Alpha Group reports solid financials for 2022

abdelaziz Fathi

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) announced its results for the financial year ending December 31, 2022, which showed solid performance in terms of revenue and earnings growth.

According to the investor update published today, the company was able to amass a total revenue of £98.3 million. This figure was up 27% over the twelve months through December 2020, which was reported at £77.5 million the previous year.

Alpha Group had its underlying profit before tax up 42% to £47.2 million compared to £33.4 million a year earlier.

As per the report, Alpha Group’s client number increased 19%, from 881 to 1047. Average revenue per client also continued to increase, reflecting its ability to grow wallet share with existing clients whilst also winning increasingly larger ones. To further solidify its presence in Europe, the FCA-regulated firm recruited more staff to meet demand with the headcount rising over the year. As a result, it saw 36% increase in Front Office headcount, from 67 to 102.

Shares in Alpha Group, which are listed on the London Stock Exchange have traded higher this morning, up by some 1.8% at £1.810.

Commenting on the results, Morgan Tillbrook, Chief Executive Officer of Alpha Group said: ” In Alternative Banking Solutions, for example, our team throttled back on the number of accounts they were onboarding, in favour of improving scalability and laying the foundations for accelerated growth in our existing markets, as well as our global expansion strategy. In FX Risk Management meanwhile, the team’s passion and belief in our ‘Selling Standards’ framework has meant there were often moments in 2022 where revenue was left on the table, as we doubled down on our risk management principles, and challenged clients even further on what they need, versus what they want; an essential business conversation that in times of heightened FX volatility can often be even more challenging.”

The AIM-traded firm attributes the solid results to increased investment in their people, infrastructure, and technology. In particular, Alpha’s alternative banking solutions division outperformed as client demand continues to exceed expectations.

Alpha Group revealed that it plans to open its sixth office in Madrid later in the year after it has already built up a sizeable Spanish speaking client base. The Madrid team will be led by long-term Alpha’s employees who have been penetrating these markets from London since 2017. The new office space will also generate a number of jobs for local talents within the B2B sector, as Alpha Group looks to maintain attractive profit margins.

The group already caters to a wide range of clients, including medium sized corporates that deal with currency conversion, international commerce, and payrolls.

The corporate finance specialist has chosen Bristol as the location of its new sales office to drive further growth through providing its existing offering to smaller corporates. The office was initially established in January 2022 to focus on UK companies with turnovers of £5m – £30m, compared to larger cap firms that Alpha has historically served.

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