6th Jul 2021 10:13
(Alliance News) - Alfa Financial Software Holdings PLC on Tuesday said it has continued to report a strong performance since its annual general meeting in May, granting the company a more optimistic outlook on revenue for its financial year.
Shares in Alfa Financial Software were 7.1% higher at 148.82 pence on Tuesday in London.
In March, the asset finance industry software firm said it had ten prospects for contracts in its late stage pipeline. To date, it has signed full contracts with three of the prospects, and is in talks with two of the remaining prospects.
Although Alfa's revenue expectations remain unchanged for the first half of 2021, the increased contractual cover for the second half, along with further statement of work for existing customers, has led to the company anticipating revenue for 2021 as a whole to be 5% higher than prior expectations.
In addition, Alfa expects underlying revenue to be above the GBP73.3 million which was reported for 2020.
Also on Tuesday, Alfa has introduced a new format for disclosing revenue, with the total figure being dividend into three segments: Software, Subscription and Services.
"We have had a good first half to the year both operationally and financially. We have also secured three new contract wins, improving our contractual cover for the second half and enabling us to increase our estimates for the full year," said Chief Executive Officer Andrew Denton.
"Today we have also announced a change in the way we disclose our revenues. Analysing our revenue into Software, Subscription and Services will align with our strategy, simplify the way we describe our performance and help investors understand the key components of our business," Denton added.
Alfa Financial Software will publish its interim results in September 22.
By Dayo Laniyan; [email protected]
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