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Alfa Financial Software lifts outlook as new business wins boost performance
StockMarketWire.com
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Asset finance software Alfa Financial Software upgraded its outlook on continued new business wins after closing two previously announced deals and winning a five-year extension from an existing client.
The company said it now expected EBIT for the year ending 31 December 2020 to 'comfortably exceed' 2019 results.
The five-year extension contract win was expected to boost its 2020 revenues as well as provide an additional underpin to its maintenance revenues through to 2025.
The company said the two contracts - one for a leading US auto finance customer, and one for a leading US retail bank providing equipment finance in its home market - announced last month had now been signed.
Trading was good through Q3 with revenues of £16m in the quarter, in-line with last year but down, as expected, on the run-rate for the first half due to 'the relative increase in holidays taken by our people during the period,' it added.
Still, the company said it remained cautious for 2021, though the additional contracts recently secured would nonetheless benefit its financial performance next year.
At 8:47am: (LON:ALFA) Alfa Financial Software Holdings Plc share price was +12.2p at 136.2p
Story provided by StockMarketWire.com
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