Alpha Group International (ALPH) H2 2024 earnings summary

Executive summary

• Revenue grew 23% year-over-year to £135.6m, with organic growth (excluding Cobase) at 20%.

• Profit before tax increased 6% to £123.1m; underlying profit before tax up 10% to £47.4m.

• Net treasury income from client funds rose 14% to £84.0m, driven by higher client balances and interest rates.

• Strong cash generation led to adjusted net cash of £217.5m, up £38.7m; statutory net cash at £252.5m.

• Final dividend of 14.0p per share declared, total 2024 dividend 18.2p, up from 16.0p.

Financial highlights

• Group revenue: £135.6m (2023: £110.4m); total income: £220.9m (2023: £186.0m).

• Statutory profit before tax: £123.1m (2023: £115.9m); underlying PBT: £47.4m (2023: £43.0m).

• Basic EPS: 215.7p (up 5%); underlying basic EPS: 86.4p (up 13%).

• Net assets increased to £279m (2023: £223m).

• Cash conversion remained strong at 72% including net treasury income.

Outlook and guidance

• Positive trading momentum from H2 2024 has continued into 2025.

• Confident in FY25 outlook, with overseas offices and Private Markets division expected to scale.

• Cobase anticipated to make increasingly significant contributions.