Alpha Group Reports Record Month and Revenue of £55M in H1 2023

<p>Alpha Group
International plc (LSE: <a href="https://www.financemagnates.com/tag/alpha-fx/" target="_blank" rel="follow">ALPH</a>), a publicly-listed financial solutions provider
for international corporates and institutions, has reported significant growth
in its performance in H1 2023. The company has achieved a visible increase in
revenue despite facing a challenging economic environment.</p><p>Alpha Group Publishes
Trading Update</p><p>Alpha's H1
2023 saw a leap in overall revenue, climbing 20% to reach £55 million. Its FX
Risk Management division experienced a boost in revenue of around 21%,
attaining £39 million. The Alternative Banking branch also reported revenue
growth of 17%, hitting £16 million, which soared to 32% when including the net
increase in deferred revenue from account fees.</p><p>Despite a
challenging economic scenario, Alpha demonstrated resilience and strong
operational margins, backed by its swift investment program. Additional
operating income of £33 million was driven by interest on client balances,
resulting in substantial profit growth.</p><p>Their cash
and liquidity situation remained solid, with adjusted net cash inflating 26%
within six months, surpassing £142 million. Recently, Alpha introduced a
new fund finance offering, which has already begun generating revenue. According
to the newest market outlook, the current trading trends are promising, and
Alpha is on course to meet its 2023 expectations.</p><p>"It is a testament to our strategy, offering, and most importantly, our team, that we
have continued to grow strongly in spite of some challenging macro-economic
headwinds," Morgan Tillbrook, the Chief Executive Officer at Alpha Group,
said. </p><p>"I am proud that the operational progress and investments that we
have continued to make during this period remain very much long-term focused."</p><p>The most
recent results <a href="https://www.financemagnates.com/institutional-forex/alpha-group-previously-alpha-fx-confirms-27-revenue-jump-in-2022/" target="_blank" rel="follow">confirm financials from the report for 2022</a>, where the company
showed a jump in revenue of 27%. The Group's earnings came in at £98.3m, which is increasing
visibly on a yearly basis.</p><p>Alpha Shows Steady Growth amid
Industry Changes</p><p>Despite the
market downturn, Alpha continues to experience record-breaking quarters. The
Alternative Banking branch increased its account numbers by over 1,150 during
H1, reaching a total of 5,350 accounts to date. Investments in compliance, client
services, and technological automation have bolstered operational efficiencies, which has positioned the company for further growth.</p><p>The <a href="https://www.financemagnates.com/tag/fx/" target="_blank" rel="follow">FX Risk
Management (FXRM) division</a> faced the challenge of reduced corporate appetite
for FX hedging contracts due to macroeconomic uncertainty and shifts in
inventory management. Despite this, the division recorded growth, with the
revenue from spot contracts increasing by almost 50%, underlining the
robustness and relevance of Alpha's service throughout various economic cycles.</p><p>FXRM
delivered revenue growth of 21% in H1, with client numbers expanding from 1,047
to 1,089 during this period. </p><p>"I am confident
that our prospects remain excellent, and that as macro-economic conditions
improve, we remain in a great position to capitalize on the sizeable market
opportunity in front of us," Tilbrook added.</p><p>Furthermore,
the company has made an official announcement regarding the inclusion of <a href="https://www.financemagnates.com/executives/alpha-fx-appoints-tim-powell-as-a-new-cfo/" target="_blank" rel="follow">Tim
Powell in its team</a>. Powell took on the crucial roles of the Chief Financial
Officer (CFO) and Executive Director of the Board.</p>

This article was written by Damian Chmiel at www.financemagnates.com.