Alpha Financial Markets Consulting has announced an increase in its net fee income for the first half of fiscal 2024, despite a decline in its earnings margin. The company remains optimistic about delivering full-year results that align with expectations, despite a sluggish summer performance.
The provider of specialist consultancy services noted that the global consulting market has become more competitive than usual, resulting in a longer sales cycle during the first half of the year, which ended on September 30th.
Despite these challenges, Alpha Financial Markets Consulting's net fee income grew by 8% compared to the same period last year. This growth can be attributed to consistent consultant day rates and monthly sales wins. However, the company's margins for adjusted earnings before interest, taxes, depreciation, and amortization decreased from 21% to just above 17% compared to the previous year. This decline was primarily due to reduced average utilization, partly attributable to the quieter summer months. However, utilization rates have shown improvement since September.
Alpha Financial Markets Consulting expressed optimism about the market sentiment improving after the quieter summer period. The company continues to experience strong client demand and has a promising pipeline of new business opportunities heading into the second half of the year.
The board remains confident in delivering results in line with expectations for the full year ending on March 31st.