Alpha Financial ends year at upper-end of expectations

(Sharecast News) - Specialist consultancy provider Alpha Financial Markets Consulting said on Thursday that it was "delighted" with its performance through the Covid-19 pandemic.
The AIM-traded firm said that, following a "resilient" first half, trading had continued to firm in the second half of the year ended 31 March.

It said it was expecting to report adjusted EBITDA for the full financial year towards the upper end of current market expectations.

Alpha said its consulting teams were still delivering client service while working remotely, adding that the firm was enjoying a "healthy" new business pipeline, and to deliver good levels of new business wins across its geographies.

The group said it had also maintained its strong balance sheet, with strong cash collection continuing in the new financial year.

Alpha said it ended the year with around £34m of cash balances, while its £20m revolving credit facility remained undrawn.

"I am delighted with Alpha's robust performance this year, achieved despite the challenges created by the Covid-19 pandemic," said global chief executive officer Euan Fraser.

"The strength of Alpha's quality-led consulting model and its outstanding people are best demonstrated by Alpha's further progress this year.

"Our entire team deserves a huge thank you for adapting and managing so well in these exceptional times, continuing to support our clients successfully to the highest standards, while generating good new business wins through the year."

Fraser said that while the coronavirus pandemic was ongoing, the financial year ended with "strong" trading across the company's markets, and with a good new business pipeline.

"We remain positive that the medium-term underlying industry trends of cost reduction, increasing regulation and growth in assets under management, will continue to drive ongoing change programmes globally for which Alpha's expanding range of quality consulting services is well placed to advise and best assist our clients' needs.

"With a clear strategy focused on long-term high quality growth markets the group is well positioned to make further progress."

At 0831 BST, shares in Alpha Financial Markets Consulting were up 4.26% at 269p.