Chairman's Statement

PERIOD ENDED 30 JUNE 2023

I am pleased to announce our unaudited interim financial results for the period to 30 June 2023.

The key highlights during the period were as follows:

·    53% increase in revenues compared to equivalent period;

·    Net assets more than doubled compared to net assets as at June 2022;

·    Continuing progress on integrating the insurance businesses with opportunities identified to enhance profitability;

·    Bought out the minority interests in Northstar Group (Bermuda) Limited whilst further aligning the interests of Dan Gray with the Group through a share-to-share exchange; and

·    Released share-based payment reserves following the expiry of over 25 million options attributable to former directors and employees.

The relatively small drop in losses reflects the transition and integration costs associated with Alpha International Life Assurance Company that are now largely resolved. 

We expect our cash flow to improve, and we continue to believe that we will not require a placing of shares, unless it is for strategic acquisition and growth purposes. 

We continue to advance our buy and build strategy to ensure continued and substantive ongoing growth of the business. We continue to be presented with and review potential acquisitions that are both complementary and supplementary to its existing businesses which will further enhance free cash flow and move us close to executing the 2B plan. To this end, the appointment of Jason Sutherland as a full-time executive has greatly enhanced our ability to identify and undertake due diligence on potential targets.

Our strategy continues to insulate us from a lot of the volatility in capital markets although we appreciate that our share price performance continues to disappoint. The Directors firmly believe that the value creation strategy will feed through to the share price as the Company looks to continue to deliver on their stated goals.

I would like to take this opportunity to thank the shareholders for their continued support as we build Alpha Growth into a significant organisation within its sector.

Gobind Sahney

Chairman

29 September 2023

For more information, please visit www.algwplc.com or contact the following:

RESULTS FOR THE PERIOD

INTERIM PERIOD ENDED 30 June 2023

The results of the Group have been addressed above in the Chairman's statement.

Responsibility Statement

We confirm that to the best of our knowledge:

(a)           the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b)           the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

(c)           the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Going Concern

The Directors have a reasonable expectation that the Group has adequate resources to continue in operation or existence for the foreseeable future thus we continue to adopt the going concern basis in preparing these interim financial statements. As detailed in the Chairman's statement the on-going expected timing of transactions that the Company plans to be involved in and generate fees from, continue as planned and therefore should benefit the Group in the longer term.   

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business activities of the Group remain those detailed in the Prospectus dated 15 December 2021, a copy of which is available on the Company website at www.algwplc.com. The Board considers that these remain a current reflection of the risks and uncertainties facing the business for the remaining four months of the financial year.

Gobind Sahney

Director

29 September 2023

Alpha Growth plc

CONSOLIDATED Statement of comprehensive income

INTERIM period ENDED 30 june 2023

Alpha Growth plc

CONSOLIDATED Statement of Financial Position

AS AT 30 june 2023

Company number: 09734404