Alpha Group Revenue, Profits Rise in H1 Despite Challenging Market

The company revealed that revenue surged by 16% to over £64 million, driven by growth in both its corporate and institutional divisions. In H1, 2023, the company reported revenue of £55 million.

Despite the macroeconomic headwinds, Alpha Group’s underlying profit before tax also increased, rising 14% to £22.3 million compared to £19.6 million the previous year. Meanwhile, profit before tax increased 18% to £60.8 million.

The company’s organic growth, excluding the impact of its recent Cobase acquisition, was even more impressive, reaching 21%.

Alpha Group’s strong financial performance was underpinned by an 11% increase in average client balances and a surge in net treasury income. This growth contributed to a 19% increase in total income, reaching £107 million.

Alpha Group’s balance sheet remains healthy, with adjusted net cash of £180 million.

The company has also returned value to shareholders through share buybacks, totaling £20 million in the first half of the year and announcing an additional £20 million buyback program.

Looking ahead, Alpha Group remains optimistic about its prospects, despite the ongoing challenges in the alternative investment market. They stated:

“Moving into H2, we expect macro conditions to remain challenging, however, have continued to deliver strong results in July and August. We therefore have reasonable confidence that we are on track to deliver full-year results in line with expectations.”

The company’s CEO, Morgan Tillbrook, said he is confident in the company’s ability to continue delivering strong results, driven by its diversified business model and investments in talent and technology.

“With the foundations established for long-term and sustainable growth through investment in our talent, product, and network of overseas offices, we enter the next chapter of our growth primed to ‘expand’ across our chosen verticals,” said Tillbrook.