REG - Alpha Fin. Markets - Pre-close trading update

Alpha Financial Markets ConsultingAnnouncement

10/10/2023 07:00

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RNS Number : 4803P  Alpha Fin Markets Consulting plc  10 October 2023

10 October 2023

 

 

Alpha Financial Markets Consulting plc

('Alpha FMC' or 'Alpha' or the 'Group')

 

Pre-close trading update

 

Alpha FMC (AIM: AFM), a leading global provider of specialist consultancy
services to the Asset Management, Wealth Management and Insurance industries,
announces its scheduled pre-close trading update for the six months ended 30
September 2023.

 

As outlined in the Group's full year results announcement in June, the global
consulting market has experienced a more competitive environment with a longer
sales cycle in the first half of the financial year. Against this backdrop,
the Group's trading in the first half has been resilient, with c. 8% growth in
net fee income compared to the first half of the prior year, alongside
consistent consultant day rates and sales wins monthly through the half. First
half adjusted EBITDA margin was just over 17%, lower than prior years as a
result of reduced average utilisation, partly reflecting quieter summer
months. Utilisation has ticked up in September from the summer low and is
expected to increase further during the second half, normalising to target
levels.

 

The Group continues to make good progress in North America, particularly in
its alternative investments consulting business, Lionpoint, which continues to
trade strongly. The Group's current selective approach to hiring continues,
with costs remaining well controlled. The Group maintains a strong net cash
position.

 

While the global consulting market continues to balance supply and demand, a
more positive market sentiment is returning following the summer months.  The
Group continues to see robust client demand and enters the second half with a
good pipeline of new business opportunities. These factors, together with the
strong long-term structural growth drivers that underpin demand for Alpha's
services and the Group's compelling proposition to clients, gives us
confidence in the outlook. Accordingly, the Board expects to deliver full year
results in line with current market expectations.

 

Alpha FMC expects to report its interim results for the six months ended 30
September 2023 on Thursday, 23 November 2023.

 

Enquiries:

 Alpha Financial Markets Consulting plc                         +44 (0)20 7796 9300

 Luc Baqué (Chief Executive Officer)

 John Paton (Chief Financial Officer)

 Georgina Sharley (Company Secretary)

 Investec Bank plc - Nominated Adviser, Joint Corporate Broker  +44 (0)20 7597 4000

 Patrick Robb

 James Rudd

 Harry Hargreaves

 Berenberg - Joint Corporate Broker                             +44 (0)20 3207 7800

 Toby Flaux

 James Thompson

 Alix Mecklenburg-Solodkoff

 Camarco - Financial PR                                         +44 (0)20 3757 4980

 Ed Gascoigne-Pees
 Phoebe Pugh

This announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014.

About Alpha FMC:

Headquartered in the UK and quoted on the AIM of the London Stock Exchange,
Alpha is a leading global provider of specialist consultancy services to the
asset management, wealth management and insurance industries.

It has the largest dedicated team in those industries, with approximately
1,000 consultants globally, operating from 17 client-facing offices spanning
the UK, North America, Europe and APAC. Alpha has worked with all of the
world's top 20 and 80% of the world's top 50 asset managers by AUM, along with
a wide range of insurance and other buy-side firms.

- ENDS -

 

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