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Alpha Financial Markets Consulting plc
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==== Most recent interims ==== In the six month period ended 30th September 2022, revenue increased by 57.3% to £107.6 million (H1 FY22: £68.4 million), driven almost entirely by higher net fee income (net fee income accounts for 99.4% of revenue), from all of the company's main geographical markets (i.e. North America, United Kingdom and Europe & APAC). The North America region experienced the highest level of growth of all of the company's key regions (at 135%) and now accounts for the largest amount of the group's total net fee income (41.4% of the group's total net fee income). Total net fee income jumped by 56.5% to £107.0 million (H1 FY22: £68.4 million). The number of client relationships increased by 19% to 787 clients (H1 22: 662), boosted by both new clients wins and client retention. Gross profit increased by 45.3% to £38.4 million (H1 FY22: £26.5 million), equating to a three percentage point decrease in the gross profit margin, to 35.7% (H1 FY22: 38.7%). The decrease in the margin is mainly due to higher consultant day rates. The number of consultants increased by 40.4% to 921 consultants (H1 FY22: 656 consultants), driven by client demand. The director headcount increased by 11% to 97 directors (H1 FY22: 88 directors). Profit before tax increased by 235.6% to £14.2 million (H1 22: £4.2 million), equating to a seven percentage point improvement in the profit margin, to 13.20% (H1 FY22: 6.14%). Basic earnings per share increased by 10x to 9.10p (H1 22: 0.87p). On a like-for-like basis (i.e. excluding the acquisition of Lionpoint), net fee income increased by 45.3% (H1 FY22: 21.7%). Adjusted EBITDA increased by 45.6% to £22.5 million (H1 FY22: £15.4 million), equating to a 1 percentage point decease in the margin, to 21.5% (H1 FY22: 22.6%). Adjusted profit before tax increased by 47.2% to £21.3 million (H1 22: £14.4 million). Adjusted earnings per share increased by 43.0% to 14.09p (H1 22: 9.85p). Net current assets decreased by 32.0% to £18.5 million (H2 22: £27.2 million), and cash decreased by 24.7% to £47.8 million (H2 22: £63.5 million) as funds were used towards the (Lionpoint) acquisition. Net assets increased by 11.4% to £147.9 million (H2 22: £132.7 million), and debt increased to £7.5 million (H2 22: nil). The company has access to a £20.0m revolving credit facility, enabling the company to further improve its liquidity if required. Overall, net cash decreased by 36.5% to £40.3 million (H2 22: £63.5 million). Net cash generated from operating activities decreased by 63.3% to £2.2 million (H1 FY22: £6.0 million) as the improved profits were outweighed by higher working capital requirements and tax payments. Adjusted cash generated from operating activities decreased by 50.6% to £4.2 million (H1 FY22: £8.5 million). Net cash used from investing activities decreased by 10.4% to £21.5 million (H1 FY22: £24.0 million). A significant portion of the cash (96%) was used to pay for the (Lionpoint) acquisition. Net cash from financing activities switched to using £3.3 million (H1 FY22: £23.8 million), mainly because no new shares were issued during the period. Interim dividend increased by 27.6% to 3.70p per share (H1 FY22: 2.90p).
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