Alfa Financial has released a H1 trading update showing strong revenue growth in line with expectations and ongoing strategic execution. Revenue for the first half grew 20% (+22% ccy) to £62.5m and covers half of our unchanged £124.9m forecast for FY25 that shows 13.6% annual growth. In our view, Alfa is well placed to meet or exceed our forecasts. We believe Alfa’s proven ability to compound returns for shareholders should be valued at a significant premium to application software peers (2025: ....
