Business
2023 Half Year Report
2023 Half Year Report.
About this update from Alfa Financial Software Holdings Plc
[{"type":"text","content":"\n\n31 August 2023\nAlfa Financial Software Holdings PLC\n \n2023 Half Year Report\n \nStrong first half, full year expectations reiterated\n \n \nAlfa Financial Software Holdings PLC (\"Alfa\" or the \"Company\"), a leading developer of software for the asset finance industry, today publishes its unaudited results for the six months ended 30 June 2023 (\"the period\").\n \nFinancial summary\n \n\n\n\n\nResults\n\n\nH1 2023\n\n\nH1 2022\n\n\nMovement\n\n\n\n\n£m, unless otherwise stated\n\n\nUnaudited\n\n\nUnaudited\n\n\n%\n\n\n\n\nRevenue\n\n\n52.9\n\n\n43.9\n\n\n21%\n\n\n\n\nOperating profit\n\n\n16.9\n\n\n14.2\n\n\n19%\n\n\n\n\nProfit before tax\n\n\n16.6\n\n\n13.8\n\n\n20%\n\n\n\n\nEarnings per share - basic (pence)\n\n\n4.52\n\n\n3.92\n\n\n15%\n\n\n\n\nEarnings per share - diluted (pence)\n\n\n4.45\n\n\n3.85\n\n\n16%\n\n\n\n\nSpecial dividend declared per share (pence)\n\n\n4.0\n\n\n3.5\n\n\n14%\n\n\n\n\n \n \n\n\n\n\n£m\n\n\nH1 2023 Unaudited\n\n\n31 Dec 2022\nAudited\n\n\nMovement %\n\n\n\n\nCash\n\n\n26.3\n\n\n18.7\n\n\n41%\n\n\n\n\n \n \n\n\n\n\nKey measures (1)\n\n\nH1 2023\n\n\nH1 2022\n\n\nMovement\n\n\n\n\n£m, unless otherwise stated\n\n\nUnaudited\n\n\nUnaudited\n\n\n%\n\n\n\n\nRevenue - constant currency\n\n\n52.9\n\n\n45.0\n\n\n18%\n\n\n\n\nCash generated from operations\n\n\n26.2\n\n\n17.8\n\n\n47%\n\n\n\n\nOperating free cash flow conversion (%)\n\n\n140%\n\n\n112%\n\n\n28%\n\n\n\n\nTotal Contract Value (TCV)\n\n\n138\n\n\n138\n\n\n0%\n\n\n\n\n \n(1) See definitions section for further information regarding calculation of measures not defined by IFRS.\n \n \n\nFinancial highlights\n\nRevenue up 21% versus H1 2022, 18% at constant currency\n\n\nSubscription revenues up 14%, supported by hosting up 33%\nSoftware revenues up 33% driven by high customer funded development in the half\nServices up 21% with increased headcount and strong chargeability\n\n\nOperating profit up 19% on H1 2022 as the business maintains investment in the future\nContinued strong cash generation at 140%\nRobust balance sheet position with £26.3m of cash and no bank debt\nSpecial dividend of 4.0 pence per share (£11.8m) declared\n\n \nStrategic highlights\n\nDiversified customer base. Top five customers make up 36% of revenues in H1 2023 compared with 64% four years ago\...