Alfa Financial Software Hldgs PLC Q1 Trading update (7650X)
April 28 2023 - 2:00AM
UK Regulatory
TIDMALFA
RNS Number : 7650X
Alfa Financial Software Hldgs PLC
28 April 2023
28 April 2023
Alfa Financial Software Holdings PLC
Q1 trading update
Alfa Financial Software Holdings PLC ("Alfa" or the "Company"),
a leading developer of mission-critical software for the asset
finance industry provides an update on trading for the first
quarter of the year ended on 31 March 2023.
Operational performance
In the first quarter we have seen excellent delivery for our
customers, with eight deliveries during the quarter and a further
three after the quarter end. These included two new customer
go-lives in Q1, one of which was an Alfa Start customer. Since the
quarter end we have gone live with an existing customer in Mexico,
taking the total number of countries in which Alfa Systems is live
to 38.
We announced at the time of our full year 2022 results that we
had added a new prospect to our pipeline taking the total in the
late stage pipeline to ten and it remains at this high level. We
have started work with two major US prospects during the quarter.
Along with the two large European prospects we started last year we
are now doing paid work with four prospects, with some of that work
contracted into H2. This gives us continued confidence in the
strength of our pipeline.
Q1 trading
We have seen excellent revenue growth in the first quarter
across all revenue streams with total revenue of GBP27.0m up 20% on
this time last year (2022: GBP22.5m) or 14% at constant
currency.
Growth has been particularly strong in Services benefiting from
the second-half weighted growth in headcount last year. The very
strong performance at the end of 2022 in Software development has
continued into 2023 along with continuing excellent growth in
Subscription revenues, and good cash generation.
The revenue performance in Q1 is tracking ahead of our
expectations by approximately GBP1m. Most of that increase will
benefit operating profit performance.
Andrew Denton, Chief Executive Officer of Alfa, said:
"Last year we had a strong second half both operationally and
financially and it is pleasing to see that strong performance
carrying into the first quarter of 2023 to give an excellent start
to the year. We are also pleased to continue our sales momentum
from last year as we start work with two new important prospects.
The strength of the late stage pipeline reflects robust demand in
the sector and the competitive strength of our proposition gives us
confidence in our expectations for the full year."
Enquiries
Alfa Financial Software Holdings
PLC +44 (0)20 7588 1800
Andrew Denton, Chief Executive
Officer
Duncan Magrath, Chief Financial
Officer
Andrew Page, Executive Chairman
Teneo +44 (0)20 7353 4200
James Macey White
Ed Cropley
Barclays +44 (0)20 7623 2323
Robert Mayhew
Tom MacDonald
Investec +44 (0)20 7597 4000
Patrick Robb
Virginia Bull
Notes to Editors
Alfa has been delivering software systems and services to the
global asset and automotive finance industry since 1990. Our agile
methodologies and specialised knowledge of asset and automotive
finance enables the delivery of large software implementations and
highly complex business change projects. With an excellent delivery
track record now into its fourth decade, 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 and automotive finance
companies. 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. A cloud-native, 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 38 countries. Alfa has offices
in Europe, Australasia and North America. For more information,
visit www.alfasystems.com.
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