           (185)              -        (185)             (192)        (377) 
 Shares issued on 
  vesting of 
  share 
  option scheme             -              5                   -           -               -              -            5                 -            5 
 Forfeiture of 
  shares 
  in subsidiary             -              -                   -           -               -              -            -              (58)         (58) 
 Shares issued on 
  placing                   6         19,994                   -           -               -              -       20,000                 -       20,000 
 Cost of shares 
  issued 
  on placing                -          (805)                   -           -               -              -        (805)                 -        (805) 
 Share-based 
  payments                  -              -                   -           -             415              -          415                 -          415 
 Dividends paid             -              -                   -           -               -              -            -           (1,020)      (1,020) 
-----------------  ----------  -------------  ------------------  ----------  --------------  -------------  -----------  ----------------  ----------- 
 Balance at 31 
  December 
  2020                     80         50,582                   4         667          35,631             24   86,988                 3,653       90,641 
-----------------  ----------  -------------  ------------------  ----------  --------------  -------------  -----------  ----------------  ----------- 
 Profit for the 
  period                    -              -                   -           -          11,201              -       11,201             1,067       12,268 
 Other 
  comprehensive 
  income                    -              -                   -           -               -              2            2                 -            2 
 Transactions 
 with 
 owners 
 Shares issued on 
  vesting of 
  share 
  option scheme             2              -                   -           -             (2)              -            -                 -            - 
 Shares issued on 
  vesting of 
  share 
  option scheme             -             26                   -           -               -              -           26                 -           26 
 Forfeiture of 
  shares 
  in subsidiary             -              -                   -           -           (620)              -        (620)             (165)        (785) 
 Share-based 
  payments                  -              -                   -           -             134              -          134                 -          134 
 Dividends paid             -              -                   -           -         (3,276)              -    (3,276)               (473)      (3,749) 
-----------------  ----------  -------------  ------------------  ----------  --------------  -------------  -----------  ----------------  ----------- 
 Balance at 30 
  June 
  2021                     82         50,608                   4         667          43,068             26       94,455             4,082       98,537 
-----------------  ----------  -------------  ------------------  ----------  --------------  -------------  -----------  ----------------  ----------- 
 
 

Notes to the Consolidated Financial Statements

1. Corporate information

The Company, Alpha FX Group plc, is a public limited company having listed its shares on AIM, a market operated by The London Stock Exchange, on 7 April 2017. The Company is incorporated and domiciled in the UK (registered number 07262416). The consolidated financial statements incorporate the results of the Company and its subsidiary undertakings Alpha FX Limited, Alpha FX Institutional Limited, Alpha Foreign Exchange (Canada) Limited, Alpha FX Netherlands Limited and Alpha FX Europe Limited.

2. Basis of preparation

The basis of preparation of this financial information is consistent with the basis that will be adopted for the full year accounts which will be prepared in accordance with UK adopted international accounting standards.

The financial information is presented in Pounds Sterling ("GBP"), which is the Group's functional currency, rounded to the nearest thousand.

Whilst the financial figures included in this half-yearly report have been computed in accordance with IFRS applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

This interim financial information has not been audited and the financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The year to 31 December 2020 has been extracted from the audited financial statements for that year.

The Group's financial statements for the year ended 31 December 2020 have been reported on by auditors, BDO LLP, and have been delivered to the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006.

Accounting policies

New accounting policies

In accordance with IFRS 15, performance obligations are satisfied by transferring control of an account to a customer over the period. As a growing revenue stream within the Group, management has reassessed revenue recognition relating to account fees. As a result, revenue from annual account fees is recognised on a straight-line basis over the 12 months from the date the account is opened.

All other accounting policies adopted in these interim financial statements are identical to those adopted in the Group's most recent annual financial statements for the year ended 31 December 2020.

3. Segmental reporting

During the period the Group principally generated revenue from the sale of forward currency contracts, foreign exchange spot transactions, payments and collections and option contracts.

In accordance with IFRS 8, the Group has five reportable segments based on internal management reporting.

The Corporate London segment represents revenue generated by Alpha FX Limited's Corporate clients serviced from the London head office. The Institutional segment represents revenue from Alpha FX Institutional Limited, which primarily services funds. Corporate Toronto represents revenue generated by Alpha Foreign Exchange (Canada) Limited, serviced from Toronto, Canada. Alpha Payment Solutions is a division of Alpha FX Limited which services clients who have the requirement to send, hold or receive money from overseas, in the form of international payments, collections and currency accounts. Corporate Amsterdam represents revenue from Alpha FX Netherlands Limited, which has been trading since April 2020 and services Corporate clients from Amsterdam.

 
      Six months         Corporate        Institutional          Corporate                Alpha               Corporate         Total 
      ended June            London                                 Toronto             Platform               Amsterdam 
            2021                                                                      Solutions 
                           GBP'000              GBP'000            GBP'000              GBP'000                 GBP'000       GBP'000 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 FX hedging*                11,872                2,877              2,018                    -                     367        17,134 
 Spot & payments 
  transactions**             4,186                4,019                272                8,197                     376        17,050 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Total revenue              16,058                6,896              2,290                8,197                     743        34,184 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Underlying 
  operating 
  profit                     7,655                3,525                608                3,618                     111        15,517 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Share-based 
  payments                   (118)                 (16)                  -                    -                       -         (134) 
 Finance costs               (319)                 (29)                  -                 (49)                       -         (397) 
 Finance income                318                    -                  -                    -                       -           318 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Profit before 
  taxation                   7,536                3,480                608                3,569                     111        15,304 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 
  Six months             Corporate        Institutional          Corporate                Alpha               Corporate         Total 
  ended June                London                                 Toronto             Platform               Amsterdam 
  2020                                                                                Solutions 
                           GBP'000              GBP'000            GBP'000              GBP'000                 GBP'000       GBP'000 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 FX hedging*                 9,238                1,855                662                    -                       -        11,755 
 Spot and 
  payments 
  transactions**             3,152                1,236                 98                1,740                      25         6,251 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Total revenue              12,390                3,091                760                1,740                      25        18,006 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Underlying 
  operating 
  profit                     2,879                1,511               (18)                  654                   (248)         4,778 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Share-based 
  payments                   (107)                 (94)                  -                    -                       -         (201) 
 Finance costs               (131)                 (16)                  -                 (16)                       -         (163) 
 Finance income                299                    -                  -                    -                       -           299 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Profit before 
  taxation                   2,940                1,401               (18)                  638                   (248)         4,713 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 
      Year ended         Corporate        Institutional          Corporate                Alpha               Corporate         Total 
        December            London                                 Toronto             Platform               Amsterdam 
            2020                                                                      Solutions 
                           GBP'000              GBP'000            GBP'000              GBP'000                 GBP'000       GBP'000 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 FX hedging*                21,307                4,277              1,788                    -                      85        27,457 
 Spot and 
  payments 
  transactions**             6,505                4,497                343                7,226                     189        18,760 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Total revenue              27,812                8,774              2,131                7,226                     274        46,217 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Underlying 
  operating 
  profit                     9,881                4,612                181                2,947                   (472)        17,149 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Share-based 
  payments                   (383)                  (6)                  -                    -                       -         (389) 
 Finance costs               (276)                 (52)                  -                 (42)                       -         (370) 
 Finance income                747                    -                  -                    -                       -           747 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 Profit before 
  taxation                   9,969                4,554                181                2,905                   (472)        17,137 
----------------  ----------------  -------------------  -----------------  -------------------  ----------------------  ------------ 
 
 
                                                                 Six months           Six months          Year 
                                                                      ended                ended         ended 
 Revenue by product                                            30 June 2021         30 June 2020   31 Dec 2020 
                                                                    GBP'000              GBP'000       GBP'000 
------------------------------------  -------------------------------------  -------------------  ------------ 
 
   Foreign 
   exchange 
   forward 
   transactions                                                      13,806                9,586        22,437 
 
 Foreign exchange spot transactions                                  11,649                5,320        14,746 
 
   Option contracts                                                   3,328                2,169         5,020 
 
   Payments and collections                                           5,401                  931         4,014 
 
   Total                                                             34,184               18,006        46,217 
------------------------------------  -------------------------------------  -------------------  ------------ 
 

* FX hedging represents revenue derived from clients hedging cashflows for a commercial purpose using both foreign exchange forward transactions and option contracts.

** Spot and payment transactions relate to foreign exchange spot transactions and fees received from payments, collections and currency accounts.

4. Operating profit

Operating profit is stated after charging/(crediting):

 
                                        Six months     Six months          Year 
                                             ended          ended         ended 
                                      30 June 2021   30 June 2020   31 Dec 2020 
                                           GBP'000        GBP'000       GBP'000 
-----------------------------------  -------------  -------------  ------------ 
 Rental cost of short term 
  leases                                       161            123           286 
 Depreciation of owned property, 
  plant and equipment                          271            214           449 
 Amortisation of internally 
  generated intangible assets                  398            158           496 
 Loss on disposal of fixed 
  assets                                         -              -             1 
 Depreciation of right-of-use 
  assets                                       405            403           805 
 Staff costs                                10,023          7,070        16,175 
 Estimated probability of client 
  default in relation to Norwegian 
  client                                     (153)            483           270 
 Initial recognition of discount 
  relating to the Norwegian 
  client*                                        -          1,275         1,275 
 Net foreign exchange losses                   332             93           711 
 

*The provision of GBP1,275,066 in the prior year represents the initial recognition of the difference between the nominal value of future payments from the Norwegian client and their net present value. As the provision unwinds, the reversal is recorded within finance income (note 5). In the six months to June 2021, GBP318,333 was reversed (H1 2020: GBP268,289). As at 30 June 2021 there remains GBP244,094 to be reversed in finance income as the remaining repayments are received in the period to June 2022 .

In the unaudited accounts to 30 June 2020, the initial recognition of the discount relating to the Norwegian client has been reclassified from finance costs to operating expenses, to align with the treatment in the audited accounts to 31 December 2020. Similarly, the reversal of the discount of GBP268,289 has been reclassified from finance costs, where it was previously shown net against the initial recognition of discount, to finance income (note 5).

5. Finance income and expenses

 
                                        Six months       Six months          Year 
                                             ended            ended         ended 
                                      30 June 2021     30 June 2020   31 Dec 2020 
                                           GBP'000          GBP'000       GBP'000 
-----------------------------------  -------------  ---------------  ------------ 
 Finance income 
 Interest on bank deposits                       -               13             - 
 Finance income to reverse 
  the discount relating to 
  the Norwegian client                         318              268           713 
 Other interest receivable                       -               18            34 
----------------------------------- 
 Total                                         318              299           747 
-----------------------------------  -------------  ---------------  ------------ 
 
 Finance costs 
 Interest on bank deposits                   (233)                -          (43) 
 Finance cost on lease liabilities           (164)            (163)         (327) 
 Total                                       (397)            (163)         (370) 
-----------------------------------  -------------  ---------------  ------------ 
 

6. Earnings per share

Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of the parent, by the weighted average number of ordinary shares during the year. Diluted earnings per share additionally includes in the calculation, the weighted average number of ordinary shares that would be issued on conversion of any dilutive potential ordinary shares. The dilutive effect is calculated on the full exercise of all potentially dilutive Ordinary share options granted by the Group.

The Group additionally discloses an underlying earnings per share calculation that excludes the impact of share-based payments, non-recurring costs and their tax effect, which better enables comparison of financial performance in the current year with comparative years.

 
                                 Six months     Six months          Year 
                                      ended          ended         ended 
                               30 June 2021   30 June 2020   31 Dec 2020 
----------------------------  -------------  -------------  ------------ 
 Basic earnings per share             27.6p           8.9p         31.7p 
 Diluted earnings per share           26.9p           8.7p         30.5p 
 Underlying - basic                   27.9p           9.5p         32.8p 
 Underlying - diluted                 27.2p           9.3p         31.6p 
 

The calculation of basic and diluted earnings per share is based on the following number of shares:

 
                                   Six months     Six months          Year 
                                        ended          ended         ended 
                                 30 June 2021   30 June 2020   31 Dec 2020 
                                          No.            No.           No. 
------------------------------  -------------  -------------  ------------ 
 Basic weighted average 
  shares                           40,585,128     38,465,181    39,286,578 
 Contingently issuable shares       1,015,233        880,270     1,541,006 
 Diluted weighted average 
  shares                           41,600,361     39,345,451    40,827,584 
 

The earnings used in the calculation of basic, diluted and underlying earnings per share are set out below:

 
                                     Six months     Six months          Year 
                                          ended          ended         ended 
                                   30 June 2021   30 June 2020   31 Dec 2020 
                                        GBP'000        GBP'000       GBP'000 
--------------------------------  -------------  -------------  ------------ 
 Profit after tax for the 
  period                                 12,268          3,744        13,804 
 Non-controlling interests              (1,067)          (333)       (1,335) 
--------------------------------  -------------  -------------  ------------ 
 Earnings - basic and diluted            11,201          3,411        12,469 
 Share-based payments                       134            201           389 
 Taxation impact on share-based 
  payments                                    -             57           136 
--------------------------------  -------------  -------------  ------------ 
 Earnings - underlying                   11,335          3,669        12,994 
 

7. Dividends

 
                                 Six months     Six months          Year 
                                      ended          ended         ended 
                               30 June 2021   30 June 2020   31 Dec 2020 
                                    GBP'000        GBP'000       GBP'000 
----------------------------  -------------  -------------  ------------ 
 Final dividend for the year 
  ended 31 December 2020 of 
  8.0p per share                      3,276              -             - 
----------------------------  -------------  -------------  ------------ 
                                      3,276              -             - 
 

All dividends paid are in respect of the ordinary shares of GBP0.002 each.

The Directors propose an interim dividend in respect of the year ended 31 December 2021 of 3.0p per share amounting to GBP1,228,543 payable on 8 October 2021 to shareholders on the register at 10 September 2021.

8. Trade and other receivables

Trade receivables represent the fair value of derivative financial assets arising as a result of matched principal transactions and are shown net of the Credit Value Adjustment.

 
                                    Six months     Six months          Year 
                                         ended          ended         ended 
                                  30 June 2021   30 June 2020   31 Dec 2020 
 Current                               GBP'000        GBP'000       GBP'000 
-------------------------------  -------------  -------------  ------------ 
 Foreign currency forward 
  and option contracts with 
  customers                             32,777         28,068        50,695 
 Foreign currency forward 
  and option contracts with 
  banking counterparties                 7,542          1,335         1,182 
 Other foreign exchange 
  forward contracts                      1,519          1,606         2,115 
-------------------------------  -------------  -------------  ------------ 
 Trade receivables (derivative 
  financial asset)                      41,838         31,009        53,992 
 Other receivables                       2,487          2,587         3,335 
 Prepayments                             2,147            840         1,345 
 Financial assets at amortised 
  cost*                                 11,657         12,486        11,804 
-------------------------------  -------------  -------------  ------------ 
                                        58,129         46,922        70,476 
 Non-current 
 Foreign currency forward               11,168              -             - 
  and option contracts with 
  customers 
 Trade receivables (derivative          11,168              -             - 
  financial asset) 
 Financial assets at amortised 
  cost*                                      -         13,438         5,832 
-------------------------------  -------------  -------------  ------------ 
                                        11,168         13,438         5,832 
-------------------------------  -------------  -------------  ------------ 
 Trade and other receivables            69,297         60,360        76,308 
 

*The Norwegian client receivable balance of GBP25,923,990 in the unaudited accounts to 30 June 2020 has been reclassified from trade receivables (derivative financial assets), to a financial asset at amortised cost, and has also been split between current and non-current to align with the treatment in the audited accounts to 31 December 2020.

As the Group continues to grow, it is entering into an increasing number of longer dated trades that are due for settlement in over 12 months' time. In the prior year, a higher proportion of clients took the decision to close out their contracts early due to uncertainty over their cashflows as a result of Covid-19. Management now believe that a higher proportion of contracts will run to their original value date as clients have increasing certainty over their cash flows. As a result, management has taken the decision to present derivative financial assets as current and non-current as at 30 June 2021, based upon their expectations of when the contract will be realised.

As there has been a change in expectation in the period to 30 June 2021, the derivative financial assets in the period to 30 June 2020 and the year to 31 December 2020 have not been reclassified as current and non-current.

9. Cash

Cash and cash equivalents comprise cash balances and deposits held at call with banks.

Other cash balances comprise cash held as collateral with banking counterparties for which the Group does not have immediate access.

Cash balances included within derivative financial assets relate to the variation margin called against out of the money trades with banking counterparties.

 
                                Six months     Six months          Year 
                                     ended          ended         ended 
                              30 June 2021   30 June 2020   31 Dec 2020 
                                   GBP'000        GBP'000       GBP'000 
---------------------------  -------------  -------------  ------------ 
 Cash and cash equivalents          86,102        116,605        82,972 
 Variation margin called 
  by counterparties                  5,235         26,741        17,734 
 Other cash balances                 4,002          3,642         4,025 
---------------------------  -------------  -------------  ------------ 
 Total cash                         95,339        146,988       104,731 
 

10. Trade and other payables

Trade payables represent the fair value of derivative financial liabilities arising as a result of matched principal transactions.

Other payables consist of margin received from clients and client held funds. The carrying value of trade and other payables classified as financial liabilities measured at amortised cost, approximates fair value.

 
 
                                   Six months     Six months          Year 
                                        ended          ended         ended 
                                 30 June 2021   30 June 2020   31 Dec 2020 
 Current                              GBP'000        GBP'000       GBP'000 
------------------------------  -------------  -------------  ------------ 
 Foreign currency forward 
  and option contracts with 
  customers                            20,919         18,754        17,591 
 Trade payables (derivative 
  financial liabilities)               20,919         18,754        17,591 
 Other payables                        28,251         80,420        51,621 
 Other taxation and social 
  security                                830            592           974 
 Lease liability                          293            293           293 
 Accruals and deferred income           5,984          2,263         3,831 
------------------------------  -------------  -------------  ------------ 
                                       56,277        102,322        74,310 
 Non-current 
 Foreign currency forward               4,956              -             - 
  and option contracts with 
  customers 
 Foreign currency forward                 221              -             - 
  and option contracts with 
  banking counterparties 
 Trade payables (derivative             5,177              -             - 
  financial liabilities) 
------------------------------  -------------  -------------  ------------ 
 Trade and other payables              61,454        102,322        74,310 
 

In the scenario of longer dated trades due for settlement in over 12 months' time (see note 8), although a client can close out their position within 12 months, the Group would still be obliged to fulfill the terms of that contract with the respective banking counterparty at the original value date. Therefore, the liability would remain non-current. Due to this, management have taken the decision to present derivative financial liabilities as current and non-current, matching the treatment of derivative financial assets.

As there has been a change in expectation in the period to 30 June 2021, the derivative financial liabilities in the period to 30 June 2020 and the year to 31 December 2020 have not been reclassified as current and non-current.

11. Share capital

The following movements of share capital occurred in the 6 months to 30 June 2021:

 
                                          Ordinary    Nominal 
                                            shares      value 
                                               No.    GBP'000 
 
   As at 1 January 2021 - shares 
   of GBP0.002 each                     40,123,568         80 
 Shares issued on vesting of share 
  option scheme                            822,873          2 
 Shares issued in relation to SAYE           4,999          - 
  share scheme 
 As at 30 June 2021                     40,951,440         82 
 

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