Alpha Group International's profits driven upwards by interest income

Higher borrowing costs, a loosening of supply chain pressures, and fewer deals in the alternative investment space have hit hedging demand. Forex manager Alpha Group International’s (ALPH) chunky revenue and profit increases (the latter being driven by £33mn of interest income) indicate that it is navigating such headwinds well, but given it had trailed this in a July trading update the market had already factored it in. Despite a dividend increase and the reiteration of full-year guidance, the shares were marked down by 5 per cent as cost base investment and market headaches led to a 400-basis points fall in the underlying profit before tax margin to 35 per cent.