Following the completion of a successful IPO and admission into the AIM on 7th April 2017, Alpha FX has announced an update on its revenue for the six month period ending 30th June, 2017. A founder led, UK-based corporate foreign exchange service provider, the brokerage reported that revenues for the period came in at £6.3 million ($8.2 million).
The figure surpassed expectations and the company’s shares were higher by 3 percent around the market open in London. The Alpha FX stock price has doubled since the IPO in early April, with the company’s market cap currently standing at over £150 million ($196 million).
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New Staff Expected to Boost Growth
The report also said that the company had recruited new staff in a bid to launch more products and solutions for risk management for corporations and that this would help it to grow even further in the coming months.
Morgan Tillbrook, founder and CEO of Alpha FX, commented on the results: “The benefits of our IPO are already being seen through our wider recognition and the ability to attract and incentivize the right individuals for our business. As we continue to deploy the proceeds raised from the IPO we will be able to facilitate increasingly larger trades and accounts and we look forward to the remainder of this year and beyond with confidence.”
Alpha FX has been undergoing a period of transformation and growth over the last several months. Last October, Alpha FX recruited former ICAP executive, Tim Kidd, as it CFO in a bid to further the growth of the company and help regional expansion efforts.
The effort was part of the company’s plans for an IPO, which it did manage to successfully complete. Trading on the London Stock Exchange’s AIM market began in April this year. The public offering provided a much needed capital boost for Alpha FX, helping it to propel its expansionary growth over the last few months.