Alpha FX Expects a 67% Increase in 2021 Revenue

Alpha FX Group plc, a high-tech, high-touch provider of FX risk management and alternative banking solutions to corporates and institutions internationally, announced a trading update for the financial year ended 31 December 2021.

Following on from the trading update issued on 8 December 2021, the group's trading has continued to be strong across all our divisions, resulting in an exceptionally strong November and December.

As a result, revenue for the full year is now expected to be in excess of £77m, representing an increase of 67% compared to the previous FY, and ahead of previous analyst expectations set following the group's December trading update. This includes £1m of recharges to clients of bank costs that mainly arose in the second half of the year. Underlying operating profit is also expected to be ahead of most recent analyst expectations.

Morgan Tillbrook, Founder & Chief Executive Officer of Alpha said:"In 2021 we started to see the benefits of the investments we made in decentralising our operations and the day-to-day running of the business, empowering our management teams to strengthen our position in FX risk management and build out new and innovative propositions in our alternative banking operations. This strategy, together with the recovery in many of our clients' markets, has delivered strong revenue and profit growth across the group.”

Following the strong end to Q4 2021, the board looks forward to another year of strong growth. Alpha FX Intends to establish an office in Italy in the first half of 2022 and Australia in the second half.