Alpha Group International (LON: ALPH) has released a trading update, revealing that it generated £64 million in group revenue, a 16 per cent yearly jump, in the first six months of 2024.
Revenue Surge in All Streams
Out of the total, corporate revenue came in at £30 million, an increase of 12 per cent, while institutional revenue jumped by 15 per cent to £33 million. Although Cobase generated only £1 million in revenue, it jumped by 80 per cent from the pre-acquisition figures a year before.
When it comes to the total income, it came in at £107 million, a jump of 19 per cent from £90 million in the first six months of 2023. The total income was also boosted by an additional £42 million in net treasury income.
“The Group performed well during H1 of this year, delivering strong growth in revenue and profit in both its corporate and institutional markets,” the company noted in the trading update, adding that “this growth has been delivered whilst maintaining strong underlying profit margins alongside continued strategic investment.”
“Despite continuing headwinds persisting within the institutional market, trading year to date has been encouraging and remains in line with expectations at the start of the year.”
Strong Metrics across Lines
The trading update today (Tuesday) further detailed that the average client balances increased by 16 per cent to £2.07 billion. The company also has a strong cash and liquidity position with adjusted net cash at £180 million.
Meanwhile, the London-based company announced two share buyback programmes totalling £40 million. The first, worth £20 million, was launched at the end of January 2024, while the second was announced last month. It also announced a dividend of 12.3 pence per share, taking the final dividend for 2023 to 16 pence per share.
