Alpha Financial Markets skids despite bumper full-year numbers

For the year ending on 31 December, the firm reported a 43.9% jump in net fee income to reach £227.2m or 36.1% at constant currencies.

On an adjusted basis, earnings before interest, taxes, depreciation and amortisation were ahead by 37.5% to £46.6m, while its margins came in at 20.5%, which was off from 21.5% for the prior fiscal year.

The company's new boss, Luc Baqué, said: "I am very pleased by the financial performance of the business over the year; the Group has exceeded expectations and achieved excellent organic growth across all regions, in particular North America.

"I am excited to take the helm of Alpha and have the honour of leading its fabulous team; and I am thankful to Euan for his excellent leadership over the last decade and look forward to building on the Group's continued success and leading it through the next growth chapter.

Adjusted earnings per share meanwhile rose 36.4% to 29.27p.

During the year just ended, Alpha's consultant headcount increased from 760 to 994 and since the fiscal year end it had acquired Asia Pacific-focused asset manager Shoreline.

It had also appointed a new global head of asset and wealth management.

The net cash balance at period end stood at £59.2m, against £63.5m one year before.

The total dividend was increased by 36.5% to 14.20p.

Looking ahead, the company said it was seeing higher levels of competition and a lengthening sales cycle.

Nonetheless, trading going into the 2024 fiscal year was "resilient" and it had a "good" pipeline of new opportunities, meaning that management was confident of delivering on current market expectations for the full year.

As of 0920 BST, shares of Alpha Financial Markets were falling 13.41% to 432.50p.

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