Alpha FMC reports 'exciting potential' and expects to outperform last year

The global consulting company reported a 51.5% increase in revenue to £66.0m alongside an adjusted EBITDA increase of 62.9% to £13.9m.

Euan Fraser, global chief executive of Alpha, said: "We are pleased that Alpha has made further good progress in its second year as a public company. Alpha recently launched its twelfth practice, Exchange Traded Funds & Indexing, and opened its tenth office, located in Zurich, as we continue to grow our international reach. We believe both expansions offer exciting potential."

Fraser added that the underlying industry trends of cost reduction, increasing regulation and increasing assets under management remain firmly in place, driving ongoing change programmes globally, but stated that the AIM traded company continues to be well placed to advise and assist clients' needs.

Berenberg analysts reiterated their 'buy' rating and price target of 265p, leaving their full-year estimates for profits unchanged after the update.

"Overall, we believe Alpha has several interesting areas for future growth across product verticals and geographies. Many of these are in their infancy and, as they mature, we think group utilisation and margins should increase beyond the current forecast level," said analysts at Berenberg.

Alpha Financial Markets Consulting's shares were down 3.54% at 245.00p at 1349 BST.