Amicorp FS (UK) reports strong FY25 results with EBITDA up 77% despite suspension

Amicorp FS FY25 results analysis – revenue growth, EBITDA surge and profit recovery

Amicorp FS (UK) has delivered a strong set of FY25 numbers on the face of it. Revenue rose 8.1% to US$16.9 million, EBITDA – earnings before interest, tax, depreciation and amortisation, a common measure of underlying operating performance – jumped 77.3% to US$2.2 million, and net profit more than doubled to US$1.5 million.

That is the good news. The awkward bit is that these results arrived late, which led to a temporary suspension of the shares. So investors have a classic mixed bag here – better trading, but a dent to confidence around reporting and internal controls.

Key FY25 numbers	FY25	FY24
Revenue	US$16.9 million	US$15.6 million
Gross profit	US$10.5 million	US$9.8 million
Gross profit margin	62.3%	63.0%
EBITDA	US$2.2 million	US$1.2 million
Profit before tax	US$2.1 million	US$1.1 million
Net profit	US$1.5 million	US$700,000
Basic EPS	US$1.28 cents	US$0.58 cents
Cash	US$3.7 million	US$3.2 million
Active funds	331	294

Why Amicorp FS profits jumped in 2025

The engine room was Business Process Outsourcing, or BPO, where clients outsource admin-heavy work to specialists. BPO revenue climbed 16.7% to US$7.1 million, making it the fastest-growing division, while Governance and Compliance rose 14.5% to US$1.9 million.

Fund administration, which is still a core part of the business, was basically flat at US$7.9 million. That tells you the market backdrop remains tough, with slower fundraising and delayed launches holding back growth in the more traditional side of the business.

Margins were still healthy. Group gross margin slipped slightly to 62.3% from 63.0%, but that is hardly a collapse and still points to a solid, capital-light model. BPO remained especially lucrative with a 73.8% gross profit margin, even though that was down from 78.7% last year.

There was also a helpful swing from a foreign exchange loss of US$239,000 in FY24 to a gain of US$273,000 in FY25. That did support EBITDA, so investors should not assume every bit of the 77.3% rise is purely operational. Even so, the improvement was still strong once you strip out that tailwind.

Dubai licence, Cape Town expansion and capital markets – why the strategy matters

Management is not just trying to squeeze more out of the existing business. It is also broadening the platform. The opening of AFS Dubai in the Dubai International Financial Centre after regulatory approval is important because it gives Amicorp a licensed foothold in a financial hub that connects the Middle East, Asia and international family office capital.

The other strategic push is capital markets services. These are administrative services around instruments such as securitisation vehicles and structured products. Crucially, the company says these activities do not involve underwriting, market-making or balance sheet risk, which keeps the model relatively asset-light.

This matters because it reduces dependence on fund launches alone. In plain English, if fundraising stays sluggish, Amicorp now has more ways to make money.

Operationally, the Cape Town office looks like a meaningful investment too. It improves business continuity and helps cover European and Latin American time zones, which should support service levels and potentially improve efficiency over time.

The suspension of Amicorp shares – the biggest issue investors should not ignore

This is the part that stops the results being an easy win. The shares were temporarily suspended because the FY25 audited results were delayed. The company says the delay was mainly caused by the planned transfer of the finance function from Bangalore to Cape Town, which ran into unexpected complexity and early staff departures.

The board says the issue is now fully resolved, the Cape Town team is fully staffed, and the company will apply to the FCA for restoration of the listing. That is reassuring, but retail investors should still take it seriously. Late accounts and a suspension always raise questions about execution and control, even when the underlying business is trading well.

There were also senior departures after year end. The CFO left in January 2026 and the COO left in March 2026, both after being headhunted. That may be completely normal, but it adds another layer of disruption at a time when the company needs to rebuild market confidence.

Active funds, efficiency and headcount – better quality growth, but watch the detail

Active funds increased to 331 from 294, which is encouraging. The company says this reflects continued momentum from investment in the salesforce and gives an annualised growth rate of 12.6%.

There is an important caveat though. Amicorp changed how it measures this KPI, removing funds that had signed preliminary paperwork but were not actually onboarded or live. That means comparisons with older headline numbers are messy, so investors should focus more on current active funds and revenue than historic fund counts.

Efficiency improved sharply. The number of funds handled per operational employee in fund administration rose to 5.8 from 4.5. At the same time, total group headcount fell to 171 from 218.

That is a positive if driven by automation, workflow standardisation and better use of staff. It becomes a negative if teams are simply stretched too thin. Given the reporting delay this year, I would not ignore that risk.

Cash, debt and balance sheet strength – solid enough, not spectacular

The balance sheet is in decent shape. Cash rose to US$3.7 million, the group remains debt free, and net assets increased to US$6.5 million from US$4.7 million.

That said, working capital moved around quite a bit. Trade receivables increased to US$3.8 million from US$2.8 million, and other receivables, deposits and prepayments jumped to US$2.3 million from US$991,000. So while the group made more profit, cash conversion was not perfect.

One other point for income-focused investors – there was no dividend. Instead, the company completed a bonus issue of 718,562 shares, valued at approximately US$1.2 million based on the closing share price on 24 September 2025. That preserves cash, which makes sense for a growing business, but it is not the same thing as cash in your pocket.

What I think Amicorp FS investors should take from these FY25 final results

My view is broadly positive, with a clear warning label attached. The operating performance was good. Revenue grew, profits improved materially, the business stayed debt free, and strategic moves in Dubai, capital markets and Cape Town give the group more routes to grow.

But credibility matters just as much as growth for a listed company. A suspension caused by delayed accounts is never ideal, and investors will want proof in 2026 that reporting is back on track, leadership is stable and the improved profitability is repeatable.

There is another nuance worth noting. Management says some of the BPO growth was helped by capital markets contracts novated from the wider Amicorp Group and that growth is expected to normalise in FY26. So this is probably not a straight-line story where EBITDA keeps surging at the same rate.

Overall, this looks like a business making genuine progress, but one that still needs to earn back a bit of trust. If the listing is restored promptly and the company delivers clean execution this year, these FY25 numbers should be seen as a solid step forward rather than a one-off recovery bounce.