Alpha FX Group plc (LON:AFX), a high-tech, high-touch provider of FX risk management, accounts and payments solutions to corporates and institutions internationally, today provided a trading update for the six-month period ended 30 June 2022.

Trading across the Group has been strong into the first half, with revenue increasing 35% to £46 million on the same period last year. The Board expects to comfortably meet its current expectations for the full year.

Despite the inflationary pressures impacting businesses worldwide, Alpha FX continues to observe healthy markets, in line with those of pre-Covid levels.

Across the Group’s FX Management division, its teams have performed very strongly to grow the client base to 975 at 30 June 2022 (H1 2021: 801, FY 2021: 881) and deliver over 30% revenue growth against H1 2021 to £32m.

The internal sales recruitment team also made excellent progress during the period and contributed to 34 new Front Office hires.

The Milan office, launched in March 2022 by three well-proven Alpha individuals, has grown quickly under their stewardship and has already become profitable. Alpha FX continues to focus on growing in new territories, with offices in Luxembourg and Australia expected to be formally established in due course following regulatory approval.

In May the planned launch of Alpha FX’s upgraded client portal for FX Risk Management went live. The portal benefits from an entirely new client-facing suite, as well as several powerful enhancements.

Alternative Banking performed excellently in the first half, with the Group experiencing significant demand for its global accounts solution focused on the alternative investment sector. Revenue grew over 40% against H1 to £14m, and the number of live accounts invoiced grew to 3,061 by 30 June 2022 (H1 2021: 904, FY 2021: 1,746,).

Additionally, deferred revenue from account fees which will be recognised over the next 12 months increased to £4.0m as at 30 June 2022 (31 Dec 2021: £2.2m).

Following significant ongoing investment into the Group’s technology stack and new hires within this division, the Group has further improved its account onboarding times during the period in order to meet the considerable demand seen so far this year for the Alpha FX purpose-built solution, and the Group is pleased to report record account openings in May and June as a result.

Morgan Tillbrook, Chief Executive Officer of Alpha FX said:

“I’m pleased to report on a strong period of trading for the Group, with strong growth across both our divisions. Following the decentralisation of our divisions, we have never been more confident in their significant standalone potential. The enhanced focus is enabling each division to better direct their resources toward their distinct strategic priorities, in turn, creating more value for all their stakeholders, and positioning them to build a new era of innovation and growth.”