Alpha Group Reports Revenue of £110M for FY23, Up 12% YoY

Alpha Group International plc, a high-tech, high-touch provider of financial solutions dedicated to corporates and institutions operating internationally, today released its trading update for the fiscal year 2023, reflecting its continuous strong balance sheet.

Financial Overview for FY23

• The Group's revenue totaled £110 million for the year, an increase of 12% compared to £98.3 million in 2022.

• The profit before tax came in at £115 million for the year, jumping 140% compared to £38.6 million in 2022.

• The underlying profit before tax grew 10% YoY from £38.6 million to £42 million.

• Consistent underlying profit margins recorded 39%, unchanged YoY.

• Other operating income from interest on client balances reached £73 million for 2023, a significant growth of 685% compared to £9.3 million in the prior year.

• Revenue from FX Risk Management (FXRM) amounted to £76 million, up 10% compared to £69.5 million in 2022.

• Clients numbers rose by 2% to 1,071 during the full year.

"Despite a challenging trading environment in 2023, our team have continued to work hard to deliver profitable revenue growth, whilst also making excellent progress on our long-term growth strategy. At the same time, our previous diversification into Alternative Banking has enabled us to benefit from exceptional levels of interest income," commented Morgan Tillbrook, CEO at Alpha Group. "Whilst we have opted to exclude these numbers from our underlying profit for transparency, the fact remains that this is very much a by-product of our diversified business model and is providing us with transformative levels of capital from which we can significantly enhance our long-term growth prospects. We have already started to show this in 2023 with the acquisition of Cobase, the launch of our new Fund Finance division, and new offices in Spain and Germany."

The group's full-year results statement will be published on March 18, 2024.