Alpha Financial 'delighted' by H1 performance
Specialist consultancy service Alpha Financial Markets Consulting said on Thursday that it was "delighted" with its first-half performance amid the Covid-19 pandemic.
Alpha stated it had achieved good net fee income growth in the first-half, as well as growth in adjusted underlying earnings, reflecting good trading, its "prudent on-going response to Covid-19" and investment in the longer-term strength of the business.
The AIM-listed group also said it had maintained its "strong balance sheet", with good cash collection continuing in the first half leading to a cash balance of around £30.0m, as well as a further £20.0m available on its undrawn revolving credit facility as of 30 September.
Chief executive Euan Fraser said: "Alpha's resilient first half results underscore the strength of Alpha's quality-led consulting model, its outstanding people, and the benefits of taking the appropriate pre-emptive protective cost actions in response to Covid-19.
"Whilst Covid-19 means uncertainty exists over how the remainder of the financial year will unfold, we enter the second half with a good new business pipeline and remain cautiously 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."
As of 1320 BST, Alpha Financial shares were up 3.85% at 216.0p.