Foreign exchange service provider Alpha Group reported strong financial results for 2024, with revenue from underlying activities increasing by 23% to £135 million, compared to £110 million in 2023.
Total income rose by 18% to around £221 million, driven by £85 million in net treasury income from client and own balances, up from £76 million the previous year.
In a statement with the London Stock Exchange, the company highlighted growth across its Corporate and Institutional divisions, as well as the integration of Cobase, a SaaS-based platform acquired in December 2023. Alpha also strengthened its balance sheet, with adjusted net cash rising by £40 million to £217 million, despite completing £30 million in share buybacks during the year.
Clive Kahn, CEO, commented: “I am pleased to start my tenure as CEO by confirming strong growth and an impressive result, particularly given the challenging macro-economic backdrop. The fact that Alpha has produced such levels of growth in challenging economic times is the greatest accolade to the strength of our model and team, particularly with the strong cash generation aided by the continuing high-interest rate environment.”
Kahn succeeded Morgan Tillbrook, who stepped down as CEO and Director on December 31, 2024, after more than 15 years leading the company.
Alpha was included in the FTSE 250 in June following its listing on the Premium Segment of the Main Market in May 2024. The company also completed a planned leadership transition, with Dame Jayne-Anne Gadhia assuming the role of Non-Executive Chair in November and Clive Kahn becoming CEO in January 2025.
The Corporate division reported a 20% increase in revenue to £64 million, supported by a 16% rise in client numbers to 974. Growth was driven by investments across all seven offices, with overseas offices posting nearly 60% year-on-year revenue growth. In the UK, revenue increased by 7% following investments to rebuild the team.
The Institutional division also delivered a 20% rise in revenue, reaching £69 million despite challenges in private capital markets due to high interest rates. Strong demand for FX risk management and alternative banking services contributed to this performance. The Fund Finance team saw revenues more than double, supported by high-value mandates.
Cobase, which operates on a subscription-based model, achieved a 70% increase in revenue in its first year under Alpha’s ownership, with client numbers rising by 59% to 214. The company’s growing client balances, which averaged £2.1 billion for the year, earned an average interest rate of 3.8%, contributing to record net treasury income.
