Alfa Financial Software Holdings PLC on Thursday said it has seen strong growth in the first half of 2023 as it turns its focus to product development.

The London-based software developer said strong growth seen in the first quarter of 2023 has continued into the second quarter, noting that the first half has been a period of strong financial performance and that it has a robust order pipeline.

The firm said chargeable customer development is expected to be weighted in the first half of the year, in comparison with 2022, which saw it weighted towards the second half. The second half of 2023 will have a larger focus on future product development ahead of the firm’s next major version release, it said.

Alfa noted that this focus will allow it to improve its software and drive incremental sales in the coming years.

The company added that it has seen continued double-digit growth in subscription revenue, as well as growth in services, boosted by an increase in headcount in 2022.

Alfa has also commenced work on a recently won contract with a ‘UK equipment finance start’ customer, it said.

Looking ahead, the company said it is confident in its full-year expectations and maintaining continued growth.

Chief Executive Andrew Denton said: ‘I am delighted that we have continued to make good progress across all aspects of our business in the first half of 2023 and this has been supported by the strong financial performance. The strength of our order book, our sales execution and our pipeline all give us confidence in our expectations for the full year.’

Alfa Financial shares rose 0.6% to 157.50 pence each on Thursday morning in London.

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