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Alpha Financial Markets Consulting plc
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==== What are the financials? ==== {| class="wikitable" |+Financial performance !Year end 31 March (Β£000's) !2019 !2020 !2021 !2022 !2023e !2024e |- |Revenue |77,661 |90,901 |98,066 |158,005 | | |- |Rechargeable expenses |(1,701) |(1,977) |(112) |(196) | | |- |Net fee income |75,960 |88,924 |97,954 |157,809 |196,846 |209,496 |- |Cost of sales |(46,878) |(54,521) |(63,130) |(98,452) |(125,390) |(133,372) |- |Gross profit |29,082 |34,403 |34,824 |59,357 |71,456 |76,124 |- |Gross margin (%) |38.3 |38.7 |35.6 |37.6 |36.3 |36.3 |- |Administration expenses (underlying) |(12,867) |(15,605) |(14,815) |(27,200) |(34,000) |(36,380) |- |Adjusted operating profit |16,215 |18,798 |20,009 |32,157 |37,456 |39,744 |- |Adjusted operating margin (%) |21.3 |21.1 |20.4 |20.4 |19.0 |19.0 |- |Amortisation of acquired intangible assets |(2,586) |(3,376) |(3,517) |(4,716) |(4,500) |(4,500) |- |Loss on disposal of fixed assets |(6) |(11) |(13) |(32) |0 |0 |- |Share-based payments charge |(872) |(1,307) |(2,496) |(6,218) |(8,000) |(6,000) |- |Earn-out and deferred consideration |(295) |(2,761) |(3,606) |(1,423) |(3,862) |(6,158) |- |Acquisition costs |0 |(488) |0 |(683) |0 |0 |- |Integration costs |0 |(509) |(107) |0 |0 |0 |- |Foreign exchange losses/(gains) |116 |80 |(94) |(1,310) |0 |0 |- |Adjusting items |(3,643) |(8,372) |(9,833) |(14,382) |(16,362) |(15,668) |- |Operating profit |12,572 |10,426 |10,176 |17,775 |21,094 |24,076 |- | | | | | | | |- |Depreciation |263 |1,022 |1,085 |1,155 |1,800 |1,890 |- |Amortisation of capitalised development costs |0 |428 |613 |556 |300 |300 |- |Adjusting items |3,643 |8,372 |9,833 |14,382 |16,362 |15,668 |- |Adjusted EBITDA |16,478 |20,248 |21,707 |33,868 |39,556 |41,934 |- |Adjusted EBITDA margin (%) |21.7 |22.8 |22.2 |21.5 |20.1 |20.0 |- | | | | | | | |- |Finance income |0 |1 |0 |1 |150 |200 |- |Finance expense |(52) |(182) |(404) |(406) |(400) |(400) |- |Adjusted profit before tax |16,163 |18,617 |19,605 |31,752 |37,206 |39,544 |- |Normalised taxation |(3,923) |(4,269) |(4,500) |(7,994) |(9,673) |(10,875) |- |Adjusted profit after tax |12,240 |14,348 |15,105 |23,758 |27,532 |28,670 |- |Adjusting items |(3,643) |(8,372) |(9,833) |(14,382) |(16,362) |(15,668) |- |Non-underlying finance expenses |0 |(951) |(803) |(2,488) |0 |0 |- |Tax impact of adjusting items |602 |1,142 |1,358 |1,624 |0 |0 |- |Profit for the year |9,199 |6,167 |5,827 |8,512 |11,170 |13,002 |- |Exch differences on translation of foreign operations |2,505 |1,311 |(3,104) |3,180 |0 |0 |- |Total comprehensive income/(expense) for the year |11,704 |7,478 |2,723 |11,692 |11,170 |13,002 |- | | | | | | | |- |Adjusted profit after tax |12,240 |14,348 |15,105 |23,758 |27,532 |28,670 |- |Weighted average number of shares |101.6 |101.0 |101.3 |110.7 |115.7 |118.6 |- |Wtd ave number of shares incl potentially dilutive |104.0 |105.3 |105.9 |117.4 |123.0 |125.9 |- | | | | | | | |- |Basic earnings per ordinary share (p) |9.05 |6.11 |5.75 |7.69 | | |- |Diluted earnings per ordinary share (p) |8.84 |5.85 |5.50 |7.25 | | |- | | | | | | | |- |Adjusted earnings per ordinary share (p) |12.05 |14.21 |14.91 |21.46 |23.80 |24.18 |- |Adjusted diluted earnings per ordinary share (p) |11.77 |13.62 |14.26 |20.23 |22.39 |22.78 |} {| class="wikitable" |+ ! !31st March 2019 !31st March 2020 !31st March 2021 !31st March 2022 |- |Cash |(18,581) |(25,996) |(34,012) |(63,516) |- |Short-term debt |0 |5,000 |0 |0 |- |Long-term debt |0 |0 |0 |0 |- |Net bank debt |(18,581) |(20,996) |(34,012) |(63,516) |- |Short-term leases |0 |791 |514 |1,134 |- |Long-term leases |0 |1,878 |1,379 |1,275 |- |Earnouts & deferred cons ST |0 |3,699 |1,992 |20,500 |- |Earnouts & deferred cons LT |486 |6,864 |9,071 |20,146 |- |Total net debt/(cash) |(18,095) |(7,764) |(21,056) |(20,461) |- |Net assets |89,140 |91,386 |94,356 |124,537 |- |Capital employed |71,045 |83,622 |73,300 |104,076 |- |Net debt/equity (%) |(20) |(8) |(22) |1 |} {| class="wikitable" |+ !Year end 31 March (Β£000's) !2021 !2022 !2023e !2024e |- |Cash flows from operating activities: | | | | |- |Operating profit for the period |10,176 |17,775 |21,094 |24,076 |- |Depreciation of property, plant and equipment |1,085 |1,155 |1,800 |1,890 |- |Loss on disposal of fixed assets |13 |32 |0 |0 |- |Amortisation of intangible fixed assets |4,130 |5,272 |4,800 |4,800 |- |Acquisition related costs |0 |0 |0 |0 |- |Share-based payment charge |1,693 |4,075 |8,000 |6,000 |- |Increase in provisions |0 |1,302 |0 |0 |- |Foreign exchange gain on cash and cash equivalents |0 |0 |0 |0 |- |Operating cash flows before movements in working capital |17,097 |29,611 |35,694 |36,766 |- |Working capital adjustments: | | | | |- |(Increase)/decrease in trade and other receivables |3,221 |(7,066) |(6,500) |(5,918) |- |Increase/(decrease) in trade and other payables |6,424 |15,729 |4,000 |5,507 |- |Tax paid |(5,707) |(4,767) |(8,834) |(10,274) |- |Net cash generated from operating activities |21,035 |33,507 |24,360 |26,082 |- |Cash flows from investing activities: | | | | |- |Interest received |0 |1 |65 |200 |- |Acquisition of subsidiary, net of acquired cash |(2,752) |(23,796) |(20,716) |(20,000) |- |Capitalised development costs |0 |0 |0 |0 |- |Additions to property, plant and equipment |(151) |(684) |(700) |(500) |- |Purchase of intangible assets |0 |0 |(319) |0 |- |Net cash used in investing activities |(2,903) |(24,479) |(21,670) |(20,300) |- |Cash flows from financing activities: | | | | |- |Issue of ordinary share capital |0 |31,102 |0 |0 |- |Share issuance costs |0 |(1,053) |0 |0 |- |Net settlement of vested share options |0 |0 |(322) |0 |- |Purchase of own shares by the employee benefit trust |0 |(205) |(1,129) |0 |- |Repayment of borrowings |(5,000) |0 |0 |0 |- |Drawdown of bank borrowings |0 |0 |0 |0 |- |Interest and bank loan fees |(486) |(285) |(300) |(300) |- |Principal lease liability payments |(809) |(814) |(1,300) |(1,430) |- |Interest on lease liabilities |(102) |(111) |(113) |(119) |- |Dividends paid |(2,136) |(8,678) |(12,747) |(14,021) |- |Net cash used in financing activities |(8,533) |19,956 |(15,911) |(15,870) |- | | | | | |- |Net increase/(decrease) in cash and cash equivalents |9,599 |28,984 |(13,221) |(10,088) |- |Cash and cash equivalents at beginning of the period |25,996 |34,012 |63,516 |50,295 |- |Effect of exchange rate fluctuations on cash held |(1,583) |520 |0 |0 |- |Cash and cash equivalents at end of the period |34,012 |63,516 |50,295 |40,207 |} {| class="wikitable" |+Financials |- !Year !'''1''' !'''2''' !'''3''' !'''4''' !5 !!6!!7!!8!!9 !10 !11 !12 !13 !14 !15 !16 !17 !18 !19 !20 !21 !22 !23 !24 !25 !26 !27 !28 !29 !30 !31 !32 !33 !34 !35 !36 !37 !38 !39 !40 !41 !42 !43 !44 !45 !46 !47 !48 !49 !50 |- |'''Year end date''' |'''31/12/2018''' |'''31/12/2019''' |'''31/12/2020''' |'''31/12/2021'''||'''31/12/2022'''||'''31/12/2023'''||'''31/12/2024'''||'''31/12/2025'''||'''31/12/2026''' |'''31/12/2027''' |'''31/12/2028''' |'''31/12/2029''' |'''31/12/2030''' |'''31/12/2031''' |'''31/12/2032''' |'''31/12/2033''' |'''31/12/2034''' |'''31/12/2035''' |'''31/12/2036''' |'''31/12/2037''' |'''31/12/2038''' |'''31/12/2039''' |'''31/12/2040''' |'''31/12/2041''' |'''31/12/2042''' |'''31/12/2043''' |'''31/12/2044''' |'''31/12/2045''' |'''31/12/2046''' |'''31/12/2047''' |'''31/12/2048''' |'''31/12/2049''' |'''31/12/2050''' |'''31/12/2051''' |'''31/12/2052''' |'''31/12/2053''' |'''31/12/2054''' |'''31/12/2055''' |'''31/12/2056''' |'''31/12/2057''' |'''31/12/2058''' |'''31/12/2059''' |'''31/12/2060''' |'''31/12/2061''' |'''31/12/2062''' |'''31/12/2063''' |'''31/12/2064''' |'''31/12/2065''' |'''31/12/2066''' |'''31/12/2067''' |- |'''Type''' |'''Historic''' |'''Historic''' |'''Historic''' |'''Historic''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |'''Forecast''' |- | colspan="45" |<div style="text-align: center;">'''Income statement'''</div> | | | | | | |- |Revenues (Β£'000) |NA |4 |1,147 |538|| 1,801||3,534||6,711||12,327||21,906 |37,665 |62,654 |100,833 |157,000 |236,506 |344,688 |486,019 |663,015 |875,059 |1,117,362 |1,380,364 |1,649,821 |1,907,756 |2,134,284 |2,310,068 |2,419,025 |2,450,751 |2,402,156 |2,277,961 |2,089,943 |1,855,094 |1,593,091 |1,323,605 |1,063,945 |827,415 |622,545 |453,170 |319,150 |217,456 |143,348 |91,423 |56,411 |33,675 |19,449 |10,868 |5,875 |3,073 |1,555 |761 |361 |165 |- |Gross profits (Β£'000) |NA |(763) |408 |(266) |1,351||2,651||5,033||9,245||16,430 |28,249 |46,990 |75,625 |117,750 |177,379 |224,047 |364,514 |497,262 |656,294 |726,285 |897,237 |907,401 |1,049,266 |1,173,856 |1,270,537 |1,330,464 |1,347,913 |1,321,186 |1,252,878 |1,149,469 |1,020,302 |716,891 |595,622 |478,775 |372,337 |280,145 |203,926 |143,617 |97,855 |64,506 |41,140 |25,385 |15,154 |8,752 |4,890 |2,644 |1,383 |700 |343 |162 |74 |- |Operating profits (Β£'000) |NA |(687) |(2,819) |(10,814)||1,081||2,121||4,026||7,396||13,144 |22,599 |37,592 |60,500 |94,200 |141,904 |172,344 |291,611 |397,809 |525,035 |558,681 |690,182 |659,928 |763,103 |853,714 |924,027 |967,610 |980,300 |960,862 |911,184 |835,977 |742,038 |477,927 |397,081 |319,184 |248,224 |186,763 |135,951 |95,745 |65,237 |43,004 |27,427 |16,923 |10,103 |5,835 |3,260 |1,763 |922 |466 |228 |108 |50 |- |Net profits (Β£'000) |NA |(551) |(2,964) |(12,487)||1,081||2,121||4,026||7,396|| 13,144 |22,599 |37,592 |60,500 |94,200 |141,904 |151,663 |256,618 |350,072 |462,031 |491,639 |607,360 |580,737 |671,530 |751,268 |813,144 |851,497 |862,664 |845,559 |801,842 |735,660 |652,993 |420,576 |349,432 |280,881 |218,437 |164,352 |119,637 |84,256 |57,408 |37,844 |24,136 |14,892 |8,890 |5,135 |2,869 |1,551 |811 |410 |201 |95 |44 |}
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