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Financial services company Alpha FX said it would not pay an interim dividend despite reporting signs of a rebound in performance following weakness in the second quarter that had triggered a decline in first-half profit.
For the six months ended 30 June 2020, pre-tax profit fell to £4.7m from £6.3m on-year, while revenue increased by 16% to £18.0m.
The revenue growth was driven by the institutional business, Alpha payment solutions and Canada, whilst the corporate business based in London reported a small decrease in revenues caused by a number of clients reducing their FX activity during the pandemic, the company said.
The company said it was not declaring an interim dividend, citing continued economic uncertainty.
'After a strong Q1, trading in Q2 was marginally down against the comparable period, following the impact of COVID-19,' the company said. 'However, as the world begins to recover from the impact of COVID-19, we have seen the group's performance return to the levels we saw in Q1, with a strong group performance recorded in both July and August.
At 8:27am: (LON:AFX) Alpha Fx Group PLC share price was +30p at 920p