StockMarketWire.com - Consultancy services provider Alpha Financial Markets Consulting scrapped its final dividend to preserve cash amid Covid-19 uncertainty.

The company also reported that annual profit fell by a fifth as higher costs offset a rise in revenue.

The total dividend for the year through March 2020 comprised only the previously paid interim dividend of 2.1p per share.

For the 12 months ended 31 March 2020, pre-tax profit fell 25.8% to £9.3m on-year, while revenue increased by 17.0% to £90.9m, with net fee income up 17.1% to £88.9m.

The fall in profit was blamed on higher expenses, mainly driven by the cost of the Axxsys and Obsidian acquisitions.

'In light of the ongoing uncertainty and the early stage of the new financial year, the likely financial impact on the business is difficult to predict with accuracy. As such, the board believes it is prudent not to provide financial guidance for the current financial year,' the company said.

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