London Stock Exchange is proving a boon, says newly floated funds group Amicorp
Funds specialist Amicorp said it is feeling the lift of its new London listing today in a rosy reading of the London Stock Exchange after a gloomy year for the market.
In a trading update today, Amicorp, which offers fund management services to companies, said its London listing in June last year had helped boost growth through 2023 in a “transformative year” for the firm.
Revenues for the year bumped eight per cent to $12.8m, while gross profits ticked up marginally to $8.3m. Adjusted earnings before deductibles was expected to contract to $2.6m from $4.2m, however.
The cash raised by its float on the London main market in June had been “invested in future growth” , through expanding its sales force by 50 per cent and undertaking automation projects, bosses said.
“Our listing facilitates our strategy of accelerating innovation and investment into the business in order to support our expansion plans,” said chief Chi Kin Lai. “We believe that the benefits of our strategy will start to materialise in the medium term.”
In June last year, the firm successfully raised of $6.47m at a valuation of $120m in a June listing on the main market.
At the time, the London Stock Exchange said the listing would enable the company to “scale up in terms of enhanced IT automation, expanding its geographical reach and sales network and increased service offerings”.