Pre-close update - in line with expectations
28 July 2022
Alfa Financial Software Holdings PLC
Pre-close update - in line with expectations
Alfa Financial Software Holdings PLC ("Alfa" or the "Company"), a leading developer of mission-critical software for the asset finance industry provides this update on trading. The half-year results are expected to be announced on Thursday 1 September 2022.
Operational Performance
In the second quarter we have seen further strong delivery for our customers and we have made very good progress with partner utilisation.
The market for talent remains competitive but we have continued to retain and grow our talent pool and we are in line with our plans at the half year point.
Our pipeline has increased during the half year and it is healthy across all stages. We continue to sign new business and our Total Contract Value has grown.
Trading
Trading was in line with our expectations with good revenue growth in the first half benefiting from continued growth in Subscription revenues and also the effect of favourable exchange rates. Services revenue was slightly up on the first half of last year despite additional vacation days being taken. Software revenue was in line with the first half last year. Cash generation has remained strong.
Demand remains strong at the half year point, but we remain conscious that the current macro-economic uncertainty is likely to continue. Our global reach and continuing reduction in customer concentration along with strong sales drivers like the requirement for agility, digitalisation and regulatory push factors add protection for Alfa's growth and performance.
Outlook
We remain confident of achieving full year market expectations and we believe that we still have the opportunity to exceed them through our second half performance. The Board remains very confident that the Group's strong intellectual property, strategy and business model will maintain its market-leading position, financial performance and continued growth.
Andrew Denton, Chief Executive Officer of Alfa, said:
"I am very happy with our performance in the first half of 2022. The strength of our order book, our sales execution and our pipeline all give us confidence. We are pleased with our performance in recruiting and retaining talent in a competitive market and especially pleased with the expansion of our partner program. Whilst there is a significant degree of macro-economic uncertainty, we are confident in our expectations for the full year."
Enquiries
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Alfa Financial Software Holdings PLC Andrew Denton, Chief Executive Officer Duncan Magrath, Chief Financial Officer and |
+44 (0)20 7588 1800 |
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Tulchan Communications LLP James Macey White Matt Low |
+44 (0)20 7353 4200
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LEI : 213800C5UOZHUTNUGA28
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.
Notes to Editors
Alfa has been delivering software systems and consultancy services to the global asset and automotive finance industry since 1990. Our best practice methodologies and specialised knowledge of asset finance facilitates delivery of large software implementations and highly complex business change projects. With an excellent delivery track record spanning three decades, Alfa's experience and performance is unrivalled in the industry.
Alfa Systems, our class-leading technology platform, is at the heart of some of the world's largest asset finance companies. Key to the business case for each implementation is Alfa Systems' ability to replace multiple customer systems with our single platform. Alfa Systems supports both retail and corporate business for auto, equipment, wholesale and dealer finance on a multijurisdictional basis, including leases/loans, originations and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, Alfa Systems provides compelling solutions to asset finance companies.
Alfa Systems is currently live in 37 countries where it is supporting a portfolio where the customers' end clients are located. Alfa has offices in Europe, Australasia and North America. For more information, visit www.alfasystems.com .
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