REG - Amicorp FS (UK) PLC - FY23 Trading Update

Amicorp FS (UK)Announcement

22/02/2024 07:00

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RNS Number : 0015E  Amicorp FS (UK) PLC  22 February 2024

The information contained within this announcement is deemed by the Company
(LEI: ‎21380028AUYWGMYXQA57‎) to constitute inside ‎information for the
purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 as amended ('UK MAR'), and Article 7 of the Market Abuse Regulation (EU)
No. 596/2014 ('EU MAR'). The person ‎responsible for arranging and
authorising the release of this announcement on behalf of the Company is
Stephen Wong, Chief Financial Officer.

 

 LEI: 21380028AUYWGMYXQA57  22 February 2024

 

 

Amicorp FS (UK) Plc

('AMIF', the 'Company' or the 'Group')

 

FY23 Trading Update

 

'FY23 trading and strategy on track'

 

Amicorp FS (UK) Plc, the international specialist fund services group,
announces a pre-close trading update for the financial year ended 31 December
2023 ('FY23' or the 'year').

 

2023 was a period of positive momentum for AMIF.  The Group successfully
listed on the Main Market of London Stock Exchange in June and since then, the
Company has continued to perform well both operationally and financially.
The Board is therefore pleased to announce that it expects to report unaudited
revenues for FY23 of US$12.8 million, up 8% (FY22: US$11.9 million) and gross
profits of US$8.3 million (FY22: US$8.2 million).  During 2023, the Group has
invested in future growth, through expanding its sales force by c.50% and
undertaking automation projects.  As a result, Adjusted EBITDA(1) for the
year is expected to be US$2.6 million (FY22: US$4.2 million).

 

In the year the number of funds grew by 13% with AMIF's client base reaching
501(2) funds (FY22: 444(2) funds), laying a solid foundation for the future
growth of Fund Administration.  Governance and Compliance Services as well as
Business Process Outsourcing ('BPO') Services delivered positive results from
multidirectional efforts in securing additional mandates from existing
customers and the well-defined revenue model.

 

AMIF has committed to continue investing in the business through organic
expansion in new markets, service offerings and investment in human capital,
as well as innovating through the upcoming launch of an end-to-end client
onboarding portal.

 

Commenting on the Trading Update, Chi Kin Lai, Chief Executive Officer, said:
"2023 was a transformative year for the Group.  Our listing facilitates our
strategy of accelerating innovation and investment into the business in order
to support our expansion plans.  We believe that the benefits of our strategy
will start to materialise in the medium term.  We remain positive in the
future outlook for the Group and look forward to providing a further update
when we report our final results to the market in late April."

 

(1) Adjusted EBITDA is calculated by removing exceptional IPO related costs
from the Group's EBITDA.

(2) FY23: 501 funds of which 297 are active.  FY22: 444 funds of which 274
are active.

 

- Ends -

 

For further information please contact:

 

 Amicorp FS (UK) Plc                                  Via Buchanan Communications

 Toine Knipping, Non-Executive Chairman

 Chi Kin Lai, Chief Executive Officer

 Tat Cheung (Stephen) Wong, Chief Financial Officer

 Zeus (Broker)                                        Tel: +44 (0) 20 3829 5000

 Martin Green / Louisa Waddell (Investment Banking)   www.zeuscapital.co.uk (http://www.zeuscapital.co.uk)

 Benjamin Robertson (Corporate Broking)

 Bowsprit Partners Limited (Financial Adviser)        Tel: +44 (0) 20 3883 4430

 John Treacy                                          www.bowspritpartners.com (http://www.bowspritpartners.com)

 Luis Brime

 Media enquiries:                                     Tel: + 44 (0) 20 7466 5000

 Buchanan (Financial Communications)                  AmicorpFS@buchanan.uk.com

 Simon Compton

 Verity Parker

 

Notes to Editors

 

AMIF is an international specialist fund services group that works with a
broad mix of clients including institutional investors, fund managers (private
equity, venture capital and hedge funds) as well as family offices to provide
a suite of specialist services across global markets. AMIF operates at
significant scale, providing local and global expertise to over 500 funds.

 

AMIF provides a comprehensive and tailored range of services which are all
underpinned by market-recognised technology solutions that support clients
across the value chain, from a single point of contact.

 

These include:

 

·    Fund Administration and Investor Services: Fund accounting, fund
administration, in-house NAV calculation, investor services including Register
& Transfer Agency services, booking of subscriptions & redemptions,
audit liaison/support, real time oversight over investment performance.

 

·    Governance and Compliance Services: FATCA and CRS reporting services,
Fiduciary, Anti-Money Laundering (AML) officer services in compliance with
international rules and regulations including administrative support to the
Board and Committees of the Board.

 

·    BPO Services: Simplifying accounting and administration services
through automated accounting processes and providing management insight into
business operations through regular and consistent management reporting.

 

For further information please visit www.amicorp-funds.com/chairmans-welcome/
(http://www.amicorp-funds.com/chairmans-welcome/)

 

 

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