Foreign exchange service provider Alpha FX Group announced its audited full year results for the year ended 31 December on Wednesday, with revenue up 60% to £13.5m.
The AIM-traded firm said its underlying operating profit was ahead 55% at £6.8m, while reported operating profit rose 29% to £5.6m.

Its underlying operating profit margin for the year was 50%, down slightly from 51% in 2016, and on a reported basis was down to 42% from 51%.

Underlying basic earnings per share were 31% higher at 17.5p, and up 6% on a reported basis to 14.2p.

A final dividend of 3.4p per share would payable on 16 May, the board confirmed.

Operational highlights during the year included the company's successful AIM listing on 7 April, which raised £13m of primary proceeds.

Front office staff numbers increased from 21 to 32 during the period, with the board reporting an increasing focus on its technology platform as a differentiator, increasing the technology team to nine people by year end.

Its headquarters were relocated with all staff consolidated in Paddington, London, with the company also creating a team for overseas markets, already delivering revenues.

The firm achieved its growth share scheme performance target, with the total number of clients increasing 39%, taking total to 310.

Since year-end, Alpha FX has strengthened its board with Henry Lisney appointed as its chief operating officer, and it also launched its institutional offering, further expanding its total addressable market.

Looking ahead, Alpha FX's board said 2018 would be its first full year as a publicly listed business, explaining that even with the strong performance to date, Alpha had only penetrated a small portion of its addressable market.

It believed that over time, the market would become larger with its recent entry into overseas markets, and expansion into new sectors such as the institutional market.

Having invested in technology, new product development and infrastructure in 2017, along with the growth of its team, the board said the company was well-positioned for further growth.

It added that the first quarter had already started positively in all areas, and with a clear strategy and motivated team in place the outlook for the year was said to be positive.

"I'm delighted with the progress that Alpha has made during the year," said chief executive Morgan Tillbrook.

"As well as delivering strong revenue and profit growth we have invested strategically across all aspects of our business to enable sustainable future growth, whilst maintaining margins.

"The benefits of our IPO in April 2017 continue to exceed our expectations."

Clive Kahn, non-executive chairman of Alpha FX, added that 2017 was a "landmark year" in Alpha's history.

"The IPO in April marked the start of a new chapter for the group, providing the capital to make significant investments across all areas of the business, whilst also raising our public profile.

"Although we listed less than 12 months ago, the benefits are already evident in the full year performance of the group, and as such I'm pleased to report a strong set of financial results."

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