25th Jul 2023 10:11
(Alliance News) - Alpha Group International PLC on Tuesday reported that its revenue had increased in the first half of its year, despite a "challenging economic backdrop".
Alpha Group, a London-based provider of financial solutions, said revenue in its first half ended June 30 was up 20% to GBP55 million from GBP46 million in the same period the year before.
Foreign exchange risk management revenue was up by around 21% to GBP39 million from GBP32 million in the same period year-on-year. Client numbers rose 4.0% to 1,089 from 1,047 in the six months.
Alternative banking revenue similarly increased by 17% to GBP16 million from GBP14 million in the same time period year-on-year. Alpha Group said that when taking into account deferred revenue from account fees this increased to 24% growth, with account fees rising to GBP7.0 million, from GBP4.9 million the year before.
"Despite a challenging economic backdrop in the first half, the group has continued to grow strongly whilst delivering on its accelerated investment programme and maintaining strong underlying profit margins," Alpha Group said.
The company had a "strong cash and liquidity position" with net cash rising 26% in the period to over GBP142 million, from GBP114 million in adjusted net cash the prior year.
Chief Executive Officer Morgan Tillbrook said: "I am proud that the operational progress and investments that we have continued to make during this period remain very much long-term focussed."
"I am therefore confident that our prospects remain excellent, and that as macro-economic conditions improve, we remain in a great position to capitalise on the sizeable market opportunity in front of us."
Alpha Group said June was a record month for the company, and that its pipeline for the second half of the year continues to grow.
"We are therefore confident that the group is on track to deliver another strong year of revenue and underlying profit growth in line with expectations," said Alpha Group.
Shares in Alpha Group were up 0.8% at 2,217.00 pence in London on Tuesday morning.
By Will Neill, Alliance News reporter
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