(Alliance News) - Alfa Financial Software Holdings PLC on Monday reported solid revenue growth in the first quarter to GBP20 million.
Alfa, which provides software to the asset finance industry, said its revenue performance was consistent with expectations for a strong first half, for which it has "good contractual cover", before a "weaker second half until contractual cover increases".
"2021 has seen a continuation of our excellent delivery performance. At the end of March, our second UK Alfa Start project went live for a UK equipment finance company with the project being delivered in a 24 week time-frame. At the same time we also saw a go-live for a UK bank for its corporate loans business," Alfa commented in an update for its annual general meeting on Monday.
Alfa has a "strong late stage pipeline" of work which it says has underpinned first quarter revenue performance.
In its 2020 results, released in March, Alfa posted pretax profit of GBP23.2 million from GBP13.0 million in 2019, as revenue grew 22% to GBP78.9 million from GBP64.5 million on a reported as well as constant currency basis.
Chief Executive Andrew Denton said Monday: "Overall we have started the year well, both operationally and financially. We continue to believe that we have the opportunity to outperform, but in an environment where it is taking longer to secure contractual commitments we remain cautious until greater contractual cover is secured."
Shares in Alfa were down 0.2% at 138.75 pence on Monday morning in London.
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Alfa Fin (ALFA)