Alpha Fin Markets Consulting plc Pre-close trading update (4358B)
October 08 2020 - 1:00AM
UK Regulatory
TIDMAFM
RNS Number : 4358B
Alpha Fin Markets Consulting plc
08 October 2020
8 October 2020
Alpha Financial Markets Consulting plc
('Alpha FMC', 'Alpha', the 'Company' or 'Group')
Pre-close trading update for the six months ending 30 September
2020
Alpha FMC (AIM: AFM), a leading global provider of specialist
consultancy services to the Asset and Wealth Management industry,
is pleased to provide its pre-close trading update before reporting
its half year results for the six months ended 30 September
2020.
The Board is delighted with the performance of the Group in the
first half of the financial year despite the difficult backdrop as
a result of COVID-19. Compared to the first half of the previous
financial year, the Group has achieved good net fee income growth
as well as growth in adjusted EBITDA, reflecting good trading, the
Group's prudent on-going response to COVID-19 and investment in the
longer term strength of the business. Alpha has also continued to
deliver good levels of new business wins.
Operationally, Alpha's consulting teams continue to deliver
high-quality client service, having swiftly and seamlessly
transitioned to remote working. As previously reported, Alpha took
pre-emptive, decisive action to protect the business in response to
COVID-19 and pleasingly the Group is beginning to ease those
measures, with the temporary salary sacrifices ending on 30
September, as planned, and all staff now returned from furlough. A
small number of strategic hires have been made in the first half,
including the creation of a new Insurance team in France. The Group
will continue selective recruitment and maintain its controlled
approach to discretionary operational expenditure, whilst
continuing to monitor COVID-19 and market developments.
The Group has also maintained its strong balance sheet with good
cash collection continuing in the first half. After recently
repaying the GBP5m outstanding balance on its revolving credit
facility ('RCF'), the Group holds cash balances of c. GBP30m and
has further available liquidity from its undrawn GBP20m RCF, at 30
September 2020.
The COVID-19 environment continues to develop and the Board
expects to have greater visibility as to the outlook for the full
year and will be able to provide further updates when Alpha reports
its half year results towards the end of November 2020.
Euan Fraser, Global CEO of Alpha FMC, commented:
"I am delighted with Alpha's robust first half performance,
achieved despite the challenges created by the COVID-19 pandemic.
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. Our entire team deserves a huge
thank you for adapting and managing so well in these exceptional
times, continuing to support our clients successfully to the
highest standards and generating solid levels of new business wins,
including some good wins most recently.
I am also excited that the Group continued to make strategic
progress in the period, most notably progressing our expansion into
Insurance, with the creation of a new Insurance practice in
France.
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 for which
Alpha's expanding range of quality consulting services continues to
be well placed to advise and best assist our clients' needs."
E nquiries :
Alpha Financial Markets Consulting plc +44 (0)20 7796 9300
Euan Fraser, Global Chief Executive Officer
John Paton, Chief Financial Officer
Temple Bar Advisory (Public Relations)
+44 (0)7795 425
Alex Child-Villiers 580
+44 (0)7827 960
William Barker 151
+44 (0)7769 655
Sam Livingstone 437
Grant Thornton UK LLP (Nominated Adviser) +44 (0)20 7383 5100
Philip Secrett
Harrison Clarke
Seamus Fricker
Berenberg (Broker) +44 (0)20 3207 7800
Chris Bowman
Toby Flaux
Alix Mecklenburg-Solodkoff
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014.
About Alpha FMC:
Alpha FMC is a leading global provider of specialist consultancy
services to the asset and wealth management industry.
With over 400 consultants across twelve offices spanning the UK,
Europe, North America and Asia, Alpha FMC has the largest dedicated
team in the industry. Alpha FMC has provided consultancy services
to 380 clients , including 80% of the 20 largest global asset
managers by AUM and a range of other buy-side firms.
- ENDS -
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTKKOBDOBDDCKK
(END) Dow Jones Newswires
October 08, 2020 02:00 ET (06:00 GMT)
Alpha Financial Markets ... (LSE:AFM)
Historical Stock Chart
From Apr 2024 to May 2024
Alpha Financial Markets ... (LSE:AFM)
Historical Stock Chart
From May 2023 to May 2024