31 March 2018 Audited Preliminary Results 6 June 2018 1 - PowerPoint PPT Presentation

31 March 2018 Audited Preliminary Results 6 June 2018 1

Presentation Team Euan Fraser Stuart McNulty John Paton Chief Executive Officer UK Chief Executive Officer Chief Financial Officer • • • Has led Alpha as CEO from 2013 UK CEO from 2015 Joined Alpha as CFO in February 2018 • • During this period, the Has led the sale and delivery of many of Alpha’s most • 23 years’ experience across business has increased EBITDA almost seven-fold and led the significant programmes of work corporate finance, banking business through two successful and audit • Experienced across all key private equity transactions and a • areas of the asset Qualified as a Chartered public listing management value chain Accountant with KPMG • Alpha UK CEO from 2011 to 2015 • • Joined Alpha in 2007 from JP Holds an Executive MBA • Over 20 years’ financial services Morgan Investment Bank • Joined Alpha from HSBC, experience in both consulting and • Prior to this worked within where he worked in both industry at Merrill Lynch Accenture’s Capital Global and Commercial • Qualified as a Chartered Markets practice Banking divisions, latterly as a Accountant with KPMG Director in UK Banking 2

Agenda Full year results presentation Key Highlights > Euan Fraser Agenda 1. Key Financials > John Paton 2. Market & Operating Review > Euan Fraser & Stuart McNulty 3. Outlook > Euan Fraser 4. 3

Agenda Key Highlights

Key Financial Highlights We continue to grow successfully our global business Adjusted EBITDA 2 Adjusted Operating Profit 3 Revenue 51.5% 62.9% 65.0% FY18: £66.0m FY18: £13.9m FY18: £13.6m FY17 1 : £43.6m FY17: £8.3m FY17: £8.6m Proforma Adjusted Earnings Adjusted Cash Conversion 4 Total Dividend per Share per Share 5 FY18: 83% FY18: 9.77p FY18: 5.17p FY17: 52% FY17: 7.99p FY17: NIL 1. “FY17” – 12 months results to 31 March 2017 per Admission Document dated 6 October 2017; “2017” – audited 60 week comparative period ended 31 March 2017 2. Adjusted EBITDA is operating profit before interest, tax, 5 depreciation, amortisation and other adjusting non-operational costs including acquisition costs, IPO costs, restructuring costs, earn-out costs and share-based payment charges. 3. Adjusted operating profit is adjusted EBITDA less depreciation. 4. Adjusted cash conversion is net cash from operating activities divided by adjusted operating profit. 5. Proforma adjusted EPS is adjusted PAT over the weighted average number of shares since IPO

Key Operational Highlights Delivering growth through global operations FY18 FY18 • Two new practices launched: • Consulted to 241 clients 241 10 Digital 1. Practices Clients 1 • Includes 17 of the 20 largest 2. Alpha Data Solutions global asset managers by AUM a • Continued rollout of Alpha • Supporting some of the most practices globally FY17 FY17 high-profile change projects in • Fintech & Innovation practice the industry 216 8 expected to launch in H1 FY19 FY18 Acquisitions • 9 Acquisition of TrackTwo, a • First Asia office opened in Offices data science consultancy Singapore with Executive Director a • a Successful integration of team, • Newly launched (FY17) Geneva FY17 product and clients within office successfully established Alpha Data Solutions practice in Swiss market 8 FY18 • Number of consultants increased Headcount 2 305 by 27% • Addition of five directors globally • Business operations (HR, FY17 Finance and platforms) in place to support future growth 240 1. Client numbers are cumulative 6 2. Except where noted, refers to total fee generating consultants: employed consultants plus utilised contractors

Our Regional Business at a Glance We have consolidated our position as a leading global consultancy to the asset management industry UK EUROPE 160+ Consultants 90+ Consultants London Paris Edinburgh Luxembourg Amsterdam USA Geneva 40+ Consultants New York Boston ASIA Launched FY18: Singapore 305 9 Global Headcount Global Offices 7

Agenda Key Financials

Key Performance Indicators Historic track record £70.0 38% £66.0 £60.0 7-Year Revenue £50.0 CAGR Revenue £40.0 £43.6 £36.4 £30.0 £30.4 £26.9 £20.0 £14.2 £10.0 £10.2 £6.7 £0.0 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Adjusted EBITDA 1 FY18 FY18 FY18 £25.3 £13.9 Headcount 2 305 Gross Profit FY17 FY17 £8.6 FY17 £15.0 240 FY16 FY16 £12.5 £7.0 FY16 196 FY15 £9.4 FY15 £5.2 FY15 152 £0.0 £10.0 £20.0 £30.0 £0.0 £5.0 £10.0 £15.0 1. Adjusted EBITDA is operating profit before interest, tax, depreciation, amortisation and other adjusting non-operational costs including acquisition costs, IPO costs, restructuring costs, earn-out costs and share-based payment 9 charges. 2. Headcount refers to total fee generating consultants: employed consultants plus utilised contractors

Group Income Statement Year ended 31 March 2018 Key highlights: £’000 FY18 FY17 1 % change Revenue 66,009 43,562 51.5% • Strong 49.4% organic revenue growth; 50.5% constant FX Gross profit 25,261 15,038 68.0% Gross profit margin % 38.3% 34.5% • Gross profit margins improved across Administration expenses 2 (11,328) (6,483) 157.6% all regions with improved utilisation Adjusted EBITDA 3 13,933 8,555 62.9% • Administration expenses fully invested Adjusted EBITDA margin % 21.1% 19.6% • Adjusted EBITDA margin continued to Depreciation (297) (289) improve to 21.1% Adjusted operating profit 13,636 8,266 65.0% • Financing costs reflect pre IPO structure Adjusting expense items (5,078) (2,132) Operating profit 8,558 6,134 39.5% • Proforma adjusted EPS reflects normalised post-IPO earnings and Interest (7,059) (6,865) capital structure Profit / (loss) before tax 1,499 (731) • Adjusted profit after tax 9,956 6,381 Dividend recommendation in line with 50% pay-out policy, on a fully adjusted Proforma adjusted earnings per share 4 9.77p 7.99p PAT basis this year Dividend per share - Interim 1.48p Nil - Final (proposed) 3.69p Nil Total dividend per share 5.17p Nil 1. “FY17” – 12 months results to 31 March 2017 per Admission Document dated 6 October 2017 (throughout). 2. Before non-operating costs including acquisition costs, IPO costs, restructuring costs, earn-out costs and share- 10 based payment charges. 3. Adjusted EBITDA is operating profit before interest, tax, depreciation, amortisation and other adjusting non-operational costs including acquisition costs, IPO costs, restructuring costs, earn-out costs and share-based payment charges totalling £5.4m 4. Proforma adjusted earnings per share is adjusted profit after tax over the weighted average number of shares since IPO

Regional Performance Year ended 31 March 2018 UK Revenue: £40.0m 40.5% Gross Profit: £17.0m 52.3% USA EUROPE & ASIA Revenue: Revenue: £9.0m 107.1% £17.0m 58.3% Gross Profit: Gross Profit: £2.7m >5x £5.6m 62.4% 14% Key highlights: • Further internationalisation £66m 26% • Strong performance across all regions UK Revenue • Successful UK-US secondment programme 61% USA • Contributions from TrackTwo acquisition and Europe & Asia recent offices in Switzerland and Singapore 11

Adjusting Non-Operating Expense Items Year ended 31 March 2018 Non-recurring: Key highlights: £’000 FY18 FY17 • Non-recurring includes one-off IPO costs, TrackTwo acquisition expenses and a specific IPO cost 1,621 - successful US restructuring US restructuring & secondment costs 251 - • Non-underlying includes management and Acquisition costs 241 - employee share-based payments IFRS 2 charge; Total non-recurring costs 2,113 - pro-rated since IPO • TrackTwo earn-out payments expensed annually Non-underlying: per IFRS 3 £’000 FY18 FY17 • Further £1.7m one-off accelerated loan costs Amortisation 2,383 2,132 within finance expenses Share based payments charge 191 - Earn-out consideration 391 - Total non-underlying operating costs 2,965 2,132 Total adjusting non-operating costs 5,078 2,132 12

Group Balance Sheet As at 31 March 2018 Key highlights: £’000 FY18 FY17 • No impairment of non-current assets Non-current assets 75,936 75,193 Trade receivables 17,851 9,444 • Increase in working capital in the year Accrued income 2,743 1,659 • Trade receivables reduced since year end Other receivables 648 984 • Debt free capital structure post-IPO; strong Cash 9,774 8,023 £9.8m closing net cash position Trade payables (2,362) (1,334) • Undrawn £5m committed revolving credit facility Deferred income (670) (108) in place since IPO Other payables (17,270) (8,582) • Recapitalised balance sheet on IPO Deferred tax provision (3,401) (3,946) Other non-current liabilities (277) (85,879) Net Assets 82,972 (4,546) Issued share capital 77 - Other reserves 89,663 86 Retained earnings (6,358) (4,408) Foreign exchange reserve (410) (224) Shareholders’ Equity 82,972 (4,546) 13