By Elena Vardon

London-based software developer, Alfa Financial Software Holdings, has announced its revenue growth for 2023, which aligns with its expectations. The company anticipates reporting a 9% increase in revenue for the year ended December 31, compared to the previous year’s total of £93.3 million ($118.5 million).

Alfa Financial Software Holdings also stated that it foresees its operating profit to be slightly higher than anticipated, thanks to reduced costs. The company expects its operating profit to be approximately £1 million ahead of expectations, building upon its 2022 operating profit of £29.5 million.

During the fourth quarter, the group experienced double-digit revenue growth in subscriptions. However, software revenue declined due to strong comparatives from the previous year, while service revenue remained consistent with the previous year. Throughout the three-month period, Alfa Financial Software Holdings delivered a total of 11 projects, bringing the full-year figure to 35.

Furthermore, the company predicts that the total contract value for the year will exceed the previous year’s figures, largely due to robust growth in subscription total contract value.

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