Alfa Financial Software Holdings PLC on Thursday reported double-digit profit growth during 2024 in a ‘breakthrough’ year for the firm, and projected further growth for the year ahead.

The London-based provider of software to automotive finance providers said pretax profit for 2024 was £34.1 million, rising 15% from £29.6 million in 2023.

Revenue grew 7.7% to £109.9 million from £102.0 million, while cost of sales increased 1.8% to £39.0 million. Sales, general & administrative expenses were up 6.7% to £36.6 million from £34.3 million.

Alfa declared a total dividend of 1.4 pence per share, up 7.7% on-year from 1.3p, alongside a special dividend of 2.4p, up 20% on-year from 2.0p.

‘2024 was a breakthrough year for Alfa marked by the successful launch of Alfa Systems 6, a record number of wins across our major markets and, to meet the strong demand for our products we have continued to recruit high-quality people, ending the year with more than 500 people working for Alfa,’ said Chief Executive Officer Andrew Denton.

‘We continue to invest in Alfa Systems 6 to expand our functional and technical lead over our competition, whilst continuing to deliver reliably for our customers.

‘The year’s strong sales, financial performance and operational execution, along with our very healthy pipeline has reinforced the strength of our strategy and we remain confident in the outlook for the business.’

Looking ahead, Alfa expects mid-teens growth in its subscription revenue for 2025, as well as ‘strong momentum’ in revenue for its Delivery and Software Engineering arms. Alfa projects double-digit revenue growth overall for 2025.

Shares in Alfa Financial Software were up 0.5% at 224.50 pence in London on Thursday morning. The stock has risen 32% over the past year.

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