Last checked at 24 Mar 2020 07:00
24 March 2020
Alpha Financial Markets Consulting plc
('Alpha FMC' or the 'Company' or 'Group')
Statement regarding COVID-19
Alpha FMC (AIM: AFM), a leading global provider of specialist consultancy services to the Asset and Wealth Management industry, updates on its COVID-19 response.
The welfare and safety of our people is our priority in these unprecedented times, and we have been taking appropriate action to mitigate the impact of COVID-19 in line with government advice. Our consultants regularly work remotely from our clients' offices and our teams globally have transitioned well to a fully remote working approach, aligned to our clients' working practices, with almost no effect on current year trading.
The COVID-19 position continues to evolve and the Group is closely monitoring the overall situation, which, over time, will likely impact Alpha's new business win rate into the next financial year. The Group is taking sensible cost saving measures across the business given this period of uncertainty. We have paused hiring across the Group and we see remote working bringing benefits of flexibility, collaboration and even the ability to resource projects across geographies as efficiently as possible. As at today, the Group has a strong £15m cash position on its balance sheet and an undrawn revolving credit facility of £5m.
Euan Fraser, Global CEO of Alpha FMC, commented:
"I am delighted at how well the Alpha teams globally are adapting and coping admirably with these exceptional times, continuing to work remotely to deliver for our clients while demonstrating Alpha's unique quality and strong team spirit. The Board and wider management team are closely monitoring the developing COVID-19 situation and the potential future effect on Alpha's new business wins and are taking appropriate mitigating actions anticipating a continued period of uncertainty ahead."
Alpha FMC expects to announce its pre-close statement on 9 April 2020.
Enquiries:
Alpha Financial Markets Consulting plc | +44 (0)20 7796 9300 |
Euan Fraser, Global Chief Executive Officer John Paton, Chief Financial Officer | |
Temple Bar Advisory | |
Alex Child-Villiers | +44 (0)7795 425 580 |
William Barker | +44 (0)7827 960 151 |
Sam Livingstone | +44 (0)7769 655 437 |
Grant Thornton UK LLP (Nominated Adviser) | +44 (0)20 7383 5100 |
Philip Secrett Richard Tonthat Harrison Clarke Seamus Fricker | |
Berenberg (Broker) | +44 (0)20 3207 7800 |
Chris Bowman Toby Flaux Alix Mecklenburg-Solodkoff |
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.
About Alpha FMC:
Alpha FMC is a leading global provider of specialist consultancy services to the asset and wealth management industry.
With over 400 consultants across twelve offices spanning the UK, Europe, North America and Asia, Alpha FMC has the largest dedicated team in the industry. Alpha FMC has provided consultancy services to 350 clients, including 80% of the 20 largest global asset managers by AUM and a range of other buy-side firms.
ENDS