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(Alliance News) - Alpha Financial Markets Consulting PLC on Tuesday said it expects the Covid-19 outbreak to hurt its new business win rate into the next financial year ending March 2021.
The company - which provides consultancy services to the asset and wealth management industry - said it is implementing cost-cutting measures to reduce the extent to which the period of uncertainty may hurt its business. It said it has paused hiring across the group.
Alpha Financial said it has GBP15 million in cash and an undrawn revolving credit facility of GBP5 million.
"The board and wider management team are closely monitoring the developing Covid-19 situation and the potential future effect on Alpha's new business wins and are taking appropriate mitigating actions anticipating a continued period of uncertainty ahead," said Chief Executive Euan Fraser.
Shares in Alpha FMC were 22% higher at 119.25 pence each on Tuesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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