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Alpha Financial Markets profit hurt by Axxsys acquisition costs

By BFN News | 09:21 AM | Wednesday 20 November, 2019


Alpha Financial Markets reported a fall in profit as costs associated with its acquisition of Axxsys in June this year offset an uptick in revenue. For the six months ended 30 September, pre-tax profit fell to £4.9m from £6.7m on-year as revenue increased by 8.9% to £42.4m. Administrative expenses rose to £11.1m from £8.4m, reflecting the increase in one-off transaction costs related to the Axxsys acquisition, the company said. An interim dividend of 2.10p per share was declared, up 9.9% from 1.91p a share. 'Moving into the second half, there is a good pipeline of new projects and we expect results for the full year to be in line with the board's expectations,' the company said. At 9:21am: (LON:AFM) Alpha Financial Markets Consulting Plc share price was +3p at 196p Story provided by StockMarketWire.com

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