REG - Amicorp FS (UK) PLC - FY24 Trading Update

Amicorp FS (UK)Announcement

20/02/2025 07:15

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RNS Number : 7232X  Amicorp FS (UK) PLC  20 February 2025

The information contained within this announcement is deemed by the Company 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  20 February 2025

 

 

Amicorp FS (UK) Plc

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

 

FY24 Trading Update

 

'FY24 organic trading on track and boosted by recent M&A activity'

 

Amicorp FS (UK) Plc, the international specialist fund services group, is
pleased to announce a pre-close trading update for the financial year ended 31
December 2024 ('FY24' or the 'year').

 

During the year, AMIF delivered on its stated expansion plan, as demonstrated
by its regulatory approval for a fund administration licence in Kazakhstan and
its in-principle approval for a similar licence in the United Arab Emirates.
These approvals have paved the way for the Group to enter two new strategic
financial hubs, Astana International Financial Centre ('AIFC') and Dubai
International Financial Centre ('DIFC'), positioning the Group to capitalise
on rising foreign investments, infrastructure opportunities, and emerging
market capital flows.

 

In FY24, AMIF also maintained its focus on organic growth through strategic
investments in technology, including the launch of AMI-GO, a cloud-based
in-house onboarding platform that streamlines onboarding for fund managers by
providing a centralised hub for financial, corporate, and legal document
management.

 

The Group has also continued to monitor and assess its global salesforce
ensuring that salespersons consistently achieved their targets and maintained
successful performance. This has delivered early positive returns evidenced by
136 new business wins in FY24. As a result, the number of funds grew by 13%
with AMIF's client base reaching 567(1) funds (FY23: 501(1) funds),
strengthening the platform for future growth.

 

In December 2024, AMIF successfully completed the acquisition of Amicorp
Financial Services Philippines Inc., Amicapital Services Limited and Amicorp
Trustee (India) Private Limited from the Financial Markets and Management
Services divisions of the Company's majority shareholder, the Amicorp Group
(the 'Acquisition') for a total consideration of US$4.5 million.  The
Acquisition has added both strength and depth to AMIF's existing services,
enabling the Group to further consolidate its administration solutions to
support family offices, asset managers and institutional investors.

 

The Acquisition contributed additional revenue to the Group of US$2.1 million
and US$0.6 million of EBITDA in FY24, reflecting the full-year impact under
the Merger Accounting principle. The Board is therefore pleased to announce
that AMIF expects to report unaudited revenues for FY24 of US$15.3 million, up
19.5% (FY23: US$12.8(2) million) and FY24 EBITDA of US$1.3 million, up 44.4%
(FY23: US$0.9(2) million).

 

Commenting on the Trading Update, Kin Lai, CEO of AMIF, said: "2024 has been a
year of steady progression for the Group as we advanced our strategic
initiatives to expand our global presence and enhance our service
capabilities.

 

"We continued to invest in markets with high growth potential, positioning
ourselves better to support the evolving needs of institutional investors,
fund managers, and family offices. Our focus remained on broadening our
regulatory reach, strengthening client relationships, and leveraging
technology-driven solutions to improve efficiency and transparency. These
efforts have been met with a positive market response, reflected in our
sustained acquisition of clients as well as growing demand for our Fund
Administration services.

 

"In addition to our organic initiatives, we also expanded our capabilities
through targeted acquisitions. The integration of the three businesses
acquired is progressing in line with our expectations, contributing to our
operational synergies and financial performance. Looking ahead, we remain
committed to reinforcing our market position, refining our service model, and
ensuring that our operations continue to align with the evolving financial
landscape.

 

"We remain positive in the Group's future outlook and look forward to
providing a further update when we report our FY24 results to the market in
April 2025."

 

(1) FY24: 567 funds of which 307 are active. FY23: 501 funds of which 297 are
active.

(2) These comparatives are extracted from the Group's FY23 Annual Report and
are subject to adjustments under Merger Accounting principle.

 

- Ends -

 

For further information please contact:

 

 Amicorp FS (UK) Plc                                  Via Burson Buchanan

 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)

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

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

 Simon Compton                                        www.bursonbuchanan.com (http://www.bursonbuchanan.com)

 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 provides local and
global expertise to over 550 funds.

 

AMIF provides a comprehensive and tailored range of services which are all
underpinned by market-recognised technology solutions that support clients
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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