Alpha Group International PLC Reports £55 Million in H1 2023 Revenue

<p>Alpha Group
International plc (LSE: <a href="https://www.financemagnates.com/tag/alpha-group/" target="_blank" rel="follow">ALPH</a>), a publicly-listed financial solutions provider
for international corporates and institutions, has released its unaudited interim
report for H1 2023. The report confirmed overall revenue of £55
million which was initially revealed in the company’s trading update published in late July.</p><p>Alpha Group Reports
Revenue Boost in H1 2023</p><p>The
company's revenue surged 20%, reaching £55 million, compared to £46 million
in the first half of 2022. This growth was accompanied by an increase of 9% in
underlying profit before tax, which stood at £19.6 million. On a statutory
basis, the profit before tax skyrocketed 194% to £52.4 million, which is largely due
to other operating income from interest on client balances.</p><p>Alpha Group
also reported a 35% margin in underlying profit before tax, even as it
continues its accelerated investment program. This is a slight dip from the 39%
margin reported in H1 2022. Basic earnings per share increased 163% to 87.8
pence, although it decreased 2% on an underlying basis due to increased UK
corporation tax rates.</p><p>“Whilst we
are mindful of macro headwinds, we have proven in H1 that we can grow strongly
despite these, given the resilience and momentum within our business,” Alpha
Group commented in the interim <a href="https://www.financemagnates.com/tag/report/" target="_blank" rel="follow">report</a>.</p><p>This
confirms the results that the company published in its <a href="https://www.financemagnates.com/institutional-forex/alpha-group-reports-record-month-and-revenue-of-55m-in-h1-2023/" target="_blank" rel="follow">July trading update</a>. At
that time, it reported that June was a record month in terms of revenue
generated.</p><p>Operational Highlights and
Future Outlook</p><p>The
company's FX Risk Management sector saw a revenue increase of 21% to £39 million,
while its Alternative Banking revenue rose 17% to £16 million. The number of
FX Risk Management clients grew 12%, and the average revenue per client
increased 6%. Alpha Group also expanded its operational footprint by launching a Fund Finance offering and the proposed acquisition of Cobase, a
leading provider of bank connectivity technology.</p><p>The
company's headcount increased to 430, and it plans to open a second office in
Paddington focused on the institutional market. Alpha Group remains optimistic
about its future, citing its strategic diversification and strong performance
as reasons for confidence despite ongoing macroeconomic challenges.</p><p>“Moving
into H2, macro headwinds are likely to remain, however as a result of the
strategic diversification of our business, and our performance to date, we
remain confident in delivering full-year results in line with our expectations,”
Alpha Group added.</p><p>The company
additionally announced a proposed interim dividend of 3.7 pence per share. This is up from 3.4
pence in H1 2022, signaling its stronger cash and liquidity position, which
increased 25% over six months to over £142 million.</p><p>Almost a year ago, the organization formally declared that <a href="https://www.financemagnates.com/executives/alpha-fx-appoints-tim-powell-as-a-new-cfo/" target="_blank" rel="follow">Tim Powell had joined its ranks</a>.
Powell has assumed the key positions of Chief Financial Officer (CFO) and Board
Executive Director.</p>

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