Alpha Group International, a leading financial services company, announced on Tuesday that its revenue experienced a significant increase in the first half of 2023. Both business divisions contributed to this strong performance, and the company is confident in meeting its full-year management views.
The company, previously known as Alpha FX Group, disclosed that its total revenue surged by 20% to reach £55 million ($70.5 million). The foreign exchange risk management division saw a remarkable growth of 21%, resulting in revenue of £39 million. Meanwhile, the alternative banking division recorded a 17% increase in revenue, totaling £16 million.
Despite the challenging economic environment in the first half of the year, Alpha Group International managed to achieve robust growth. This growth was achieved while executing an accelerated investment program and maintaining strong underlying profit margins.
The company remains optimistic about delivering a strong year of revenue and underlying profit growth, aligning with market expectations. However, specific figures were not disclosed. Analysts from FactSet predict a full-year revenue of £118.2 million, surpassing the £98.3 million generated in 2022.
At 0835 GMT, shares of Alpha Group International were up by 0.2% or 5.00 pence, reaching 2,205.00 pence.
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