ALPHA TRUST Financial Results 2013
ALPHA TRUST announced today its financial results for the full year ended December 31st, 2013. ALPHA TRUST Group turnover reached 6.48 million euros, compared to 6.17 million euros in 2012, up by 5.0%. Group earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) reached 3.5 million euros, vs. 8.4 million euros in 2012, as they included exceptional revenues of 8.4 million euros from the sale of the UK Private Client business of its subsidiary, Taylor Young Investment Management Ltd compared to revenues of 7.03 million euros in 2012. These revenues have not been received in full, however, it is estimated that they will be higher than the initially expected figure.
Net income after tax stood at 1.18 million euros, compared to 5,75 million euros in 2012.
On company level, turnover stood at 5.69 million euros, up by 205%, mainly due to the acquisition of ALPHA TRUST M.F.M. S.A.. This acquisition is expected to significantly improve efficiency and lead to economies of scale. The company reported an after tax net loss of 59 thousand mainly attributed to the upcoming taxation of tax free reserves, while taking into account the changes in fair value reserves, profits amounted to 526 thousand euros.
In October 2013, and after receiving the approvals of the relevant supervisory authorities, the company acquired KYPROY ASSET MANAGEMENT M.F.M.C, which added new and competent executives, as well as important clientele.
Amid a challenging and volatile macroeconomic environment, ALPHA TRUST for a third consecutive year, remained committed to achieving its targets and meeting the expectations of its clients, while delivering value to its shareholders and society at large.