Amsterdam, the Netherlands – 25 April 2019 – Intertrust N.V. (“Intertrust” or “Company”) [Euronext: INTER], a leading global provider of expert administrative services to clients operating and investing in the international business environment, today publishes its results for the first quarter ended 31 March 2019.
Q1 2019 Highlights
- Revenue increased by 2.1% to EUR 125.3 million (Q1 2018: EUR 120.1 million).
- Adjusted EBITA amounted to EUR 45.3 million (Q1 2018: EUR 45.3 million).
- Adjusted EBITA margin of 36.1% in line with guidance.
- Adjusted EPS of EUR 0.37 (Q1 2018: EUR 0.37).
- Continued strong deleveraging resulted in a leverage ratio of 3.14x.
- Guidance for 2019 is reiterated.
- IFRS 16 has been implemented as of 1 January 2019. A breakdown of the impact of IFRS 16 is presented on page 7.
- Adjusted Q1 2019 numbers (excluding IFRS 16 impact) are used for comparison purposes unless stated otherwise.
Today, Intertrust’s CEO Stephanie Miller and CFO Hans Turkesteen will hold an analyst call at 13:00 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:
“The first quarter of 2019 started with modest revenue growth and EBITA margin in line with our expectations. We are continuing to expand our Funds business and have increased our revenues in Capital Markets, our strategic growth areas which together represent almost half of our business. We saw revenue growth in the Americas and Rest of the World segments, while revenue in Western Europe was in line with the same quarter last year.
“We are on track with executing on our strategy: we expanded into Canada, announced the acquisition of ABN AMRO’s escrow and settlement business, broadened our portfolio of services by introducing fund finance services in the UK – a specialised Capital Markets service – and obtained a license to offer fund administration services in Ireland. More importantly, we are transforming the company by injecting technology into our operations and client service such as the launch of IRIS, our global client portal. I am excited about the agreement with Viteos that we announced last month, as our collaboration enables us to continue our journey to become the leading tech-enabled corporate and fund solutions provider.”