Alfa Financial Software reports that the strong growth seen in Q1 continued through Q2. With a strong H1 performance and late-stage pipeline, Alfa is confident that their full-year expectations for 2023 will be achieved.
Alfa continued to deliver chargeable development days for customers in the half year ended 30 June 2023. Whilst chargeable customer development was more weighted towards the second half of the previous year, in 2023 Alfa expect it will be more weighted towards the first half, with H2 2023 having a greater focus towards future product roadmap development as Alfa prepare to announce their next major version release - only the sixth in their history.
This future release will further strengthen software and drive incremental sales in future years.
Double-digit growth in Subscription revenues has continued along with good growth in Services, benefiting from the strong growth in headcount last year. Cash generation has remained strong.
Alfa have continued to develop their software in the first half of the year, making progress in several new areas, such as Alfa Compose and Environmental Accounting, that will be headline items for the next major version release due to be announced in the autumn.
In the second quarter Alfa saw strong delivery for customers with six further go-live events, including a go-live in Mexico, a new country for Alfa. This follows on from the eight go-live events in the first quarter. A second US partner also came onboard in Q2 and is now operational.
Andrew Denton, Chief Executive Officer of Alfa, said: “I am delighted that we have continued to make good progress across all aspects of our business in the first half of 2023 and this has been supported by the strong financial performance. The strength of our order book, our sales execution and our pipeline all give us confidence in our expectations for the full year."