Alpha Group International posted a 34% jump in revenue to £86.2 million for the first half of 2025, driven by strong performance in its corporate division as the financial services firm awaits completion of its acquisition by Corpay Inc.

Alpha Group Posts 34% Revenue Jump Amid Corpay Acquisition

The London-listed company (LSE: ALPH), which provides banking alternatives to corporate and private market clients, saw its corporate division revenues surge 68% to £50.1 million compared to £29.8 million in the same period last year. The growth came as businesses increasingly turned to active currency risk management amid prolonged macroeconomic uncertainty.

“Total revenues in the first half of the year continued to show strong growth rates despite ongoing macroeconomic uncertainty,” said Clive Kahn, Alpha's Chief Executive Officer. “Our Risk Management businesses benefited from increased market volatility as well as benefiting from significant prior-year investments, robust growth strategies, and market-leading teams.”

Related: New CEO Inherits a Money-Making Machine as Alpha Group Reports £123.1M Profit

Alpha's acquisition by U.S. payments company Corpay received shareholder approval in September and remains on track to complete in the fourth quarter, pending final regulatory approvals.

Corporate Clients Drive Revenue Acceleration

The corporate division's performance reflected what Alpha described as a shift in business behavior. Rather than waiting for clarity amid ongoing macro uncertainty, companies have adapted to the new normal and become more active in managing currency risk.

Corporate client numbers grew 9% to 1,029, while average annualized revenue per client jumped 49% to £100,000. The division expanded its front office headcount by 38% to 148 people and opened a new office in Austria, bringing its international presence to eight global offices.

However, profit margins in the division compressed to 45% from 48% in the prior year as the company paid higher commission costs on new business wins, which typically carry higher commission rates than existing client revenue.

Key Financial Performance Overview

Private Markets Show Resilience

Alpha's private markets division posted more modest growth, with revenues increasing 2% to £34.1 million despite what the company called “suppressed market conditions.” The division serves private equity, venture capital, real estate and other alternative investment firms.

Client numbers in the division's FX risk management business grew 23% to 332, though average revenue per client dropped 25% to £89,000 as new clients came on board during challenging market conditions. The fund finance business signed 24 mandates during the period, up from 16 in the prior year.

Deal activity in private markets fell to a five-year low during the first half, dampened by trade policy uncertainty and broader market headwinds.

Segment Performance Breakdown

Treasury Income Provides Buffer

Net treasury income from client and own balances totaled £39.2 million, down from £42.4 million in the prior year but still providing a substantial income stream. The revenue comes from interest earned on client balances held across Alpha's accounts and payments business.

Client balances averaged £2.2 billion during the second quarter, unchanged from the first quarter, with blended interest rates of 3.4% compared to 3.9% in the same period last year.

A few months ago, the financial services provider said it was considering expansion into Singapore and the United States as part of its long-term growth strategy.

The soon-to-be owner of Alpha, Corpay, has recently been focusing not only on acquisitions but also on partnerships with football clubs, as shown by its agreements with New Zealand Football and West Ham.