ALFA 2019 Preliminary Results Announcement23 Apr 2020 08:08
Business highlights:
· Revenue in line with 16 September 2019 guidance, H2 2019 boosted by contractual non-recurring revenue items.
· Year-on-year revenue decline, with operating profits down 39%, due to delays in implementation projects and reduced discretionary spend by customers.
· Strong implementation delivery across seven customer implementations.
· Robust balance sheet position with £59m of cash and no debt.
· Refreshed sales and business development approach delivering conversion of late-stage pipeline opportunities.
· Sustained investment in Alfa Systems' functionality and expansion of partner ecosystem.
· Cost pressures will continue, in competitive market for high-skilled delivery teams, reducing margins in 2020.
· Despite an encouraging start to the year and continued demand for products and services, Covid-19 dictates a conservative outlook for 2020.