Alpha Group shares jump on strong H2 performance
By Benjamin Chiou
Date: Tuesday 21 Jan 2025
(Sharecast News) - Shares in Alpha Group surged on Tuesday after corporate financial solutions provider posted a strong end to the 2024 financial year with revenues rising by nearly a quarter.
The company, which provides tech solutions for FX risk management, global accounts, mass payments, fund finance, and cash management, said annual revenues were 23% higher at £135m, picking up from the 16% growth reported for the first half.
Both Corporate and Institutional divisions saw revenues rise by around 20%, while Cobase (acquired in December 2023) was said to have "contributed strongly" in its first year of ownership. Second-half revenues were also helped by a "gradual market recovery and a more normalised seasonal pattern of activity in the Corporate market", Alpha said.
While no profit figures were given, the company said that underlying profit before tax and profit margins will be in line with expectations.
CEO Clive Kahn, who joined the firm this month, said: "I am pleased to start my tenure as CEO by confirming strong growth and an impressive result, particularly given the challenging macro-economic backdrop.
"The group's focus will be to build on the strong foundations already established, by maintaining investment in innovation to scale the business even further, whilst continuing to deliver high returns for shareholders."
Shares were up 8.1% at 2,400p by 0941 GMT.
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