AMIF Amicorp Fs (uk) Plc

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.

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 567¹ funds (FY23: 501¹ 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$12.8² million) and FY24 EBITDA of US$1.3 million, up 44.4% (FY23: US$0.9² 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.

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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/