Story Highlights:
- Alpha Group International advances to a premium listing segment of the London Stock Exchange’s main market
- The move enables Alpha to potentially qualify for inclusion in the prestigious FTSE index
- This comes after the strong financial performance in 2023, with 27% revenue growth and a 140% profit surge
Foreign exchange service provider Alpha Group International plc (AIM: ALPH) has confirmed its transition to the premium listing segment of the London Stock Exchange’s (LSE) main market. The move represents a milestone for the company, initially listed on the LSE’s Alternative Investment Market (AIM) in 2017.
Higher Revenue Requirements
Alpha’s advancement from the more flexible AIM to the main market’s premium segment aligns with its stated plans. The premium listing imposes more stringent revenue criteria, enabling Alpha to potentially qualify for inclusion in the prestigious FTSE index.
“This move aligns with the company’s previously stated plans and involves cancelling its AIM listing effective from today, coinciding with its admission to the main market,” an Alpha Group spokesperson stated. “The shift to the premium market segment, which imposes more stringent revenue requirements, is said to enable Alpha Group to expand its operations and qualify for inclusion in the FTSE index.”
Stellar Financial Performance
The UK-listed broker’s uplisting comes on the heels of a stellar financial year in 2023. Alpha amassed total revenue of £110 million, up 27% from the previous year, while profit before tax surged 140% to £115 million. Even amidst market challenges, the company maintained an underlying profit margin of 39%.
Further solidifying its position, Alpha Group’s other operating income from interest on client balances exceeded £73 million, well above the £9.3 million reported in FY 2022. The company’s balance sheet and liquidity remained robust, with adjusted net cash increasing by over £60 million to more than £177 million.
During the year, Alpha launched a new Fund Finance division and opened new Corporate FXRM offices in Madrid and Munich. It also finalized the acquisition of Financial Transaction Services, operating as Cobase, purchasing an 85% stake for €9.4 million in cash.
As Alpha Group advances to the LSE’s premium listing, its sights are set on securing a coveted spot in the FTSE index, a testament to its growth trajectory and financial prowess. The move promises increased visibility and prestige for the FX service provider on the global stage.
