Last checked at 10 Oct 2023 07:00
10 October 2023
Alpha Financial Markets Consulting plc
('Alpha FMC' or 'Alpha' or the 'Group')
Pre-close trading update
Alpha FMC (AIM: AFM), a leading global provider of specialist consultancy services to the Asset Management, Wealth Management and Insurance industries, announces its scheduled pre-close trading update for the six months ended 30 September 2023.
As outlined in the Group's full year results announcement in June, the global consulting market has experienced a more competitive environment with a longer sales cycle in the first half of the financial year. Against this backdrop, the Group's trading in the first half has been resilient, with c. 8% growth in net fee income compared to the first half of the prior year, alongside consistent consultant day rates and sales wins monthly through the half. First half adjusted EBITDA margin was just over 17%, lower than prior years as a result of reduced average utilisation, partly reflecting quieter summer months. Utilisation has ticked up in September from the summer low and is expected to increase further during the second half, normalising to target levels.
The Group continues to make good progress in North America, particularly in its alternative investments consulting business, Lionpoint, which continues to trade strongly. The Group's current selective approach to hiring continues, with costs remaining well controlled. The Group maintains a strong net cash position.
While the global consulting market continues to balance supply and demand, a more positive market sentiment is returning following the summer months. The Group continues to see robust client demand and enters the second half with a good pipeline of new business opportunities. These factors, together with the strong long-term structural growth drivers that underpin demand for Alpha's services and the Group's compelling proposition to clients, gives us confidence in the outlook. Accordingly, the Board expects to deliver full year results in line with current market expectations.
Alpha FMC expects to report its interim results for the six months ended 30 September 2023 on Thursday, 23 November 2023.
Enquiries:
Alpha Financial Markets Consulting plc Luc Baqué (Chief Executive Officer) John Paton (Chief Financial Officer) Georgina Sharley (Company Secretary)
| +44 (0)20 7796 9300 |
Investec Bank plc - Nominated Adviser, Joint Corporate Broker Patrick Robb James Rudd Harry Hargreaves
| +44 (0)20 7597 4000 |
Berenberg - Joint Corporate Broker Toby Flaux James Thompson Alix Mecklenburg-Solodkoff
| +44 (0)20 3207 7800 |
Camarco - Financial PR Ed Gascoigne-Pees | +44 (0)20 3757 4980 |
Phoebe Pugh |
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.
About Alpha FMC:
Headquartered in the UK and quoted on the AIM of the London Stock Exchange, Alpha is a leading global provider of specialist consultancy services to the asset management, wealth management and insurance industries.
It has the largest dedicated team in those industries, with approximately 1,000 consultants globally, operating from 17 client-facing offices spanning the UK, North America, Europe and APAC. Alpha has worked with all of the world's top 20 and 80% of the world's top 50 asset managers by AUM, along with a wide range of insurance and other buy-side firms.
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