Alpha FX Group plc, a global provider of financial solutions, published its financial results for the first half of the year.
During the first six months of 2022, The Group saw 35% increase in revenue to £46 million. The numbers include £1 million of re-charged interest, compared to £34 million recorded during the same period last year.
Alpha FX reported that its core FX risk management services brought in £32 million, a 30% jump on yearly basis. FX Risk Management client numbers saw a 22% increase to 975.
Additionally, alternative Banking revenues increased by 40% and came in at £14 million. The number of alternative banking accounts surged 239% in H1 2022 to 3,061.
Morgan Tillbrook, the 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 decentralization 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.
In the official announcement, Alpha FX noted that its corporate office in Milan, launched in March 2022, has already turned profits.