Announcement • Nov 03
Alpha Group International Announces Cancellation of Listing from the London Stock Exchange Further to the announcement of Alpha Group International plc (Alpha) on 31 October 2025 that the Scheme for the acquisition of Alpha by Corpay Inc. has now become effective in accordance with its terms, Alpha confirms that the listing of Alpha Shares on the equity shares (commercial companies) category of the Official List and the main market of the London Stock Exchange was cancelled with effect from November 3, 2025. Reported Earnings • Sep 10
First half 2025 earnings released: EPS: UK£0.82 (vs UK£1.04 in 1H 2024) First half 2025 results: EPS: UK£0.82 (down from UK£1.04 in 1H 2024). Revenue: UK£125.4m (up 17% from 1H 2024). Net income: UK£35.2m (down 21% from 1H 2024). Profit margin: 28% (down from 42% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 15% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in the United Kingdom are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 35% per year. New Risk • Jul 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to UK£41.65, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 153% over the past three years. Announcement • May 30
Alpha Group Announces Extension of PUSU Period Further to the announcement dated 6 May 2025, the Board of Alpha Group International plc (LSE:ALPH) (the "Board") has held recent discussions with Corpay, Inc. (NYSE:CPAY) and believes that it is in the best interests of shareholders to continue engagement with Corpay. In accordance with Rule 2.6(a) of the Code, Corpay was required, by no later than 5:00 p.m. on 30 May 2025 (the "PUSU Deadline"), to either announce a firm intention to make an offer for Alpha in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The Board has, in accordance with Rule 2.6(c) of the Code, requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the PUSU Deadline by which Corpay is required either to announce a firm intention to make an offer for Alpha in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. (London time) on 7 July 2025 (the "New PUSU Deadline"). The New PUSU Deadline can be extended by the Board of Alpha, with the consent of the Takeover Panel. Announcement • May 20
Alpha Group International plc Launches A New Guide for Fund Managers and Service Providers Alpha Group International plc announced that it is launching a new guide for fund managers and service providers. The guide offers advice and direction on the various aspects involved in setting up, managing and maintaining accounts, as well as how to ensure payments are made successfully. An uptick in regulations coupled with increasingly complex dynamics between investors, service providers and banks has complicated opening accounts and making payments. Private capital fund managers are now having to tackle nuanced and time-consuming onboardings with account providers, with each having their own unique process. Delays in setting up the account can impact investor confidence; LPs might start to question a GP's ability to execute on a deal. At best, the fund manager has to clarify AML and KYC information. At worst, it could mean their deal deadline is missed, which could mean returning capital to investors. If GPs haven't considered and planned for this level of complexity, it's possible (and from experience highly likely) that the lack of transaction activity, coupled with the heightened AML and KYC requirements, will render their account commercially unviable for their banking provider. When that happens, GPs can quickly find themselves in a situation where their account is being closed at short notice. This comprehensive guide details the various aspects involved in set up, managing and maintaining accounts. Alpha also explores the potential risks, downfalls and solutions, including: Key considerations on types of accounts and providers; Advice on account maintenance and management; Managing accounts across multiple jurisdictions; Exploring common challenges and what can go wrong; Being strategic when it comes to accounts and payments. Announcement • May 16
Alpha Group International plc Declares Final Dividend for the Year Ended 31 December 2024 Alpha Group International plc at its AGM held on 15 May 2025, declare a final dividend of 14.0 pence per share for the Year Ended 31 December 2024. Announcement • May 06
Corpay, Inc. (NYSE:CPAY) cancelled the acquisition of Alpha Group International plc (LSE:ALPH). Corpay, Inc. (NYSE:CPAY) proposed to acquire Alpha Group International plc (LSE:ALPH) on May 2, 2025. Corpay is required, by not later than on 30 May 2025 either to announce a firm intention to make an offer for Alpha in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer for Alpha. There can be no certainty that an offer will be made, nor as to the terms on which any firm offer might be made.
Ernest Bell, Richard Clarke and Lucia Sviatkova of Oppenheimer Europe Ltd. acted as financial advisor for Corpay, Inc.
Corpay, Inc. (NYSE:CPAY) cancelled the acquisition of Alpha Group International plc (LSE:ALPH) on May 6, 2025. The Board of Alpha Group International carefully considered the proposal, together with its financial advisers, and unanimously rejected it.
Neil Patel and Benjamin Cryer of Peel Hunt LLPacted as financial advisors for Alpha Group International plc. Tadhg Flood and Hadleigh Beals of Centerview Partners UK LLP acted as financial advisors for Alpha Group International plc. Announcement • May 03
Corpay in Talks for Takeover of Alpha Group International Corpay, Inc. (NYSE:CPAY) confirmed in relation to recent media speculation that it has been in discussions with Alpha Group International plc (LSE:ALPH) regarding a potential takeover offer for its entire share capital. Alpha is a London-based provider of financial services, including foreign exchange risk management, and is listed on the FTSE 250 index. Corpay has until May 30 to announce a firm intention to make an offer for Alpha, and there is no certainty that an offer will be made. The announcement on May 2, 2025 was made without the consent of Alpha, Corpay noted. Reported Earnings • Apr 19
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: UK£2.16 (up from UK£2.06 in FY 2023). Revenue: UK£220.9m (up 19% from FY 2023). Net income: UK£93.0m (up 4.7% from FY 2023). Profit margin: 42% (down from 48% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is expected to decline by 4.9% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
Alpha Group International plc, Annual General Meeting, May 15, 2025 Alpha Group International plc, Annual General Meeting, May 15, 2025. Location: the offices of bird and bird llp, 12 new fetter lane, ec4a 1jp, london United Kingdom Upcoming Dividend • Apr 17
Upcoming dividend of UK£0.14 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 8.4% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (2.8%). Reported Earnings • Mar 20
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: UK£2.16 (up from UK£2.06 in FY 2023). Revenue: UK£220.9m (up 19% from FY 2023). Net income: UK£93.0m (up 4.7% from FY 2023). Profit margin: 42% (down from 48% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 19
Alpha Group International plc Proposes Final Dividend for the Year Ended 31 December 2024 , Payable on 23 May 2025 The Board of Alpha Group International plc to declare a final dividend of 14.0 pence per share (2023: 12.3 pence). Subject to shareholder approval, the final dividend will be payable to shareholders on the register at 25 April 2025, and will be paid on 23 May 2025. This represents a total dividend for the year of 18.2 pence per share (2023: 16.0 pence). Announcement • Mar 01
Alpha Group International plc Appoints Nicole Coll to the Board as an Independent Non-Executive Director, Effective 17 March Alpha Group International plc announced the appointment of Nicole Coll to the Board as an independent non-executive Director with effect from 17 March. Nicole is a qualified chartered accountant with over 25 years of global financial services experience. During this time, she has held a number of Executive Director, C-suite and leadership roles, including as CFO of a privately owned UK Bank, Chief Financial Accountant at the Bank of England and several senior finance roles at Société Générale. Currently, Nicole maintains a diverse portfolio of independent non-executive director (NED) roles across leading financial services organisations. Her more notable appointments include serving as a Non-Executive Director & Chair of the Remuneration Committee at Société Générale International Limited, as well as Senior Independent Non-Executive Director and Chair of both the Audit and Remuneration Committees at Atrium Underwriting Group Ltd. Additionally, she is a Non-Executive Director and Chair of the Audit Committee at DF Capital Bank Limited, and a Senior Independent Non-Executive Director, Deputy Chair, and Chair of the Audit Committee at Dudley Building Society. Upon her appointment, Nicole will become Chair of the Group's Audit Committee, taking over from Vijay Thakrar who will continue as Remuneration Committee Chair. Nicole will also be a member of the Remuneration and Nomination committees. Following Nicole Coll's appointment, the composition of the Board will be: Non-executive Directors: Dame Jayne-Anne Gadhia - Group Chair, and Chair of the Nomination Committee, Vijay Thakrar - Chair of the Remuneration Committee, Nicole Coll - Chair of the Audit Committee. Executive Directors: Clive Kahn, Chief Executive Officer, Tim Powell, Chief Financial Officer, and Tim Butters, Chief Risk Officer. Recent Insider Transactions • Feb 14
Independent Non-Executive Director recently sold UK£290k worth of stock On the 11th of February, Vijay Thakrar sold around 12k shares on-market at roughly UK£25.21 per share. This transaction amounted to 49% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought UK£2.8m more than they sold in the last 12 months. Board Change • Nov 04
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Chairman Jayne-Anne Gadhia was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Oct 30
Now 23% overvalued Over the last 90 days, the stock has fallen 16% to UK£21.50. The fair value is estimated to be UK£17.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to decline by 21% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Recent Insider Transactions • Oct 15
Independent Non-Executive Chairman recently bought UK£521k worth of stock On the 11th of October, Clive Kahn bought around 25k shares on-market at roughly UK£20.85 per share. This transaction amounted to 6.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth UK£1.0m. Clive has been a buyer over the last 12 months, purchasing a net total of UK£2.6m worth in shares. Recent Insider Transactions • Oct 06
Independent Non-Executive Chairman recently bought UK£552k worth of stock On the 1st of October, Clive Kahn bought around 25k shares on-market at roughly UK£22.07 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Clive has been a buyer over the last 12 months, purchasing a net total of UK£1.1m worth in shares. Buy Or Sell Opportunity • Oct 04
Now 22% overvalued Over the last 90 days, the stock has fallen 6.0% to UK£21.90. The fair value is estimated to be UK£17.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to decline by 21% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Recent Insider Transactions • Sep 15
Independent Non-Executive Chairman recently bought UK£529k worth of stock On the 12th of September, Clive Kahn bought around 25k shares on-market at roughly UK£21.17 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Clive's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Sep 14
Now 20% overvalued Over the last 90 days, the stock has fallen 9.6% to UK£21.60. The fair value is estimated to be UK£17.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to decline by 21% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to UK£20.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Capital Markets industry in the United Kingdom. Total loss to shareholders of 6.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£18.02 per share. Reported Earnings • Sep 06
First half 2024 earnings released: EPS: UK£1.04 (vs UK£0.92 in 1H 2023) First half 2024 results: EPS: UK£1.04 (up from UK£0.92 in 1H 2023). Revenue: UK£106.8m (up 19% from 1H 2023). Net income: UK£44.8m (up 13% from 1H 2023). Profit margin: 42% (down from 44% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Sep 06
First half dividend increased to UK£0.042 Dividend of UK£0.042 is 14% higher than last year. Ex-date: 12th September 2024 Payment date: 11th October 2024 Dividend yield will be 0.7%, which is lower than the industry average of 3.3%. Payout Ratios Payout ratio: 8%. Cash payout ratio: 8%. Announcement • Sep 05
Alpha Group International plc Proposes to Declare an Interim Dividend in Respect of the Year Ended 31 December 2024, Payable on 11 October 2024 Alpha Group International plc Proposed to declare an interim dividend of 4.2 pence per share in respect of the year ended 31 December 2024 (2023: 3.7 pence). The interim dividend will be payable on 11 October 2024 to shareholders on the register at 13 September 2024. The ex-dividend date is 12 September 2024. Price Target Changed • Jul 23
Price target increased by 8.8% to UK£30.35 Up from UK£27.90, the current price target is an average from 2 analysts. New target price is 22% above last closing price of UK£24.80. Stock is up 11% over the past year. The company is forecast to post earnings per share of UK£2.13 for next year compared to UK£2.06 last year. Board Change • May 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Vijay Thakrar was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 02
Alpha Group International plc Appoints Jayne-Anne Gadhia as Chair Designate The Board of Alpha Group announced that at its Annual General Meeting held earlier all resolutions were duly passed. Following the AGM, and further to its announcement on 20 March 2024, Jayne-Anne Gadhia has been appointed to the Board of Alpha as Chair Designate with immediate effect. Jayne-Anne brings a wealth of financial leadership experience to the Board. A chartered accountant, she spent six years at Norwich Union (now Aviva) before becoming one of the founders of Virgin Direct in 1995. Three years later, she set up the Virgin One account, which was acquired by the Royal Bank of Scotland in 2001. She subsequently spent five years at RBS before returning to Virgin as CEO to launch Virgin Money, where she served for more than 10 years, from 2008 to 2018. During this time, she led the company's acquisition and successful integration of Northern Rock, subsequently listing Virgin Money in 2014. Following the sale of Virgin Money, Jayne-Anne joined Salesforce from 2019-2021. She left Salesforce to focus on her own fintech, Snoop, which was sold to Vanquis Bank in July 2023. Jayne-Anne is currently Lead Non-Executive Director at HM Revenue and Customs (HMRC), Chair of Moneyfarm, Senior Independent Director at the Tate, and a Senior Advisor at Vanquis Bank. From 2016 to 2021 she was also the UK Government's Women in Finance Champion and continues to support and promote the Women in Finance Charter as an adviser. In 2018 she was named Leader of the Year at the Lloyds Bank National Business Awards. She sits on the Mayor of London's Business Advisory Board and the Financial Inclusion Policy Forum. Jayne-Anne was awarded a CBE in the 2014 New Year's Honours list, made a Dame in the 2019 Honours list, and awarded a CVO in the 2022 Birthday Honours List. Announcement • Apr 05
Alpha Group International plc to Report Fiscal Year 2023 Results on Apr 08, 2024 Alpha Group International plc announced that they will report fiscal year 2023 results on Apr 08, 2024 Declared Dividend • Mar 22
Final dividend increased to UK£0.12 Dividend of UK£0.12 is 12% higher than last year. Ex-date: 4th April 2024 Payment date: 10th May 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.3%. Payout Ratios Payout ratio: 8%. Cash payout ratio: 9%. Announcement • Mar 21
Alpha Group International plc, Annual General Meeting, May 01, 2024 Alpha Group International plc, Annual General Meeting, May 01, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: UK£2.06 (vs UK£0.87 in FY 2022) Full year 2023 results: EPS: UK£2.06 (up from UK£0.87 in FY 2022). Revenue: UK£186.0m (up 73% from FY 2022). Net income: UK£88.8m (up 144% from FY 2022). Profit margin: 48% (up from 34% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 20
Alpha Group International plc Announces Board Changes Alpha Group International plc announced the appointment of Dame Jayne-Anne Gadhia as Chair Designate. Clive Kahn has been Chair of the Company since 2016, and therefore will not be seeking re-election at the Company's 2025 AGM. In order to ensure good corporate governance and a smooth handover of Chair responsibilities, Jayne-Anne will remain Chair Designate until the conclusion of Clive's term as Chair. Jayne-Anne's appointment as Chair Designate will be effective on the conclusion of the Company's AGM on 01 May 2024, subject to the completion of normal regulatory due diligence by the Company's Nominated Adviser. Jayne-Anne brings a wealth of financial leadership experience to the Board. A chartered accountant, she spent six years at Norwich Union (now Aviva) before becoming one of the founders of Virgin Direct in 1995. Three years later, she set up the Virgin One account, which was acquired by the Royal Bank of Scotland in 2001. She subsequently spent five years at RBS before returning to Virgin as CEO to launch Virgin Money, where she served for more than 10 years, from 2008 to 2018. During this time, she led the company's acquisition and successful integration of Northern Rock, subsequently listing Virgin Money in 2014. Following the sale of Virgin Money, Jayne-Anne joined Salesforce from 2019-2021. She left Salesforce to focus on her own fintech, Snoop, which was sold to Vanquis Bank in July 2023. Jayne-Anne is currently Lead Non-Executive Director at HM Revenue and Customs (HMRC), Chair of Moneyfarm, Senior Independent Director at the Tate, and a Senior Advisor at Vanquis Bank. From 2016 to 2021 she was also the UK Government's Women in Finance Champion and continues to support and promote the Women in Finance Charter as an adviser. In 2018 she was named Leader of the Year at the Lloyds Bank National Business Awards. She sits on the Mayor of London's Business Advisory Board and the Financial Inclusion Policy Forum. Jayne-Anne was awarded a CBE in the 2014 New Year's Honours list, made a Dame in the 2019 Honours list, and awarded a CVO in the 2022 Birthday Honours List. Lisa Gordon, Non-Executive Director of the Company, will step down from the Board on 1 May 2024 by not seeking re-election at the Company's AGM. Lisa has been with the Board since the company's IPO in April 2017 and has been Chair of the Remuneration Committee since that date. A process to recruit an additional Non-Executive Director will be undertaken in the coming months. Price Target Changed • Feb 26
Price target decreased by 7.0% to UK£26.88 Down from UK£28.90, the current price target is an average from 2 analysts. New target price is 61% above last closing price of UK£16.70. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of UK£1.97 for next year compared to UK£0.87 last year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£17.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£10.13 per share. Announcement • Dec 01
Alpha Group International plc (AIM:ALPH) acquired 85% stake in Financial Transaction Services BV from ING Ventures for €9.4 million. Alpha Group International plc (AIM:ALPH) entered into a conditional agreement to acquire 85% stake in Financial Transaction Services BV from ING Ventures for €9.4 million on September 12, 2023. The consideration to be paid in cash. The remaining stake to be acquired via a performance-based earn-out between 2025 and 2028. Cobase has revenues of over €2 million. Cobase will retain its team and continue to operate under its own brand and management whilst its proprietary technology will help to accelerate Alpha's digital proposition and enable us to become increasingly more integrated with our clients by providing a more holistic treasury service around our core FX risk management proposition. Liberum acted as a advisor in transaction. Clair Wermers, Elmer Veenman, Herman Boersen of CMS Cameron McKenna Nabarro Olswang LLP acted as legal advisor to Alpha Group International plc.
Alpha Group International plc (AIM:ALPH) completed the acquisition of 85% stake in Financial Transaction Services BV from ING Ventures on December 1, 2023. Alpha Group International plc received approval from the Dutch Central Bank and fulfilled all other closing requirements. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£17.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£10.74 per share. Reported Earnings • Sep 17
First half 2023 earnings released: EPS: UK£0.88 (vs UK£0.33 in 1H 2022) First half 2023 results: EPS: UK£0.88 (up from UK£0.33 in 1H 2022). Revenue: UK£88.8m (up 92% from 1H 2022). Net income: UK£37.6m (up 171% from 1H 2022). Profit margin: 42% (up from 30% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Significant insider selling over the past 3 months (UK£249k sold). Announcement • Jul 26
Alpha Group International plc Provides Financial Guidance for the Second Half of 2023 Alpha Group International plc provided financial guidance for the second half of 2023. the company expected that the Group is on track to deliver another strong year of revenue and underlying profit growth in line with expectations. Given the momentum in Alternative Banking business and the interest rate outlook, the company also expect Other Operating Income to remain very strong, which will help drive substantial cash flows over the year. Price Target Changed • Jul 26
Price target increased by 7.6% to UK£27.18 Up from UK£25.25, the current price target is provided by 1 analyst. New target price is 23% above last closing price of UK£22.15. Stock is up 31% over the past year. The company posted earnings per share of UK£0.87 last year. New Risk • Jun 08
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£269k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Significant insider selling over the past 3 months (UK£269k sold). Recent Insider Transactions • Jun 08
Chief Risk Officer & Executive Director recently sold UK£249k worth of stock On the 6th of June, Timothy Butters sold around 11k shares on-market at roughly UK£21.80 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£147k more than they bought in the last 12 months. Announcement • May 10
Alpha Group International plc Announces Launch of Fund Finance Intermediary Solution Alpha Group International plc announced the launch of a new fund finance intermediary offering as part of its growing range of solutions for the alternative investment market. The global fund finance market is sizeable and growing, with funds typically borrowing from bank and non-bank lenders via short-term revolving credit facilities in order to optimise liquidity and returns throughout key stages in their fund's lifecycles. Accessing fund finance is typically a time-consuming and resource-intensive process, and with an eco-system of over 200 bank and non-bank lenders globally, securing the right lender on the best possible terms can be a daunting task for fund managers. Furthermore, even once a lender has been identified, the process of structuring a loan, agreeing and underwriting terms, engaging legal teams, and onboarding is significant, with management estimating that, end-to-end, the process can take over 300 man-hours per facility whilst also incurring significant costs. Alpha's solution aims to overcome these challenges by providing borrowers with a better way to access and manage their fund financing. By leveraging the team's experience and Alpha's technology, Alpha will provide an end-to-end 'modular' service, tailored to each borrower's specific requirements. This will include matching and introducing them to the right lenders, all the way through to helping structure their ideal funding product and overseeing the execution of their facility. Lenders meanwhile will benefit from fast access to a large and growing pool of pre-qualified borrowers and streamlined administration of their loans, with the Group already holding relationships with over 800 fund managers through its existing origination engine. The fund finance team will operate from Alpha's new alternative banking HQ in Paddington, London and is being led by Adam Heaysman (MD, Debt Structuring) who joins the company with over 25 years' experience in private equity and fund finance, the last eight of which have been as Director and co-founder of the Fund Finance division of Raiffeisen Bank International, AG. By combining Adam's experience in fund finance with Alpha's strong track record of origination and technological innovation in the alternative investment industry, the team will provide a fund finance intermediary business that provides more effective access and administration of the fund finance market for all participants. Upcoming Dividend • Apr 06
Upcoming dividend of UK£0.11 per share at 0.7% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: UK£0.87 (vs UK£0.58 in FY 2021) Full year 2022 results: EPS: UK£0.87 (up from UK£0.58 in FY 2021). Revenue: UK£98.3m (up 27% from FY 2021). Net income: UK£36.4m (up 55% from FY 2021). Profit margin: 37% (up from 30% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jan 18
Alpha Group International plc Provides Earnings Guidance for the Year Ended December 31, 2022 Alpha Group International plc provided earnings guidance for the year ended December 31, 2022. The company expects revenue for the full year to increase 27% to approximately £98 million (2021: £77.5 million), operating profit to be in-line with expectations and profit before tax (including interest) to be ahead. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 16% share price gain to UK£19.90, the stock trades at a trailing P/E ratio of 32.1x. Average forward P/E is 15x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 95% over the past three years. Announcement • Oct 21
Alpha FX Group plc Provides Revenue Guidance for the Year Ending December 2022 Alpha FX Group plc provided revenue guidance for the year ending December 2022. The revenue expectations, highlighting robust business model during a period of macro volatility, with both divisions continuing to perform strongly into second half of 2022. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to UK£18.65, the stock trades at a trailing P/E ratio of 30x. Average forward P/E is 15x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 98% over the past three years. Reported Earnings • Sep 06
First half 2022 earnings released: EPS: UK£0.33 (vs UK£0.28 in 1H 2021) First half 2022 results: EPS: UK£0.33 (up from UK£0.28 in 1H 2021). Revenue: UK£46.1m (up 35% from 1H 2021). Net income: UK£13.9m (up 24% from 1H 2021). Profit margin: 30% (down from 33% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 33% per year. Announcement • Sep 05
Alpha FX Group plc Declares Interim Dividend, Payable on 7 October 2022 Alpha FX Group plc declared an interim dividend in respect of the year ending 31 December 2022 of 3.4 pence per share (2021: 3.0 pence). The interim dividend will be payable on 7 October 2022 to shareholders on the register at 9 September 2022. The ex-dividend date is 8 September 2022. Announcement • Apr 13
Alpha FX Group plc, Annual General Meeting, May 05, 2022 Alpha FX Group plc, Annual General Meeting, May 05, 2022, at 08:00 Coordinated Universal Time. Location: Bird & Bird LLP 12 New Fetter Lane Lodnon United Kingdom Agenda: To consider the approval of annual report and accounts; to consider approval of the remuneration committee report; to consider election and re-election of directors; to consider re-appointment and remuneration of auditor; to consider final dividend; to consider the allotment of share capital; to consider the disapplication of statutory preemption rights; to consider the authority for market purchases of own shares; and to transact such other business issues. Upcoming Dividend • Apr 07
Upcoming dividend of UK£0.08 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (4.6%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 17% share price gain to UK£19.90, the stock trades at a trailing P/E ratio of 35.6x. Average forward P/E is 15x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 189% over the past three years. Recent Insider Transactions • Mar 18
Independent Non-Executive Chairman recently bought UK£139k worth of stock On the 16th of March, Clive Kahn bought around 8k shares on-market at roughly UK£17.50 per share. This was the largest purchase by an insider in the last 3 months. This was Clive's only on-market trade for the last 12 months. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: UK£0.58 (up from UK£0.32 in FY 2020). Revenue: UK£77.5m (up 68% from FY 2020). Net income: UK£23.5m (up 89% from FY 2020). Profit margin: 30% (up from 27% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 19% compared to a 1.7% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 23% share price decline to UK£17.00, the stock trades at a trailing P/E ratio of 34.4x. Average forward P/E is 18x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 164% over the past three years. Announcement • Jan 19
Alpha FX Group plc Provides Earnings Guidance for the Full Year of 2021 Alpha FX Group plc provided earnings guidance for the full year of 2021. For the year, the company expects revenue to be in excess of £77 million, representing an increase of 67% compared to the previous fiscal year, and ahead of previous analyst expectations set following the Group's December trading update. Underlying operating profit is also expected to be ahead of most recent analyst expectations. Announcement • Dec 08
Alpha FX Group plc Provides Earnings Guidance for the Full Year of 2021 Despite this increase in costs, as a result of the continued strong trading since 1 September 2021, the Alpha FX Group plc Board now expects that revenue and earnings for the year will be ahead of most recent expectations. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 17% share price gain to UK£21.70, the stock trades at a trailing P/E ratio of 43.9x. Average forward P/E is 19x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 17% share price gain to UK£21.40, the stock trades at a trailing P/E ratio of 42.6x. Average forward P/E is 20x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 289% over the past three years. Reported Earnings • Sep 05
First half 2021 earnings released: EPS UK£0.28 (vs UK£0.089 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£34.2m (up 90% from 1H 2020). Net income: UK£11.2m (up 228% from 1H 2020). Profit margin: 33% (up from 19% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 27
Price target increased to UK£18.00 Up from UK£15.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of UK£15.40. Stock is up 96% over the past year. Upcoming Dividend • Apr 09
Upcoming dividend of UK£0.08 per share Eligible shareholders must have bought the stock before 15 April 2021. Payment date: 14 May 2021. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (4.2%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 18
Full year 2020 earnings released: EPS UK£31.70 (vs UK£0.30 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: UK£46.2m (up 31% from FY 2019). Net income: UK£12.5m (up 13% from FY 2019). Profit margin: 27% (down from 31% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 184% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Mar 17
Alpha FX Group plc Proposes Final Dividend, Payable on May 13, 2020 Alpha FX Group plc proposed final dividend of 8.0 pence per share. Subject to shareholder approval, the final dividend will be payable to Shareholders on the register at 16 April 2021 and will be paid on 14 May 2021. Is New 90 Day High Low • Jan 23
New 90-day high: UK£14.30 The company is up 31% from its price of UK£10.95 on 23 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: UK£13.40 The company is up 21% from its price of UK£11.10 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: UK£12.65 The company is up 38% from its price of UK£9.20 on 04 September 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 9.0% over the same period. 
