LONDON (ShareCast) - (Sharecast News) - British foreign exchange service Alpha FX saw continued "strong" trading in the final quarter of 2018 and now expects full-year earnings to come in ahead of market expectations.
Alpha FX told investors on Thursday that its "favourable performance" had been achieved across the whole group, going a way to validate its investments to date.

The AIM-listed firm said its foreign and domestic corporate business, as well as its newly established institutional subsidiary, had both performed strongly and noted that it now expects 2019 to result in further increases in investment in order to "take full advantage of market opportunities".

Looking forward, Alpha will aim to up its ongoing investments into technology and back-office infrastructure but noted that a heightened expenditure into its recently launched operation in Canada would also be necessary as a result of increased costs related to the project.

Elsewhere, analysts Liberum reiterated their 'buy' rating and 675p target price on Alpha but upgraded their revenue, profit and earnings forecasts on what it saw as "clear evidence" that the group's management understood "how to invest for growth".

"We believe the combination of the further technology and headcount investment outlined in today's statement, and the recent £20m fundraise, position the business for further upgrades over the next 24 months," said Liberum.

As of 1050 GMT, Alpha shares had climbed 6.80% to 603.40p.

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