Alpha FX Group Reports 31% Growth in 2020 RevenueMarch 17, 2021
London-listed Alpha FX Group plc (LON:AFX) has published its annual financial results for 2020, reporting excellent jumps in its revenue and profits.
The company’s London Stock Exchange (LSE) filing revealed that the revenue of the group jumped by 31 percent to £46.2 million, which was £35.4 million the year before. It generated over £40 million of the revenue from FX risk management and the rest from an alternative banking service.
The reported pre-tax profits came in at £17.1 million, which was a jump of 27 percent.
The results were achieved with an increase in demand in the forex trading market, which is the group company’s primary service. Alpha FX detailed that the number of its clients jumped by 16 percent last year from 648 to 754. The average per client revenue also increased by 12 percent.
The company is still optimistic about its growth opportunities and expects to deliver another strong year of growth.
With the growth in its business demand, Alpha FX is continuously expanding its operations. Additionally, the group revealed that its Canadian branch, which was opened in 2018, turned profits last year.
Overall, the basic earnings per share of the company increased by 15 percent to 31.7 pence, and it will distribute a dividend of 8.0 pence per share in May.
Commenting on the financials, Alpha FX CEO Morgan Tillbrook said: “For many companies across the world, 2020 has represented their greatest challenge to date, and Alpha was no different. However, what I witnessed last year was a team that grew more ambitious, more determined and more connected with every challenge that was thrown at them. The result that the market will see today was another year of consecutive growth across all divisions, and I am naturally delighted with this. However, I believe the long-term benefits for our team and culture, having overcome this experience together, will prove far more valuable still.”
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