Alpha FX Group PLC Trading Statement (9437B)
16 January 2018 - 6:00PM
UK Regulatory
TIDMAFX
RNS Number : 9437B
Alpha FX Group PLC
16 January 2018
16 January 2018
Alpha FX Group plc
("Alpha" or the "Group")
Trading update
Alpha FX Group plc (AIM:AFX), a founder led, UK-based corporate
foreign exchange service provider, today provides a trading update
for the year ending 31 December 2017.
The Board is pleased to report that revenue for the year is
ahead of expectations and is expected to be GBP13.5 million.(1)
The Group has made significant progress across all of its key
strategic goals. A key benefit of the IPO has been the ability to
attract and retain the highest quality staff, with total headcount
having increased from 30 to 51 over the year. Despite this
investment, underlying operating profit margin is expected to be in
line with expectations.(2)
Reflected within these numbers is the growth of the Group's
technology team, whose focus on enhancing Alpha's currency
management software is already attracting new clients, whilst
further differentiating the Group's offering. Additionally, the
recruitment of a number of staff that are bilingual and fluent in
foreign languages has enabled Alpha to steadily expand into select
European territories and the Group has already been successful in
onboarding European clients as a result.
The Group intends to publish its maiden full year results on 21
March 2018.
Morgan Tillbrook, Founder and Chief Executive Officer of Alpha
said:
"I am delighted to report that the benefits of being publicly
listed are being realised and we are delivering on our growth
ambitions. Along with a strong trading performance, we have put in
place several building blocks to help us develop a very special
business. The latest significant step has been relocating our head
office to London, bringing all of our staff under one roof, and
helping us maintain the unique culture which is so important to our
success."
(1) Revenue for year ended 31 December 2017 of GBP13.5m is
unaudited
(2) Underlying excludes the impact of one-off costs relating to
the IPO and non-cash share based payments
Enquiries:
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
Neil Patel
Richard Bootle
Alma PR (Financial Public Relations) Tel: 07580 216 203
Josh Royston
Helena Bogle
Rebecca Sanders - Hewett
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.
Notes to Editors
Alpha is a founder led, UK-based corporate foreign exchange
service provider focused on managing exchange rate risk for UK
corporates that trade internationally. The Company's primary client
base consists of medium sized corporates that have a requirement to
convert currency for a commercial purpose, such as buying or
selling goods and services overseas, repatriating profits, or
expatriating payroll. Since it was incorporated in 2010, Alpha has
been able to build and retain a high-quality client base that
includes brands such as ASOS, Holland & Barrett and Global
Data.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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