Alfa Financial Software Holdings PLC on Wednesday said it profit in 2023 will be higher than previously anticipated, buoyed by a strong business pipeline and subscription revenue.

The London-based software developer expects to report about £1 million more in operating profit than previously anticipated. For

2022, the company recorded operating profit of £29.6 million, which was a jump of 20% from £24.7 million in 2021.

Overall revenue growth for 2023 was in line with expectations, up 9% on-year. Alfa Financial said for subscriptions, double-digit growth in revenue reflected ‘our progress to a fully subscription-based model and continuing the strong sequential growth we have seen since we started to migrate away from perpetual licences.’

Revenue in 2022 was £93.3 million, up 12% from £83.2 million in 2021.

Alfa Financial noted that it has recently completed 11 deliveries, taking the total to a record 35 for the year.

Chief Executive Officer Andrew Denton said: ‘I am delighted that in 2023 we have continued to drive the business forwards with strong revenue growth, a record number of deliveries and an exciting product roadmap. Our pipeline remains strong and we have seen strong growth in subscription TCV driving overall TCV growth. The board remains confident in the future prospects for the business.’

Alfa Financial will release its 2023 results on March 14.

Alfa Financial shares were 1.7% lower at 174.00 pence each on Wednesday morning in London.

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