FY23 Trading Update

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')

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 EBITDA1 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 5012 funds (FY22: 4442 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.