Alpha Group International PLC on Tuesday announced strong growth in revenue and profit in both its corporate and institutional markets in the first half of 2024.

Alpha Group is a London-based provider of financial services, including foreign exchange risk management. For institutions, Alpha also provides alternative banking and fund finance services to alternative investment managers and their service providers.

Alpha said revenue increased by 16% to ‘over £64 million’ in the six months that ended June 30 from £55 million a year before. By division, Corporate revenue was £30 million, up 12% from £27 million, while Institutional revenue was £33 million, up 15% from £29 million.

Alpha’s newest office in Munich opened in the final quarter of 2023 and is off to an ‘excellent’ start, the company said, finishing the half-year ahead of internal expectations. However, revenue from the Toronto office were marginally down on the first half of 2023.

Cobase revenue increased by 80% in recent six months, compared to a year before. Alpha acquired the Amsterdam-based technology platform in December of last year. Whilst this caused some disruption to the Cobase business, Alpha said its own corporate and institutional sales teams have helped sign up new customers and, together, the two sales teams now are building strong pipelines.

Average client balances increased by 16% to £2.07 billion on June 30 from £1.77 billion a year before.

Alpha generated an additional £42 million in net treasury income in the recent half, taking total income to £107 million, up 19% from £90 million in the first half of 2023.

Alpha added that it is in a strong cash and liquidity position, with adjusted net cash of £180 million.

Alpha noted it completed its £20 million share buyback programme during the recent half, repurchasing 1.0 million shares at an average price of 1,987 pence per share.

Alpha Group has since launched a new £20 million share buyback and has bought 30,000 shares at an average price of 2,420p so far, taking the total value of its share buy backs since the end of January to £20.7 million.

Shares in Alpha were down 0.8% at 2,480.00p each in London on Tuesday morning.

Back in May, Alpha moved to a premium listing on the London Main Market from AIM. It was added to the FTSE 250 index in June, as part of the quarterly index review.

Alpha did sound one note of caution, saying ‘a more challenging environment also brings with it a heightened risk of businesses defaulting’.

Despite this, Alpha expects to maintain its momentum in the near term and is ‘excited about the division’s prospects as market conditions return to those that we experienced when we first launched our service offering’.

Alpha expects to release its half-year results in September.

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