Alpha FX, a UK-based forex service provider, has published its unaudited interim report for the first half of 2018. During this period the firm saw steady growth across all of its key metrics.
The firm saw an increase in revenue of 55 per cent year-on-year, coming in at £9.7 million. Driving this growth was an uptick in the number of clients, both in the UK and abroad.
The company also attributes the growth to the promising start of its new institutional team, which launched in March this year. Some of the revenue growth can also be attributed to its derivatives desk, which was launched in August last year.
Underlying operating profit also saw a healthy jump of 29 per cent year-on-year, from £3.2 million in the first half of last year to £4.1 million in H1 2018. During this time the firm invested in its team, increasing the front office headcount from eight to forty and added two more employees in its back office.
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Alpha FX is heading to Canada
In its interim report, Alpha pointed out that it plans to establish roots in Canada, with an office expected to open in Toronto following regulatory approval. According to the report, the country represents a significant opportunity for the company due to its having similar dynamics to the British market. However, due to the differences in time, to truly capitalise on the market’s potential, the firm believes setting up operations in Canada is necessary.
Commenting on the results, Morgan Tillbrook, Chief Executive Officer of Alpha FX, said: “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… 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.”