Intertrust posts 0.6% underlying revenue growth in Q3; continues to see strong pipeline and inflow
Amsterdam, the Netherlands – 21 October 2021 – 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 international business, today publishes its results for the third quarter and nine months ended 30 September 2021.
Q3 2021 Highlights
- Reported revenue increased 1.6% y-o-y to EUR 140.3 million. Underlying revenue growth was 0.6% due to lower productivity, mainly in the Netherlands and Luxembourg. Underlying revenue growth excluding the Netherlands and Luxembourg was 4.4%
- Strong pipeline developments (+23.5% y-o-y) and deals won with EUR 18.2 million in annual contract value (+27% y-o-y)
- Adjusted EBITA of EUR 39.6 million (Q3 2020: EUR 44.3 million) including one-off costs of EUR 4.8 million from remediation activities. Adjusted EBITA margin of 28.2%, normalised margin excluding one-off costs was 31.6% (Q3 2020: 32.1%), mainly reflecting the revenue impact
- Remediation project progressing and committed to complete one-off activities by end 2022 and within budget
- Centre of Excellence synergy target of EUR 20 million achieved ahead of schedule, while transformation continues. Confident to drive further savings and operational efficiencies which will lead to margin improvements going forward
- Initiated EUR 100 million share buyback programme
Shankar Iyer, CEO of Intertrust, commented:
“We see a continued strong demand for the services we deliver and a significant untapped potential with our clients. I am disappointed with our revenue in the Netherlands and Luxembourg in the quarter. This was primarily caused by higher employee attrition as a result of our ongoing transformation. Underlying revenue growth excluding the Netherlands and Luxembourg was robust at 4.4% in the third quarter.
Our margin reflects lower revenue, as well as the one-off costs related to our file remediation efforts. We’re confident to finalise the remediation process within the targeted timeframe and budget. We’ve seen good progress on the Centre of Excellence migrations and this will lead to improvement of our margin profile over time.
We communicated previously, that we are considering all options to drive value for stakeholders. As part of this, we are including a review of our portfolio. We will provide an update of our progress at our Capital Markets Day on 23 November.”
Analyst call / webcast
Today, Intertrust’s CEO Shankar Iyer 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.