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RNS Number : 1403F Alpha FX Group PLC 14 July 2021 14 July 2021 Alpha FX Group plc ( " Alpha FX " or the " Group " ) Trading Update Alpha FX Group plc ( AIM : AFX ) , a provider of FX risk management and alternative banking solutions to corporates and institutions internationally , today announces a trading update for the six - month period ended 30 June 2021 . Key Highlights H1 revenue increased by 89 % to £ 34m ( H1 2020 : £ 18m ) 11 % increase in client numbers from 754 FY 2020 to 838 in H1 2021 Since June 2020 , market opportunity and dynamics consistent with pre- COVID environment All divisions profitable and delivering strong growth Cash conversion continues to be strong , supported by the growth of the Alternative Banking division Overview Whilst uncertainty will remain under COVID - 19 , the normalisation of international trading activity experienced since June 2020 has continued in H1 of this year . As a result , trading in the first half has been strong across the business : revenue increased 89 % against the same period last year , 84 new clients were added , and average revenue per client continued to increase . Overall headcount increased during the first half of the year , from 147 to 171 as at 30 June 2021. This comprised new hires in both Front Office , focused on new business development , and in Back Office , focused on supporting the growth of our technology and operations in Alternative Banking . Since the Group's announcement on 27 May 2021 that it was on track to exceed expectations for the full year , trading has continued to be strong . As a result , the Board now expects that , in the absence of any major new impacts from the pandemic , the Group will further exceed its current expectations for the full year . We will provide a more comprehensive update in our Interim Results statement , which the Group expects to publish on 1 September 2021 . Market Dynamics Since the beginning of H2 2020 , the overall market opportunity has been broadly consistent with pre - COVID levels . Notable exceptions include tourism and hospitality , but this has been more than offset by increased activity in other sectors . Overall , our strong performance in the period reflects our continued investment for growth , alongside the quality of our people , service offering , and highly diversified client base . FX Risk Management Our Corporate team continues to deliver strong growth whilst acting as the incubator for future leaders to launch Alpha into new markets . Our Amsterdam office highlights the success of this strategy , achieving quarter on quarter revenue growth since launching at the end of Q1 last year and was already profitable in H1 2021. Our Canadian office and UK Institutional business also continue to deliver excellent growth , with established strong core teams , setting them up to follow the same growth path as our UK corporate division . Milan Office We continue to believe our ability to leverage our UK corporate team to export Alpha's culture , knowledge and expertise into new markets is key to achieving growth , as well as attracting and retaining talented staff . Given the early success of the Canadian and Amsterdam teams , we now feel confident we are ready to make our next growth investment and , subject to regulatory approval , intend to launch a new office in Milan later this year . In line with our strategy in Amsterdam , three existing employees will move to Milan to lead the team , with each already demonstrating strong track records of success penetrating the Italian market from our UK office . A presence in Italy will not only enhance our opportunity within a marketplace that has already shown encouraging growth , but will also enable us to attract an even wider pool of high - quality local talent . Alternative Banking We are pleased with the performance of Alternative Banking , which launched a new end - to - end technology stack and platform in April 2021 , before achieving a record - breaking month in May , in both volumes of payments and subscriptions . As we continue to enhance the capabilities of our platform it is becoming increasingly attractive to existing and potential clients . As a result of the growing revenue streams from Alternative Banking , our cash conversion is becoming increasingly strong , helping support future investments and the collateralisation of hedging contracts as the Group expands . Having invested significant amounts of time and resource in analysing the market opportunity for our Alternative Banking division , we are heading into H2 and beyond with a clearly defined long - term strategy , underpinned by a focused technology roadmap and highly capable team . Morgan Tillbrook , Chief Executive Officer of Alpha FX said : " I spoke throughout 2020 about the team's drive and commitment to ensure we emerged from the pandemic a stronger and better business . The growth we have seen in the first half of the year is testament to their efforts , as well as our strategy of continuing to reinvest in the business . Whilst there are still six months of this year left to go , I am incredibly proud of what we have achieved and would like to thank everyone for their hard work and support . I look forward to providing a more detailed update in the Interim Results in September . Enquiries : Alpha FX Group plc via Alma PR Page 1 of 2