FX risk management and payment solutions provider Alpha FX Group plc (LON:AFX) released a Trading Update, indicating continued strong performance through to the end of Q3 and raised guidance for 2020 overall.

In its interim results announcement on 2 September, Alpha FX reported that it experienced what it called “strong performance” in July and August.  Following on from this, the company now noted that trading in September has also been particularly strong and encouragingly this was across all areas of the business. Growth has come from both its FX risk management and alternative banking divisions, as both business lines continued their penetration across the UK, Europe and Canada.

As a result, despite the ongoing uncertainty surrounding COVID-19, the Board said it is increasing its expectations for full year earnings, and taking into account provision for bad debts is confident that earnings will be at least in line with FY 2019.

Morgan Tillbrook, Founder & Chief Executive Officer of Alpha said:

“Despite the fact that 2020 has created a number of challenges for the business, I am extremely proud of how the team has responded.  Our performance to date is testament to the quality of our people, clients and the investors who support us, and I would like to thank everyone who continues to play a part in Alpha FX’s journey.  Whilst much uncertainty remains in the wider world, I am looking forward to the rest of the year and beyond with optimism.”

Alpha FX shares have continued to climb since hitting a 52 week low of 465p at the outset of the COVID-19 crisis earlier this year, now trading at above 1000p. After the company’s aforementioned strong six month results were released at the beginning of September Mr. Tillbrook and other members of management and the board took the opportunity to sell £35 million worth of stock.

FNG later exclusively reported that most of those Alpha FX shares were bought up by a small number of institutional investors, by UK active fund manager Jupiter Fund Management Plc, specialist fund management company Liontrust, and Chicago based small/mid cap company investor Kabouter Management LLC. Jupiter has upped its holding in Alpha FX from 7.62% up to 12.07%; Liontrust from 5.09% to 11.69%; while Kabouter picked up 3.54% of the company.

Alpha FX share price graph, past year. Source: Google Finance.