Alpha FX Shares Climb as Half-Year Profit Jumped

Summary:
• Alpha FX, a London-listed fintech company backed by Soros, LionTrust, and JP Morgan, said that its revenue jumped by 35%

Alpha FX, a London-listed fintech company backed by Soros,  LionTrust, and JP Morgan, said that its revenue jumped by 35% in the first half of the year. This growth happened as demand for forex risk management continued.

Alpha FX is a leading financial services company that offers numerous services like forex risk management, payments, collections, and accounts. For example, it allows users to send money internationally from one platform. 

In a statement, the company said that its revenue rose by 35% to 46.1 million pounds in the first half of the year. Its forex risk management revenue rose by 31% to 32.1 million pounds while its alternative banking solutions revenue rose by 47% to 13.9 million pounds.

In total, Alpha FX profit before tax rose to 17.8 million while its basic earnings per share jumped by 21% to 33.3p. As a result, the company proposed an interim dividend of 3.4 pence.

Meanwhile, its FX Risk Management division saw the number of customers jump by 11% to 881. Its alternative banking clients rose to over 3,061. In a statement, the company’s CEO said:

“Our highly decentralised structure has helped us to evolve our business model and strategy in a way that is delivering significant competitive advantage and momentum whilst giving us the clarity and confidence to increase the rate at which we are investing for long-term growth.”

Alpha FX share price has done well in the past few months. It has jumped by 281% from the lowest level in 2020, giving it a market cap of over 755 million pounds.