Half Year Results 

Alpha FX expansion weighs on margins

Alpha FX expansion weighs on margins

Increasing sales headcount to expand internationally and investing in new technology may have helped push up sales by more than 50 per cent for Alpha FX (AFX) during the first half of 2018, but it was not without drawbacks. The underlying operating profit margin declined to 42 per cent, from 50 per cent at the same time last year. However, chief executive and founder Morgan Tillbrook insists the group is not “overstretching” itself and that management is focusing on longer-term growth rather “short-term earnings”.

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