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Intertrust Group: Intertrust reports Q3 2020 results

22 October 2020

Amsterdam22 October 2020. Intertrust N.V. (“Intertrust” or “Company”) [Euronext: INTER], a global leader in providing tech-enabled corporate and fund solutions to clients operating and investing in the international business environment, today publishes its results for the third quarter and nine months ended 30 September 2020.

Q3 2020 Highlights

  • Revenue at EUR 138.1 million roughly in line with the same quarter last year (-0.3% underlying) with COVID-19 impacting new business inflow.
  • Adjusted EBITA margin at 32.1% reflecting the continued investments in our transformation program and digitalisation efforts.
  • Working capital improved for the 8th consecutive quarter.
  • Execution of the migration plan is on track. Run rate savings exceeded run rate expenses at the end of Q3 for an amount of EUR 2.8 million.
  • Completed acquisition of corporate services business of Sameer Mittal in India, private wealth client book of Van Doorn AG in Switzerland and launch of Intertrust Law in Cayman Islands.

Analyst call / webcast
Today, Intertrust’s CEO Stephanie Miller and CFO Rogier van Wijk will hold an analyst / investor call at 10:00 CET.
A webcast of the call will be available on the Company’s website. The webcast can be accessed here.
The supporting presentation can be downloaded from our website.

Stephanie Miller, CEO of Intertrust, commented:
“We have had resilient performance in the face of the ongoing COVID-19 pandemic, which is a testament to the strong and recurring nature of our business and solid client book. It is down to the hard work of our employees that we continue to successfully pursue our transformation journey and maintain high quality client service delivery. During this global crisis, people remain our priority and our improved employee engagement scores show that commitment. We have made strong progress against the execution of our Centre of Excellence migration plan, while we continue to innovate and invest in our proprietary technology in order to best serve our clients’ needs.
On a final note, we have continued to think broadly about our global business by expanding our geographical spread and our service offering through bolt-on acquisitions in India and Switzerland alongside the launch of Intertrust Law in the Cayman Islands. We will continue to deliver against our transformation journey as we move into Q4.”