Alpha Growth PLC (LSE:ALGW, OTCQB:ALPGF), the fund manager specialising in second-hand life insurance policies, reported its first-ever profit in 2022 after a big investment gain.
Profits for the year were £3.18mln (16-month loss: £1.71mln), reflecting a gain of £4.1mln on what it described as the "bargain" purchase of AILAC in the period.
Alpha Growth added it has appointed Jason Sutherland as an executive director, from a non-exec role previously, while Neil Warrender has become a new non-executive director in addition to his role as company secretary.
In 2023, Alpha said it will push on towards its target of US$2bn of assets under management by 2025 through the growth of the BlackOak Alpha Growth Fund and the Alpha Alternative Assets Fund.
Gobind Sahney, executive chairman, commented: "I am very proud of what we have achieved in 2022 and look forward to an equally progressive 2023.
“Closing two asset accretive acquisitions, launching a new fund, and expanding the expertise of our management team, positions Alpha Growth in an industry-leading capacity.“