Alpha Financial Markets Consulting PLC on Wednesday said its financial performance over the first half was ‘extremely encouraging’, after posting double-digit increase in revenue and profit.

For the six months ended September 30, the London-based asset management consultancy firm reported pretax profit of £14.2 million, up considerably from £4.2 million a year prior.

Revenue jumped 57% to £107.6 million from £68.4 million.

The company highlighted continued strong growth in ‘all regions’, with double-digit revenue growth in all of its key territories.

In particular, Alpha Financial emphasised its continued success in the US, both organically and as a result of its ‘transformational’ acquisition of the consultancy firm Lionpoint Holdings Inc in May 2021. It added that it continues to hire and invest in Lionpoint in order to match the ongoing demand for company services in the alternative investments space.

Looking ahead, the company said it was ‘well on the way’ to achieving its medium-term goal of doubling the size of Alpha Group over the four years to November 2024.

It said it will secure growth by deepening its service offering, and through geographic expansion.

Despite uncertainties presented by the global macroeconomic and geopolitical picture, Alpha Financial also emphasised that industry tailwinds remain ‘firmly intact’.

The board now expects Alpha to deliver full-year results ahead of current market expectations.

‘In the first half, we have delivered double-digit organic growth in all our territories and, in line with our strategic objectives, North America has become the largest contributor to the group’s revenue,’ said outgoing Chief Executive Officer Euan Fraser.

‘We are acutely mindful of the macroeconomic and geopolitical environment, but we go into the second half of our year with confidence that we have a business that addresses our clients’ evolving requirements.’

Alpha Financial also announced on Wednesday that Euan Fraser will be stepping down as CEO, as well as his position on the board, on March 31, 2023. Fraser will remain at Alpha as a strategic adviser following his resignation.

The company has appointed Luc Baque, its current head of asset and wealth management, as its new CEO. Baque will succeed Fraser as CEO with effect from April 1, 2023.

‘The business is in great shape and well-placed for continued growth,’ said Fraser. ‘I am delighted to remain with the group as a strategic adviser and look forward to working with the board, Luc and the leadership team.’

The company declared an interim dividend for the first half of 3.70 pence per share, up from 2.90p a year prior.

Alpha Financial shares were trading 0.4% higher at 471.90p each in London on Wednesday morning.

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