Alpha FX, a United Kingdom-based foreign exchange (forex) service provider, has published its full-year audited results for the year ended December 31, 2018. As the firm previously forecast, it managed to achieve a sharp uptick in revenue.
Specifically, revenue for 2018 came in at £23.5 million which represents a growth of 73 percent when measured against the previous year, which in turn achieved a revenue increase of 60 percent to reach £13.5 million.
Alpha FX Revenues Driven by New Clients
The uptick in revenue was driven by an increasing number of clients, both within the UK and overseas, as well as revenues derived from its institutional team which was launched in March of last year, the statement from the company said.
Underlying profit was also up on a year-on-year comparison, increasing by 48 percent from the £6.8 million reported in 2017 to £10.0 million in 2018. On a reported basis, operating profit jumped by 72 percent to reach £9.7 million, up from £5.6 million in 2017.
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Commenting on the results, Morgan Tillbrook, Chief Executive Officer of Alpha FX, said: “I’m very happy with the progress we have made during the year. As well as once again delivering strong revenue and profit growth, the impact of the investments made in the previous year highlight the strength of our strategy, and the returns that we are seeing give us great confidence for the future.”
Alpha FX focuses on managing the exchange rate risk for corporates and institutions that trade internationally. During 2018, the UK-headquartered company expanded its business with the launch of its institutional team, the opening of its office in Toronto so the firm could focus on the Canadian market, as well as the launch of its international payments platform, Alpha Pay.
This, along with its continued operations, led to a 55 percent increase in client numbers, from 310 in 2017 to 482 in 2018. Furthermore, the number of staff members increased from 51 to 82, as the company continued to expand.
Alpha FX Expects Bright 2019
Looking to the future, Alpha FX believes its future is bright, claiming that it is barely scratching the surface of the Group’s potential. According to the statement, the first quarter of 2019 has begun well, and as it continues to invest in its operations and take advantage of its growing market opportunity, it expects another year of continued progress in all areas of the business.
“Alpha’s success continues to be built on the passion, commitment and vision of its people, reinforced by the strength of its culture. On behalf of the Board, I would like to thank all our people for their contribution to Alpha’s success, and look forward to building on it in 2019,” added Clive Kahn, Non-Executive Chairman of Alpha FX.