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Alfa Financial Software Holdings PLC on Friday said its quarterly revenue performance was ahead of expectations by ‘around £1 million’.
The London-based software developer for the asset finance industry said revenue for the first three months of the year totalled £27.0 million, up 20% from £22.5 million the year prior.
This attributed to strong growth in its services, which ‘benefited from a second-half weighted growth in headcount’ last year, adding that strong performance in software development has continued into 2023, as well as growth in subscription revenue and good cash generation.
Looking ahead, Alfa Financial Software said quarterly growth will benefit its operating profit performance. It has started work with two major US prospects in the last three months, giving the company ‘continued confidence’ in the strength of its pipeline.
Chief Executive Officer Andrew Denton 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.’
Shares in Financial Software were up 4.1% at 140.50 pence each in London on Friday morning.
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