Alpha FX, a UK-based foreign exchange (forex) service provider to the corporate and institutional market has posted a trading update for the year ended December 31, 2018, this Thursday.
According to the statement, the company achieved solid trading results. As a result, it expects to beat its previous earnings forecast for the 12 months ended December 31, 2018. However, the firm did not state by how much nor provide any estimated figures.
Alpha FX, which will publish its final financial results for 2018 in March of this year, believes it will continue this strong performance into 2019. Namely, it expects to achieve this by investing further in technology and back-office infrastructure as well as increased costs relating to its recently-launched Canadian operations.
KVB PRIME Strikes UK with Influential Finance Summit SponsorshipGo to article >>
During 2018, the firm’s corporate business, which includes both UK and international clients, recorded a strong performance, the statement said. Alpha FX’s institutional business, which was established in March last year, also made a sturdy performance.
Alpha FX Reports Strong First Half of 2018
The announcement from Alpha FX is not entirely shocking, particularly when considering the firm’s first-half results of 2018, which saw solid trading results. As Finance Magnates reported, the comp saw steady growth across all of its key metrics in the first half of last year, according to its unaudited interim report.
Specifically, the firm achieved an increase in revenue of 55 percent when measured against the same period in 2017, coming in at £9.7 million. This growth was largely driven by an increase in the number of clients located both within the UK and abroad.