PRESS RELEASE: Amsterdam – 22 April 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 first quarter ended 31 March 2021.
Q1 2021 Highlights
- Revenue increased by 1.5% on an underlying basis
- Adjusted EBITA increased by 1.0% on an underlying basis
- Adjusted EBITA margin was 32.3% compared to 32.8% in Q1 2020 which included a one-off benefit. Excluding this one-off benefit, the adjusted EBITA margin increased by 80bps.
- Migration plan to Centre of Excellence on track – achieved EUR 8.8 million annualised net run rate savings at the end of March 2021
- Leverage ratio improved to 3.70x from 3.83x at the end of December 2020
- 2021 guidance confirmed
Shankar Iyer, CEO of Intertrust, commented:
“We have delivered robust results in the first quarter given that the economic environment remained challenging and impacted our performance as expected. The business pipeline has improved significantly in the period, with encouraging contract wins that are expected to drive the acceleration of revenue growth later on this year. Importantly, we continue working hard on our migration plan, mobilising considerable resources, particularly since Luxembourg started the migration process in Q1 2021.
Meanwhile, positive secular trends from outsourcing, globalisation and regulation continue to drive our business, and technology remains a key differentiating factor to seamlessly service clients. We will continue to focus on the flawless execution of our strategic goals and to enhance further our ability to drive new business in upcoming periods, with the right team in place to do so.
Our ability to outperform competition will be driven by continued investment in human capital and technology. This will be achieved with a disciplined approach, as we remain committed to our deleveraging targets for 2021 and beyond.”
Analyst call / webcast
Today, Intertrust’s CEO Shankar Iyer and CFO Rogier van Wijk will hold an analyst 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.