LONDON (ShareCast) - (Sharecast News) - Financial services provider Alpha Group International described a strong financial performance alongside significant investment throughout the year in its full-year results on Wednesday.
The AIM-traded company said group revenue increased 27% in 2022 to £98.3m, with foreign exchange (FX) risk management revenue up 22% to £69.5m and alternative banking solutions revenue up 41% to £28.8m.

Profit before tax, including other operating income, was ahead 42% at £47.2m, and underlying profit before tax increased 16% to £38.6m.

The firm also reported strong cash generation and was debt-free with £144m net assets and £114m in adjusted net cash.

Its deferred revenue from account fees, which would be recognised over the next 12 months, increased to £4.9m.

Alpha Group said its outlook was positive, adding that it was confident in delivering strong revenue and profit growth, while also delivering on its recently-announced intention to bring forward investment in its operations, accelerating its growth plans.

Trading since 31 December had been positive, the board said, and in line with its expectations.

Alpha Group said its operations remained unaffected throughout the current uncertainty within the banking sector, with its balances remaining stable.

The company said it safeguards 100% of client cash in segregated accounts with tier-one counterparties, including Barclays, Citibank, Goldman Sachs and Lloyds.

It added that it does not use client cash to issue loans, ensuring that 100% of client-held funds remain in cash at all times.

The board announced a final dividend of 11p per share, payable on 12 May to shareholders on the register on 14 April, making for a total dividend for 2022 of 14.4p.

"2022 has been a year of strong but also controlled growth for the business - one in which we delivered great results whilst taking the time to invest in the strength and sustainability of our growth platform," said chief executive officer Morgan Tillbrook.

"Although I am pleased with our numbers, what I am most proud of is the quality of revenue and level of progress behind the scenes which, although not immediately visible, will go a long way to securing our long-term growth ambitions and extending our competitive advantage."

Tillbrook said the "maturity, commercial integrity, and long-term thinking" he had seen through the year had made 2022 "one of my proudest" as CEO.

"I believe we are on the cusp of a new and important era in the business, and it remains a huge privilege to be surrounded by such a fantastic team, as we embark on this exciting next stage in our journey."

At 1410 GMT, shares in Alpha Group International were up 1.97% at 1,815p.

Reporting by Josh White for Sharecast.com.

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