Alpha Group International (ALPH) H1 2025 earnings summary

Executive summary

• Group revenue rose 34% year-over-year to £86.2m for H1 2025, driven by strong Corporate division growth and resilient Private Markets performance.

• Underlying profit before tax increased 25% to £27.9m, with a margin of 32%.

• Statutory profit before tax fell 20% to £48.5m due to non-cash, non-dilutive share-based payment charges and M&A fees.

• Acquisition by Corpay Inc. recommended, with completion expected in Q4 2025, pending regulatory approval.

Financial highlights

• Corporate division revenue up 68% to £50.1m; Private Markets revenue up 2% to £34.1m; Cobase revenue up 63% to £2.1m.

• Total income increased 17% to £125.4m; net treasury income (client and own balances) totaled £39.2m.

• Basic underlying EPS up 34% to 49.7p; statutory EPS down due to non-underlying items.

• Adjusted net cash position of £234.5m as of 30 June 2025.

Outlook and guidance

• Focus remains on capitalizing on growth opportunities in H2 2025.

• Acquisition by Corpay expected to enhance growth prospects and validate business model.