Alfa Financial Software Hldgs PLC AGM trading update (9746X)
May 10 2021 - 1:00AM
UK Regulatory
TIDMALFA
RNS Number : 9746X
Alfa Financial Software Hldgs PLC
10 May 2021
10 May 2021
Alfa Financial Software Holdings PLC
AGM trading update
Alfa Financial Software Holdings PLC ("Alfa" or the "Company"),
a leading developer of mission-critical software for the asset
finance industry provides this update on trading in advance of its
AGM to be held later today at 3:00 p.m, at Moor Place, One Fore
Street Avenue, London, EC2Y 9DT, which shareholders can join via
webcast.
2021 has seen a continuation of our excellent delivery
performance. At the end of March, our second UK Alfa Start project
went live for a UK Equipment finance company with the project being
delivered in a 24 week timeframe. At the same time we also saw a
go-live for a UK bank for its corporate loans business.
At the time of our 2020 results publication on 23 March 2021 we
announced that we had a strong late stage pipeline. Since that time
we have not lost any customers from this pipeline and we have
converted one to preferred bidder status. We have continued to work
with a number of prospects under letters of engagement including
for two new prospects in Q1 as we progress towards signing full
contract packs to secure those projects. This work has underpinned
our Q1 revenue performance.
We have seen good revenue growth in the first quarter with
revenue of GBP20m despite some currency headwinds from Sterling
strengthening. As expected, we saw growth in both Maintenance
(including Cloud Hosting revenues) and ODS revenues and a decline
in Implementation revenues with resultant lower licence income.
Overall revenue performance is consistent with our expectations for
a strong first half where we have good contractual cover, and a
weaker second half until contractual cover increases.
Andrew Denton, Chief Executive Officer of Alfa, said:
"Overall we have started the year well, both operationally and
financially. We continue to believe that we have the opportunity to
outperform, but in an environment where it is taking longer to
secure contractual commitments we remain cautious until greater
contractual cover is secured."
Enquiries
Alfa Financial Software Holdings
PLC
Andrew Denton, Chief Executive
Officer
Duncan Magrath, Chief Financial
Officer +44 (0)20 7588 1800
Tulchan Communications LLP
James Macey White
Matt Low +44 (0)20 7353 4200
Notes to Editors
Alfa has been delivering software systems and consultancy
services to the global asset and automotive finance industry since
1990. Our best practice methodologies and specialised knowledge of
asset finance facilitates delivery of large software
implementations and highly complex business change projects. With
an excellent delivery track record spanning three decades, Alfa's
experience and performance is unrivalled in the industry.
Alfa Systems, our class-leading technology platform, is at the
heart of some of the world's largest asset finance companies. Key
to the business case for each implementation is Alfa Systems'
ability to replace multiple customer systems with our single
platform. Alfa Systems supports both retail and corporate business
for auto, equipment, wholesale and dealer finance on a
multijurisdictional basis, including leases/loans, originations and
servicing. An end-to-end solution with integrated workflow and
automated processing using business rules, Alfa Systems provides
compelling solutions to asset finance companies.
Alfa Systems is currently used by customers or has live
implementations in 26 countries and Alfa has offices in Europe,
Australasia and North America. For more information, visit
www.alfasystems.com.
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END
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