Alpha Group Profit Before Tax Climbs 25% Despite Margin Dip

Strong H1 Performance Across Divisions

Alpha Group International reported robust first-half 2025 revenue growth as it prepared for its upcoming acquisition by U.S. financial services group Corpay. Unaudited results for the six months to June 30 showed revenue climbing 34% to £86.2 million, driven by a 68% surge in corporate division sales to £50.1 million. Private Markets rose 2% to £34.1 million, while Dutch subsidiary Cobase expanded 63% to £2.1 million.

Underlying profit before tax increased 25% to £27.9 million, though margins slipped slightly to 32% from 35% due to higher operating costs tied to technology investment and regulatory compliance. On a statutory basis, profit before tax dropped 20% to £48.5 million, reflecting an £11.9 million share-based payment charge and £1.7 million in M&A fees.

Total income rose 17% to £125.4 million, while client balances grew 5% to £2.2 billion. Adjusted net cash rose to £234.5 million from £217.5 million at the end of 2024, underscoring the group’s financial strength as it approaches the sale.

Investor Takeaway

Client and Headcount Expansion

Alpha’s client base continued to expand across segments. Corporate FX risk management clients rose 9% to 1,029, private 23% to 332, and Cobase clients climbed 45% to 245. Group front-office headcount grew 32% to 207, reflecting the company’s investment in scaling its sales and service capacity.

Cobase, majority-owned by Alpha since 2022, provides a multi-banking platform for large corporates and financial institutions. Positioned as a key growth engine, it has been central to Alpha’s digital services push and is expected to strengthen Corpay’s European footprint post-acquisition.

Corpay Acquisition Set for Q4 2025

Alpha’s upcoming sale to Corpay, a division of U.S.-listed Fleetcor Technologies, is valued at about £600 million. The transaction has been structured as a scheme of arrangement and requires approval from both Alpha shareholders and the U.K. Financial Conduct Authority. The deal is expected to close in Q4 2025, marking one of the largest financial services acquisitions in London this year.

growth reflects both market volatility and strategic execution, adding that the Corpay acquisition “recognises the value of Alpha’s performance, people and potential.” Corpay is targeting Alpha’s strong corporate FX franchise as part of its strategy to expand cross-border payments and foreign platform services across Europe.

Investor Takeaway

Market Outlook

Alpha reaffirmed its commitment to capitalising on growth opportunities through the second half of 2025 while navigating the acquisition process. Shares have risen nahead 45% in the past 12 months, far outpacing the FTSE All-Share Index, as investors bet on client growth and the benefits of Corpay’s integration.

For shareholders, the combination of strong organic performance, rising client numbers, and the strategic Corpay acquisition provides a compelling growth narrative. Still, the deal’s ultimate success will depend on execution, cost control, and how seamlessly Alpha’s .