Alpha Financial Markets' earnings boosted by improved revenues and cash conversion

Wealth management consultancy Alpha Financial Markets saw earnings get a boost from improved revenues and a significantly improved cash conversion throughout the first half of its trading year.

Revenues increased 35.5% to £39m in the six months ended 30 September, pushing EBITDA ahead 45.4% to £8.5m and operating profits forward 46.8% to £8.4m.

Besides the heightened revenues, Alpha saw its cash conversion improve from the 1.7% recorded a year earlier to 55.6% as cash generated from operating activities hit £4.8m.

Earnings per share increased from 5.04p to 6.23p and Alpha also declared an interim dividend to 1.91p per share - ahead of the 1.48p returned to investors in the previous half.

Alpha, which had £84.7m of net debt when it floated on AIM last October, ended out the half with £10.6m in cash on its "robust balance sheet".

Chief executive Euan Fraser, said: "With a good pipeline of work, we look forward to the second half of the financial year with continued confidence, and expect to deliver group performance for the full year slightly ahead of board expectations."

As of 1200 GMT, Alpha shares had picked up 3.20% to 216.21p.