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(Alliance News) - Alpha Financial Markets Consulting PLC on Thursday reported yearly earnings growth, but cautioned that it expects "increased levels of competition" to be a feature in the short-term.
Shares in the company slumped 15% to 426.00 pence each in London in early trade on Thursday morning.
The asset and wealth management and insurance consultancy said revenue in the year ended March 31 jumped 45% to GBP228.7 million from GBP158.0 million. Pretax profit soared 73% to GBP25.8 million from GBP14.9 million.
"Alpha has performed extremely well in the year against a backdrop of ongoing macro-economic uncertainty, and the long-term structural growth drivers that underpin demand for Alpha's services remain very strong," the company said.
Chief Executive Luc Baque said the company has "exceeded" expectations, and achieved growth across the board, particularly in North America.
Luc Baque took on the role earlier this year, replacing Euan Fraser.
"I am excited to take the helm of Alpha and have the honour of leading its fabulous team; and I am thankful to Euan for his excellent leadership over the last decade and look forward to building on the group's continued success and leading it through the next growth chapter," Baque added.
The company lifted its final dividend by 40% to 10.50 pence per share, bringing the total payout for the financial year to 14.20p, up 37% from 10.40p.
Looking ahead, Alpha Financial said it is "mindful" of economic uncertainty.
"We have also recently seen a lengthening sales cycle and increased competition as a result of the current overcapacity in the global consulting market. This is expected to be a short-term backdrop, while the consulting market balances supply with overall demand. The medium to long-term outlook for our key client markets is positive, with the structural drivers of demand and growth remaining strong," the company added.
By Eric Cunha, Alliance News news editor
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