Alpha Group International (ALPH) H1 2024 earnings summary

Executive summary

• Revenue grew 16% year-over-year to £64.3m for H1 2024, with strong performances across both Corporate and Institutional divisions.

• Profit before tax increased 18% to £60.8m, and underlying profit before tax rose 14% to £22.3m.

• Inclusion in the FTSE 250 and successful Main Market listing in May 2024 marked significant milestones.

• Share buybacks totaling up to £40m were announced, with £20m completed in June.

• Interim dividend increased to 4.2p per share, up from 3.7p.

Financial highlights

• Group revenue up 16% to £64.3m; Corporate revenue up 12% to £29.8m; Institutional revenue up 15% to £33.3m.

• Net treasury income (NTI) rose 26% to £42m, boosting total income by 19% to £107m.

• Basic EPS increased 13% to 104.3p; underlying EPS up 8% to 37.1p.

• Adjusted net cash position at £180m, up from £179m at year-end 2023.

• Cash conversion rate remained strong at 74%.

Outlook and guidance

• Macro headwinds persist, especially in the alternative investment market, but H1 2024 results show continued growth.

• July and August performance remained strong; full-year results expected in line with expectations.

• High interest rate environment continues to provide a tailwind for NTI.