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Alfa Software Shares Surge 15.9% on Contract Wins

Simon Mugo trader
Updated 29 Oct 2020

Practice Stock Trading
Alfa Software logo

Shares of Alfa Financial Software Holdings PLC (LON: ALFA) today surged 15.9% after the company announced that it had closed two previously-announced deals and has won a five-year contract extension from an existing client.

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The two contracts came from a leading US auto finance customer, and a leading US retail bank providing equipment finance in its home market.

The company, which provides software to asset finance companies that serve clients in the auto, equipment and wholesale finance sectors across the globe also released its Q3 financial report.

Business was good in Q3 with revenues of  £16 million, which was the same as last year, but slightly lower than the H1 results as many of its clients went on summer holidays during the quarter.

The company expressed caution regarding the 2021 year despite the fact that the new contracts will boost its revenues next year.

Alfa Financial share price

Tradingview chart of Alfa Financial share price 29102020

Alfa Financial shares today surged 15% to trade at 143.8p having rallied from Thursday’s closing price of 124p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading