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Alpha Financial Markets Consulting plc
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===Dividend=== Since the company's listing (i.e. around five years ago), the median dividend growth rate is 16%, and the mean is 48%. The constant/fixed rate dividend rate is 11.97%; in other words, if the company had grown its dividend during that period at a rate that is constant (rather than variable), then the rate would be 11.97%. {| class="wikitable" |+Dividend !Financial year !Interim !Full-year !Total !Growth |- |2023 |3.70 |7.60 |11.30 |9% |- |2022 |2.90 |7.50 |10.40 |50% |- |2021 |2.10 |4.85 |6.95 |231% |- |2020 |2.10 |0.00 |2.10 | -65% |- |2019 |1.91 |4.09 |6.00 |16% |- |2018 | 1.48 |3.69 |5.17 |N/A |} {| class="wikitable" |+Significant Shareholders ! Shareholders !% of issued share capital with voting rights |- |Abrdn |10.69 |- |Invesco |9.06 |- |Janus Henderson Investors |7.51 |- |BlackRock |5.45 |- | Investec Wealth & Investment |4.65 |- |NFU Mutual |3.98 |- |M&G Investment Management |3.84 |} Last updated 17th January 2023. The percentage of the company’s issued share capital not in public hands is 6.4%. *The company's medium term goal is to double it size over the four years to November 2024 (from November 2020). *The asset management, wealth management and insurance markets are influenced by powerful long-term trends, notably the drive for efficiency, fee compression, regulatory change and the growing focus on ESG and responsible investment. *These trends represent a strong tailwind for the Group and are steadily increasing the relevance and value of its proposition: to provide the best specialist consultancy services for clients wherever in the world they need us. *The group’s strategic aim to be recognised as the leading global consultancy to the asset management, wealth management and insurance industries. *The three most significant growth opportunities that would enable Alpha to achieve our growth target of doubling the business - rapid expansion in insurance consulting, continued strong growth in North America and acquisitions. *One of the company's beliefs that the insurance industry offers an opportunity for Alpha of comparable scale to its core asset and wealth management market is being rapidly vindicated. *Our technology services business has also been significantly strengthened over the past year thanks to major investments in Axxsys, the software implementation specialist that we acquired in FY 20. Over the past 12 months, Axxsys has broadened its proposition with the launch of technology consulting practices focussed on data and cloud services, front office projects and wealth management. *Our current trading and project pipeline to date is very strong, and our revenue visibility is better than ever as our clients commit to longer and more complex business change projects. These factors, coupled with Alpha's robust balance sheet, give us considerable confidence that even if we are heading into more difficult markets, we are doing so from a position of real strength. {| class="wikitable" |+Consolidated statement of comprehensive income ! !Year ended 31st March 2017 ('''£'000''') !Year ended 31st March 2018 ('''£'000''') !Year ended 31st March 2019 ('''£'000''') !Year ended 31st March 2020 ('''£'000''') !Year ended 31st March 2021 ('''£'000''') !Year ended 31st March 2022 ('''£'000''') |- |Continuing operations | | | | | | |- |'''Revenue''' |'''49,240''' |'''66,009''' |'''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 |- |Cost of sales |(32,515) |(40,748) |(46,878) |(54,521) |(63,130) |(98,452) |- |'''Gross profit''' |'''16,725''' |'''25,261''' |'''29,082''' |'''34,403''' |'''34,824''' |'''59,357''' |- | Administration expenses |(12,721) |(16,703) |(16,510) |(23,977) |(24,648) |(41,582) |- |'''Operating profit''' |'''4,004''' |'''8,558''' |'''12,572''' |'''10,426''' | '''10,176''' |'''17,775 ''' |- |Depreciation | 289 |297 |263 |1,022 |1,085 |1,155 |- |Amortisation of capitalised development costs | - | - | - |428 |613 |556 |- | Adjusting items |3,951 |5,114 |3,643 |8,372 |9,833 |14,382 |- |'''Adjusted EBITDA''' |'''8,244''' | '''13,969''' |'''16,478''' |'''20,248''' |'''21,707''' |'''33,868''' |- |Finance income |5 | - | - |1 | - |1 |- |Finance expense |(7,880) |(7,059) |(52) |(1,133) |(1,207) |(2,894) |- |'''Profit before tax''' |'''(3,871)''' |'''1,499''' |'''12,520''' |'''9,294''' |'''8,969''' |'''14,882''' |- |Taxation |(537) |(1,941) |(3,321) |(3,127) |(3,142) |(6,370) |- |'''Profit for the year''' |'''(4,408)''' |'''(442)''' |'''9,199''' |'''6,167''' |'''5,827''' |'''8,512''' |- |Exchange differences on translation of foreign operations | (224) |(186) |2,505 |1,311 | (3,104) |3,180 |- |'''Total comprehensive income for the year''' |'''(4,632)''' |'''(628)''' | '''11,704''' |'''7,478''' |'''2,723''' |'''11,692 ''' |- |Basic earnings per ordinary share (p) |(5.52) |(0.49) |9.05 |6.11 |5.75 |7.69 |- |'''Diluted earnings per ordinary share (p)''' |'''(5.52)''' |'''(0.49)''' |'''8.84''' |'''5.85''' |'''5.50''' |'''7.25''' |} {| class="wikitable" |+Consolidated statement of financial position ! !As at 31st March 2017 ('''£'000)''' ! As at 31st March 2018 ('''£'000)''' !As at 31st March 2019 ('''£'000)''' !As at 31st March 2020 ('''£'000)''' !As at 31st March 2021 ('''£'000)''' !As at 31st March 2022 ('''£'000)''' |- |'''Assets''' | | | | | | |- |'''Non-current assets''' | | | | | | |- |Goodwill |51,529 | 52,626 |55,162 |64,642 | 63,067 |100,991 |- |Intangible fixed assets |23,213 |22,913 |20,768 |25,774 |21,648 |31,333 |- | Property, plant and equipment |451 | 397 |414 |530 |415 |806 |- | Right-of-use asset | - | - | - |2,611 |1,816 |2,304 |- |Deferred tax asset | - | - | - | - |<nowiki>-</nowiki> |671 |- |Capitalised contract fulfilment costs | - | - | - | - |154 |131 |- |'''Total non-current assets''' |'''75,193''' |'''75,936''' |'''76,344''' |'''93,557''' |'''87,100''' |'''136,236''' |- |'''Current assets''' | | | | | | |- |Trade and other receivables |12,087 |21,242 |19,680 |21,212 |17,938 |29,569 |- |Cash and cash equivalents |8,023 |9,774 |18,581 | 25,996 |34,012 |63,516 |- |'''Total current assets''' |'''20,110''' |'''31,016''' |'''38,261''' |'''47,208''' |'''51,950''' |'''93,085''' |- |'''Current liabilities''' | | | | | | |- |Trade and other payables |(10,024) | (20,621) |(18,427) |(26,018) |(27,241) |(56,671) |- |Provisions | - | - |(3,359) |(4,150) | - |(3,277) |- |Corporation tax | - | - | - |(791) |(1,792) |(4,788) |- |Lease liabilities | - | - | - |(5,000) |(514) | (1,134) |- |'''Total current liabilities''' |'''(10,024)''' |'''(20,621)''' |'''(21,786)''' |'''(35,959)''' |'''(29,547)''' |'''(65,870)''' |- |'''Net current assets''' |'''10,086''' |'''10,395''' | '''16,475''' |'''11,249''' |'''22,403''' |'''27,215''' |- |'''Non-current liabilities''' | | | | | | |- |Borrowings |(85,879) | - | - | - | | - |- |Deferred tax provision |(3,946) |(3,401) |(3,193) |(4,438) |(3,022) |(4,331) |- |Other non-current liabilities | - |(277) |(486) | (7,104) |(10,737) |(25,100) |- |Lease liabilities | - | - | - |(1,878) |(1,379) |(1,275) |- |'''Total non-current liabilities''' |'''(89,825)''' | '''(3,678)''' |'''(3,679)''' |'''(13,420)''' |'''(15,138)''' | '''(30,706)''' |- |'''Net assets''' |'''(4,546)''' |'''82,653''' |'''89,140''' |'''91,386''' |'''94,365''' |'''132,745''' |- |Equity | | | | | | |- |Issued share capital | - |77 |76 |78 |80 |89 |- |Share premium |86 |89,396 |89,396 |89,396 |89,396 | 119,438 |- |Capital redemption reserve | - | - |1 | - | - | - |- |Foreign exchange reserve |(224) |(410) |2,095 |3,406 |302 |3,482 |- |Other reserves | - |267 |737 |1,652 |4,044 | 9,361 |- |Retained earnings |(4,408) | (6,677) | (3,165) |(3,146) |543 |375 |- |'''Total shareholders' equity''' |'''(4,546)''' |'''82,653''' |'''89,140''' |'''91,386''' |'''94,365''' |'''132,745''' |} {| class="wikitable" |+Consolidated statement of cash flows ! !Year ended 31st March 2017 ('''£'000''') !Year ended 31st March 2018 ('''£'000''') !Year ended 31st March 2019 ('''£'000''') !Year ended 31st March 2020 ('''£'000''') !Restated<ref>The Group has re-presented the consolidated statement of cash flows in the comparative year to reconcile from "profit for the year" rather than "operating profit" to align with the requirements of IAS 7.</ref> year ended 31 March 2021 ('''£'000''') !Year ended 31 March 2022 ('''£'000''') |- |'''Cash flows from operating activities:''' | | | | | | |- |Profit for the year | | | | |5,827 |8,512 |- |Taxation | | | | |3,142 |6,370 |- |Finance income | | | | |<nowiki>-</nowiki> |(1) |- |Finance expense | | | | |1,207 |2,894 |- |Depreciation of property, plant and equipment |289 |297 |263 |1,022 |1,085 |1,155 |- |Loss on disposal of fixed assets |2,488 | - |6 |11 |13 |32 |- |Amortisation of intangible fixed assets |2,488 |2,383 |2,586 |3,804 |4,130 |5,272 |- |Share-based payment charge | - |191 |436 |917 |1,693 |4,075 |- |Acquisition related costs | 1,463 |241 |61 | - | - | - |- |Costs relating to AIM admission | - | 1,621 | - | - | - | - |- |Increase in provisions | - | - | - |<nowiki>-</nowiki> |<nowiki>-</nowiki> |1,302 |- |Operating cash flows before movements in working capital |8,244 |13,291 |15,924 |16,180 |17,097 |29,611 |- | '''Working capital adjustments:''' | | | | | | |- |(Increase)/decrease in trade and other receivables |(1,644) |(8,839) |1,562 |30 |3,221 |(7,066) |- |Increase in trade and other payables |970 |8,107 | 878 |4,444 |6,424 |15,729 |- |Tax paid |(1,707) |(1,222) |(1,996) |(2,446) |(5,707) |(4,767) |- |'''Net cash generated from operating activities''' |'''5,863''' |'''11,337''' |'''16,368''' |'''18,208''' |'''21,035''' | '''33,507''' |- |'''Cash flows from investing activities:''' | | | | | | |- |Interest received |5 | - | - |1 |<nowiki>-</nowiki> |1 |- |Acquisition of subsidiaries, net of acquired cash |(77,790) |(1,941) |(1,113) |(7,339) |(2,752) |(23,796) |- |Costs relating to AIM admission | - |(892) | - | - | - | - |- |Costs relating to acquisitions |(1,463) |(242) | - | - | - | - |- |Capitalised development costs | - | - | - | (1,387) | - | - |- | Purchase of property, plant and equipment, net of disposals |(199) |(243) |(728) |(349) |(151) |(684) |- |'''Net cash used in investing activities''' |'''(79,447)''' |'''(3,318)''' |'''(1,841)''' |'''(9,074)''' |'''(2,903)''' |'''(24,479)''' |- |'''Cash flows from financing activities:''' | | | | | | |- |Issue of ordinary share capital |86 | 34,348 | - |(1) |<nowiki>-</nowiki> |31,102 |- |Share issuance costs | - | - | - | - |<nowiki>-</nowiki> |(1,053) |- |EBT purchase of Company's own shares | - | - | - | - |<nowiki>-</nowiki> |(205) |- |Repayment of bank borrowings |(1,540) | (33,602) | - |5,000 |(5,000) |<nowiki>-</nowiki> |- |New borrowings |83,829 | - | - | - | - | - |- | Interest and bank loan fees | - | - | - | - |(486) |(285) |- |Principal lease liability payments |(1,431) |(5,469) |(45) |(706) |(809) |(814) |- |Interest on lease liabilities | - | - | - |(129) |(102) |(111) |- |Repayment of preference shares |(95) | - | - | - | - | - |- |Dividends paid | |(1,508) |(5,687) |(6,256) |(2,136) |(8,678) |- |'''Net cash generated from/(used in) financing activities''' |80,849 |(6,231) |(5,732) |(2,139) |'''(8,533)''' |'''19,956''' |- |'''Net increase in cash and cash equivalents''' |7,265 |1,788 |8,795 |6,995 |'''9,599''' |'''28,984''' |- |Cash and cash equivalents at beginning of the year | - |8,023 |9,774 |18,581 |25,996 |34,012 |- |Effect of exchange rate fluctuations on cash held |758 |(37) |12 |420 |(1,583) |520 |- |'''Cash and cash equivalents at end of the year''' |8,023 |9,774 |18,581 |25,996 |'''34,012''' |'''63,516''' |} {| class="wikitable" |+ ! !2017 !2018 !2019 !2020 !2021 !2022 |- |Cash Flow from Operations | style="background: green; color: white;" |+ | style="background: green; color: white;" |+ | style="background: green; color: white;" |+ | style="background: green; color: white;" |+ | style="background: green; color: white;" |+ | style="background: green; color: white;" |+ |- |Cash Flow from Investing | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: red; color: white;" |- |- |Cash Flow from Financing | style="background: green; color: white;" |+ | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: red; color: white;" |- | style="background: green; color: white;" |+ |} {| class="wikitable" |+Interim condensed consolidated statement of comprehensive income ! !Unaudited six months ended 30 Sep 2022 !Unaudited six months ended 30 Sep 2021 |- | |'''£'000''' |'''£'000''' |- |'''Continuing operations''' | | |- |'''Revenue''' |'''107,599''' |'''68,421''' |- |Rechargeable expenses |(583) |(31) |- |'''Net fee income''' |'''107,016''' |'''68,390''' |- |Cost of sales |(68,573) |(41,930) |- |'''Gross profit''' |'''38,443''' |'''26,460''' |- |Administration expenses |(22,679) |(20,992) |- |'''Operating profit''' |'''15,764''' |'''5,468''' |- |Depreciation |898 |497 |- |Amortisation of capitalised development costs |151 |301 |- |Adjusting items |5,668 |9,171 |- |'''Adjusted EBITDA''' |'''22,481''' |'''15,437''' |- |Finance income |65 |1 |- |Finance expense |(1,630) |(1,238) |- | '''Profit before tax''' |'''14,199''' |'''4,231''' |- |Taxation |(3,922) |(3,278) |- |'''Profit for the period''' |'''10,277''' |'''953''' |- |Exchange differences on translation of foreign operations |9,963 |2,100 |- |'''Total comprehensive income for the period''' |'''20,240''' |'''3,053''' |- |Basic earnings per ordinary share (p) |9.10 |0.87 |- |Diluted earnings per ordinary share (p) |8.55 |0.83 |} {| class="wikitable" |+Interim condensed consolidated statement of financial position ! !Unaudited as at 30th September 2022 !Unaudited as at 30th September 2021 !Audited as at 31st March 2022 |- | |'''£'000''' |'''£'000''' |'''<nowiki/>'000''' |- |'''Non-current assets''' | | | |- |Goodwill |107,310 |100,307 |100,991 |- |Intangible fixed assets |30,936 |33,661 |31,333 |- |Property, plant and equipment |1,109 |576 |806 |- |Right-of-use asset |1,904 |2,032 |2,304 |- |Deferred tax asset |1,088 |<nowiki>-</nowiki> |671 |- |Capitalised contract fulfilment costs |119 |168 |131 |- |'''Total non-current assets''' |'''142,466''' |'''136,744''' |'''136,236''' |- |'''Current assets''' | | | |- |Trade and other receivables |41,695 |27,644 |29,569 |- |Cash and cash equivalents |47,764 |40,032 |63,516 |- |Total current assets |89,459 |67,676 |93,085 |- |Current liabilities | | | |- |Trade and other payables |(55,709) |(47,579) |(56,671) |- |Provisions |(3,433) |<nowiki>-</nowiki> |(3,277) |- |Corporation tax |(3,226) |(2,307) |(4,788) |- |Lease liabilities |(1,072) |(745) |(1,134) |- |Interest bearing loans and borrowings |(7,477) |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |'''Total current liabilities''' |'''(70,917)''' |'''(50,631)''' |'''(65,870)''' |- |'''Net current assets''' |'''18,542''' |'''17,045''' |'''27,215''' |- |'''Non-current liabilities''' | | | |- |Deferred tax liability |(3,765) |(5,598) |(4,331) |- |Other non-current liabilities |(8,357) |(22,279) |(25,100) |- |Lease liabilities |(941) |(1,375) |(1,275) |- |'''Total non-current liabilities''' |'''(13,063)''' |'''(29,252)''' |'''(30,706)''' |- |'''Net assets''' |'''147,945''' |'''124,537''' |'''132,745''' |- |'''Equity''' | | | |- |Issued share capital |90 |89 |89 |- |Share premium |119,438 |119,438 |119,438 |- |Foreign exchange reserve |13,445 |2,402 |3,482 |- |Other reserves |12,867 |6,545 |9,361 |- |Retained earnings |2,105 |(3,937) |375 |- |'''Total shareholders' equity''' |'''147,945''' |'''124,537''' |'''132,745''' |} {| class="wikitable" |+Interim condensed consolidated statement of cash flows ! !Unaudited six months ended 30 Sep 2022 !Restated<sup>10</sup> unaudited six months ended 30 Sep 2021 ! Audited year ended 31 Mar 2022 |- | |'''£'000''' |'''£'000''' |'''£'000''' |- |'''Cash flows from operating activities:''' | | | |- |Profit for the period |10,277 |953 |8,512 |- |Taxation |3,922 |3,278 |6,370 |- |Finance income |(65) |(1) |(1) |- |Finance expenses |1,630 |1,238 |2,894 |- |Depreciation of property, plant and equipment |898 |497 |1,155 |- |Loss on disposal of fixed assets |<nowiki>-</nowiki> |21 |32 |- |Amortisation of intangible fixed assets |2,507 |2,559 |5,272 |- |Share-based payment charge |3,588 |1,672 |4,075 |- |Increase in provisions |<nowiki>-</nowiki> |<nowiki>-</nowiki> |1,302 |- |Foreign exchange gain on cash and cash equivalents |(4,764) |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |'''Operating cash flows before movements in working capital''' |'''17,993''' |'''10,217''' |'''29,611''' |- |'''Working capital adjustments:''' | | | |- |Increase in trade and other receivables |(9,065) |(5,160) |(7,066) |- |(Decrease)/increase in trade and other payables |(676) |3,573 |15,729 |- |Tax paid |(6,062) |(2,660) |(4,767) |- |'''Net cash generated from operating activities''' |'''2,190''' |'''5,970''' |'''33,507''' |- |Cash flows from investing activities: | | | |- |Interest received |65 |1 |1 |- |Consideration paid on acquisitions, net of cash acquired |(20,716) |(23,796) |(23,796) |- |Purchase of intangible assets |(319) |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |Purchase of property, plant and equipment, net of disposals |(564) |(204) |(684) |- |'''Net cash used in investing activities''' |'''(21,534)''' |'''(23,999)''' |'''(24,479)''' |- |'''Cash flows from financing activities:''' | | | |- |Issue of ordinary share capital |<nowiki>-</nowiki> |31,102 |31,102 |- |Share issuance costs |<nowiki>-</nowiki> |(1,053) |(1,053) |- |Net settlement of vested share options |(322) |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |EBT purchase of Company's own shares |(1,129) |(187) |(205) |- |Drawdown of bank borrowings |7,477 |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |Interest and bank loan fees |(110) |(199) |(285) |- |Principal lease liability payments |(650) |(348) |(814) |- |Interest on lease liabilities |(53) |(52) |(111) |- |Dividends paid |(8,547) |(5,431) |(8,678) |- |'''Net cash (used in)/generated from financing activities''' |'''(3,334)''' |'''23,832''' |'''19,956''' |- |'''Net (decrease)/increase in cash and cash equivalents''' |'''(22,678)''' |'''5,803''' |'''28,984''' |- |Cash and cash equivalents at beginning of the period |63,516 |34,012 |34,012 |- |Effect of exchange rate fluctuations on cash held |6,926 |217 |520 |- |'''Cash and cash equivalents at end of the period''' |'''47,764''' |'''40,032''' |'''63,516''' |} 0.61% of GDP is spent on management consultancy services. {| class="wikitable" |+GDP-weighted spending on consultancy in 2005<ref>Source: Datamonitor (2008).</ref> !Country !Consulting revenue (billion) !GDP (billion)<ref>World Bank Figures. 2005 Available at: <nowiki>http://data.worldbank.org/indicator/NY.GDP.PCAP.CD?page</nowiki> = 1</ref> !Consulting spend/GDP (%) |- |USA |112.50 |13,094.79 |0.86% |- |United Kingdom |19.40 |2,321.84 |0.84% |- |Germany |18.50 |2,767.30 |0.67% |- |Japan |20.40 |4,572.81 |0.45% |- |France |8.40 |2,137.36 |0.39% |- |Italy |2.60 |1,786.07 |0.15% |- |China |2.34 |2,256.70 |0.10% |- |India |1.49 |834.05 |0.18% |- |South Korea |1.64 |844.20 |0.19% |}
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