Alfa Financial Software Holdings

ALFA · Main Market · Technology · mcap £462m · 160.8p

Alfa sells Alfa Systems, software that lets lenders run vehicle and equipment finance, from loan origination to servicing. It earns subscription fees, software engineering fees and delivery fees for putting the system in at customers.

Target	Promise	Said	Status
2024
31 Dec 2024	Release Alfa Systems 6, including the final two pillars in H2 2024	14 Nov 2023	✓ Kept
	“release of the final two pillars of Alfa Systems 6” Also stated 24 Jul 2024 Result By January 2026, 20 customers were live on Alfa Systems 6, and later cards refer to the full product suite. “the release of the final two pillars of Alfa Systems 6. This combined with strong sequential growth in Subscription revenues and an encouraging late-stage pipeline means we are well placed to achieve our expectations for the year”24 Jul 2024 · H1 Trading update “We now have twenty customers live on Alfa Systems 6.”29 Jan 2026 · Q4 25 Trading update
31 Dec 2024	2024 revenue growth of mid to high single digits, driven by subscription	14 Mar 2024	✓ Kept
	“We expect 2024 revenue growth to be mid to high single digits driven by continuing strong growth in subscription.” Also stated 30 Apr 2024 · 24 Jul 2024 Result 2024 revenue was £109.9m, up 8%, with subscription growth of 18%. “Revenue up 8% versus 2023, driven by strong subscription revenues growth of 18%”13 Mar 2025 · Final Results
31 Dec 2024	2024 revenue £1m ahead of previous expectations	5 Sep 2024	✓ Kept
	“the Board expects full year revenue to be £1m ahead of previous expectations.” Result Later updates said profit was ahead, and FY24 revenue was £110m. “Operating profit growth for FY24 of 13% to £34m, some 5% ahead of market expectations, with costs c£1m lower than expected.”30 Jan 2025 · Q4 Trading update “Revenue of £110m in line with market expectations, up 8% on the prior year (9% on a constant currency basis).”30 Jan 2025 · Q4 Trading update
2025
31 Dec 2025	Double-digit revenue growth in 2025	13 Mar 2025	✓ Kept
	“driving an expectation of double-digit revenue growth overall” Result 2025 revenue was £126.7m, up 15%. “Revenue up 15 % at £126.7m (2024: £109.9m) driven by strong Subscription revenues growth of 16 % and Delivery momentum”12 Mar 2026 · Final Results “Revenues increased by 15% or £16.8m to £126.7m in the 12 months ended 31 December 2025 (2024: £109.9m), with growth at constant currency stronger at 17%.”12 Mar 2026 · Final Results
31 Dec 2025	Mid-teens subscription revenue growth in FY2025	13 Mar 2025	✓ Kept
	“we expect mid-teens growth in subscription revenues in FY2025” Result Subscription revenue growth was 16% in 2025. “Subscription revenues continued to grow strongly, up 16% year on year, driven by growth from existing customers along with new customers.”12 Mar 2026 · Final Results “Overall Subscription revenues increased strongly by 16% to £43.6m (2024: £37.5m)”12 Mar 2026 · Final Results
31 Dec 2025	Meet 2025 full-year expectations	30 Jul 2025	✓ Kept
	“on track to meet full year expectations” Result Profit expectations were raised by £2m, and 2025 revenue and profit came in ahead of expectations. “We have increased our operating margin and profit expectations for the full year by c.£2m. Our revenue expectations for the year to December 2025 remain unchanged.”13 Nov 2025 · Q3 2025 Trading update
Today · 10 Oct 2026
2026
31 Dec 2026	Cash conversion of 80-90% in 2026, averaging 90-100% long term	5 Sep 2024	… In progress
	“We expect cash conversion for 2026 of 80% - 90%, but with long term guidance for average cash conversion to be between 90% - 100%” Also stated 4 Sep 2025 · 3 Sep 2026 Status so far Not yet due.
31 Dec 2026	Strong subscription and good delivery revenue growth in 2026, meeting expectations	12 Mar 2026	… In progress
	“For 2026 we expect strong Subscription revenue growth and good Delivery revenue growth.” Also stated 30 Apr 2026 Status so far Not yet due.
2027
31 Dec 2027	H2 savings give small operating profit benefit in 2026, larger in 2027	30 Jul 2026	… In progress
	“the savings in H2 will outweigh these costs to give a small favourable impact on operating profit for 2026 as a whole and with a more significant benefit in 2027” Status so far Not yet due.