Updates

AlphaFX

October 2022

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Since March 2021, FY22 forecasts have been upgraded five times and by 36% prior to H1 results so there were no real surprises in the results when I spoke to chief executive Morgan Tillbrook. Revenue grew 35% to £46.1m including £1.4m of recharged interest. Pretax profit (after absorbing the cost of adding 74 new employees and further build out of its tech stack) was up 16% to £17.8m, for eps up 21% to 33.3p. Underlying pretax margin came in at 39% reflecting investment in staff and technology. But a keynote is that deferred revenue from account fees are recognised over the next 12 months - add those back and the margin would have been closer to 45%.FXRM grew sales 31% to £32.1m driven by a 22% jump in client numbers to 975 ...

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GB Group

Alfa Financial - Forecasts upgraded by £2m since last month’s Buy

AlphaFX - High interest rates add £6m to profits (November 2022)

AlphaFX - Going like a train (August 2022)

Alpha FX - Not yet peak Alpha (April 2022)

AlphaFX - Alternative banking side adds fast growing new leg (April 2021)

AlphaFX (February 2021)

AlphaFX (October 2020)

AlphaFX - Placing to raise new money (May 2020)

Alpha FX (February 2020)

Alpha FX - Forecasts upgraded - again! (November 2019)

Alpha FX - Eps upgraded by 9% again (August 2019)

AlphaFX - Ready to knock the ball out of the park (May 2019)

Alpha FX - Forecasts 40% higher than at IPO (February 2019)

AlphaFX (November 2018)

AlphaFX - Set to beat even upgraded expectations (October 2018)

Alpha FX (August 2018)

Alpha FX (April 2018)

Alpha FX - Second eps upgrade since August (February 2018)

Alpha FX - Attracting world class clients (October 2017)

Alpha FX - 17% upgrade to forecast (August 2017)

Alpha FX - Plans assault on Europe (July 2017)

Alpha FX - Fast growing corporate FX business (June 2017)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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