According to an investor update, the company was able to amass a total revenue of £55 million. This figure was up 20% over the six months through June 2022, which was reported at £46 million the previous year. As per the report, the FX Risk Management segment experienced substantial growth, with revenue increasing by 21% to £39 million, up from £32 million in H1 2022. The Alternative Banking division also showed strong progress, recording a revenue increase of 17% to £16 million (compared to £14 million in H1 2022). When considering the net increase in deferred revenue from account fees, the growth reached an impressive 32% (£4.9 million to £7 million). Other operating income from interest on client balances contributed to the solid H1 results, with £33 million in H1 2023. This drove exceptional profit growth, and the average Alternative Banking client balances in Q2 2023 reached £1.9 billion, with blended average interest rates of 3.8% (compared to £1.6 billion and 2.8% in Q1 2023). Meanwhile, the number of Alpha’s risk management clients increased 21%, from 1,047 to 1,089. Alternative Banking Solutions accounts also increased by over 1,150 during H1, taking the total to 5,350 to date. Commenting on the results, Morgan Tillbrook, Chief Executive Officer of Alpha Group said: "It is testament to our strategy, offering, and most importantly, our team, that we have continued to grow strongly in spite of some challenging macro-economic headwinds. I am proud that the operational progress and investments that we have continued to make during this period remain very much long-term focused. I am therefore confident that our prospects remain excellent, and that as macro-economic conditions improve, we remain in a great position to capitalise on the sizeable market opportunity in front of us." Alpha Group revealed that it plans to open its sixth office in Madrid later in the year after it has already built up a sizeable Spanish speaking client base. The Madrid team will be led by long-term Alpha’s employees who have been penetrating these markets from London since 2017. The new office space will also generate a number of jobs for local talents within the B2B sector, as Alpha Group looks to maintain attractive profit margins. The group already caters to a wide range of clients, including medium sized corporates that deal with currency conversion, international commerce, and payrolls. The corporate&nbsp;<a href="https://financefeeds.com/alpha-fxs-offering-revamp-takes-on-group-website/" rel="noopener noreferrer nofollow">finance specialist</a>&nbsp;has chosen Bristol as the location of its new sales office to drive further growth through providing its existing offering to smaller corporates. The office was initially established in January 2022 to focus on UK companies with turnovers of £5m – £30m, compared to larger cap firms that Alpha has historically served.

Alpha Group’s revenue jumps 20% in the first semester 2023

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