The London-based retail Fx broker, Alpha FX has published its H1-2018, unaudited financial report marking steady growth of revenue and profits during the period.
The broker reported a 55 per cent increase in revenue year-on-year to GBP 9.7 million from GBP 6.3 million. The operating profit for the company witnessed 29 per cent jump year-on-year from GBP 3.2 million to GBP 4.1 million. The pre-tax profit went up by 63 per cent in the six month ended period to GBP 3.9 million from GBP 2.4 million a year ago.
The broker in its report mentioned that the rise in revenue was driven by rise in customers addition in both UK and overseas region. The company also attributed growth to the successful start of recently launched new institutional team in March 2018. The derivative desk’s added in August 2017, also contributed to the growth. Alpha FX also said that the change in the structure of client’s commission rate has not affected the revenue growth.
During the period, the company also expanded its team in the London office, hiring both for front and back office jobs. In its report, Alpha FX indicated that it will be expanding its operation in Canada with first office is expected to open in Toronto following necessary regulatory approvals. Having operations in Canada will benefit the company due to its similar dynamics to the British operations.
Alpha Fx also said in its report that it will continue its investment in the technology as it is a key differentiator to retain and acquire clients. During the period, it has increased the number of clients count to 393 from 310. Given the volatility in the market, the company expects to end the year with a positive note and is confident of meeting all the operation expectations.
Morgan Tillbrook, CEO at Alpha FX commented on the result:
“The first half of the year has seen considerable progress across all facets of the business. Revenue growth has been pleasing and justified the investment decisions made in the prior financial year. Driven by client demand, we continue to make advances in regulatory approvals and technology in order to enhance our product offering.
“This strengthens relationships with existing clients and enables us to increase revenues and also cater for a more diverse range of requirements and thereby service a wider range of new clients. At the same time, we continue to increase our addressable market by attracting entrepreneurial talent who can leverage our technology, infrastructure and brand to access wider markets.”
Underpinning Alpha’s growth is our ability to attract and retain exceptional talent by providing a culture of progression and opportunity within a community of high performing and likeminded people. In continued support of this, I am pleased to announce the establishment of a C Share Growth Scheme which will see further employees benefit from the success that they create.
I am confident that aligning employee ownership with growth in the business, along with our investments in people, new income streams and technology will enable us to fully capitalise on our market opportunity and deliver longer term, sustainable returns for all shareholders.”
The company has announced interim dividend of 1.9 pence per share, up from the 1.5p declared a year prior.