(Alliance News) - Alfa Financial Software Holdings PLC on Tuesday said its first half earnings topped initial expectations, with profit nearly doubling.
Shares in the company surged 17% to 126.76p each in London on Tuesday morning.
In the six month to June 30, revenue climbed 24% to GBP38.2 million from GBP30.9 million a year earlier. Pretax profit jumped 95% year-on-year to GBP10.1 million from GBP5.1 million.
"The qualities of our people and our product have been highlighted in tackling the challenges that the Covid-19 pandemic has posed," Chief Executive Andrew Denton said.
The company is a developer of software to the asset finance industry.
Alfa noted revenue and profit was "significantly ahead of original expectations".
"For the first six months of the year, we have managed the challenges and uncertainties extremely successfully. We have flexed our plans and reallocated our people to respond to changing customer demands through active dialogue with our customers and very active communication with our own people," the company said.
The company made no interim payout a year ago but this time round it proposed a 15 pence per share special dividend.
This was despite Alfa considering "both our short and medium term requirements including a number of downside scenarios".
By Eric Cunha; ericcunha@alliancenews.com
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Alfa Fin (ALFA)