Editing Alpha Financial Markets Consulting plc
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In the 12-months period ended 31st March 2022, revenue increased by 61.1% to £158.0 million (FY21: £98.1 million), driven almost entirely by net fee income (99.9%), across all three of the company's main geographical markets (i.e. North America, United Kingdom and Europe & APAC). The North America region saw the largest growth of all of the regions (184% vs. 38.6% for Europe & APAC and 34.9% for the United Kingdom), while the United Kingdom region represents the largest share of the total (46% vs. 30% for North America and 25% for Europe & APAC). Gross profit increased by 70.4% to 59.4 million (FY21: 34.8 million), equating to a two percentage point improvement in the profit margin, to 37.59% (FY21: 35.47%). The improved margin is mainly due higher consultancy utilisation levels and improved consulting rates. Mainly reflecting increased acquisition costs, higher acquired intangible asset amortisation and share-based payments costs, profit before tax increased by 65.9% to £14.9 million (FY21: £9.0 million), equating to a 26 basis point improvement in the profit margin, to 9.43% (FY21: 9.17%). Basic earnings per share increased by 33.7% to 7.69p (FY21: 5.75p). | In the 12-months period ended 31st March 2022, revenue increased by 61.1% to £158.0 million (FY21: £98.1 million), driven almost entirely by net fee income (99.9%), across all three of the company's main geographical markets (i.e. North America, United Kingdom and Europe & APAC). The North America region saw the largest growth of all of the regions (184% vs. 38.6% for Europe & APAC and 34.9% for the United Kingdom), while the United Kingdom region represents the largest share of the total (46% vs. 30% for North America and 25% for Europe & APAC). Gross profit increased by 70.4% to 59.4 million (FY21: 34.8 million), equating to a two percentage point improvement in the profit margin, to 37.59% (FY21: 35.47%). The improved margin is mainly due higher consultancy utilisation levels and improved consulting rates. Mainly reflecting increased acquisition costs, higher acquired intangible asset amortisation and share-based payments costs, profit before tax increased by 65.9% to £14.9 million (FY21: £9.0 million), equating to a 26 basis point improvement in the profit margin, to 9.43% (FY21: 9.17%). Basic earnings per share increased by 33.7% to 7.69p (FY21: 5.75p). | ||
On a like-for-like basis (i.e. excluding the acquisition of Lionpoint), revenue increased by 31.3% | On a like-for-like basis (i.e. excluding the acquisition of Lionpoint), revenue increased by 31.3%. Adjusted EBITDA increased by 56.0% to £33.9 million (FY21: £21.7 million), adjusted profit before tax increased by 62.2% to £31.8 million (FY21: £19.6 million), and adjusted earnings per share increased by 43.9% to 21.46p (FY21: 14.91p). | ||
In relation to the financial position of the company, net current assets increased by 21.5% to £27.2 million (FY21: £22.4 million), and cash increased by 86.7% to £63.5 million (FY21: £34.0 million). Net assets increased by 40.7% to £132.7 million (FY21: £94.4 million). With no debt, net cash increased by 86.7% to £63.5 million (FY21: £34.0 million). | In relation to the financial position of the company, net current assets increased by 21.5% to £27.2 million (FY21: £22.4 million), and cash increased by 86.7% to £63.5 million (FY21: £34.0 million). Net assets increased by 40.7% to £132.7 million (FY21: £94.4 million). With no debt, net cash increased by 86.7% to £63.5 million (FY21: £34.0 million). | ||
After adjusting for higher share-based payments (£4.08m for FY22 vs. £1.69m for FY21), taxation (£6.37 for FY22 and £3.14m for FY21) and other items, net cash generated from operating activities increased by 59.3% to £33.5 million (FY21: £21.0 million). Mainly due to the Lionpoint acquisition | After adjusting for higher share-based payments (£4.08m for FY22 vs. £1.69m for FY21), taxation (£6.37 for FY22 and £3.14m for FY21) and other items, net cash generated from operating activities increased by 59.3% to £33.5 million (FY21: £21.0 million). Mainly due to the (Lionpoint) acquisition, net cash used from investing activities increased by 8x to £24.5 million (FY21: £2.9 million). Net cash from financing activities swung to using £20.0 million (FY21: £8.5 million), mainly due to the issuance of news shares (to fund the Lionpoint acquisition). Final dividend increased by 55% to 7.50p per share (FY21: 4.85p). | ||
On a like-for-like basis (i.e. excluding the acquisition of Lionpoint), adjusted cash generated from operating activities increased by 61% to £36.0 million (FY21: £22.3 million), equating to an adjusted cash conversion of 112% (FY 21: 111%). | On a like-for-like basis (i.e. excluding the acquisition of Lionpoint), adjusted cash generated from operating activities increased by 61% to £36.0 million (FY21: £22.3 million), equating to an adjusted cash conversion of 112% (FY 21: 111%). | ||
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*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. | *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 group’s strategic aim to be recognised as the leading global consultancy to the asset management, wealth management and insurance industries. | ||