Amsterdam, the Netherlands – 30 July 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 second quarter and half year ended 30 June 2020.
Q2 2020 Highlights
- Revenue increased to EUR 139.5 million (+0.2% underlying) indicating continued resiliency during COVID-19 pandemic.
- Adjusted EBITA margin decreased to 31.9% mainly due to difference in timing of costs and savings relating to the Centre of Excellence.
- Cash flow from operating activities increased to EUR 35.3 million supported by strong working capital management.
- Leverage ratio was 3.81x (Q2 2019: 4.01x); headroom compared to leverage covenant amounted to 24%.
Analyst call / webcast
The supporting presentation can be downloaded from our website.
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:
“During these unprecedented times due to COVID-19, I am incredibly proud of how Intertrust has navigated this challenging period. Our second quarter revenue came in at EUR 139.5 million which is slightly higher compared to last year’s quarter. The results demonstrate the resilience of our business and the strong cash flow generation. Funds and Capital Markets reported healthy growth as a result of increased transactional activity from our existing and new clients. Adjusted EBITA margin decreased in line with what we have communicated end of last year about the phasing of our margin development in 2020 whilst we execute our Centre of Excellence migration plan. Earlier this month we completed the migration of operational activities from the Netherlands and the Americas to the Centre of Excellence, which is in addition to the migration of Asian offices during Q1.
A great example of the deployment of our technology enabled services is our landmark deal with the Fédération Internationale de Football Association (“FIFA”) to build and operate the FIFA Clearing House – a system designed to ensure greater transparency in the international player transfer market. Through this system we can deliver the level of accountability and transparency FIFA is looking for, a service right at the heart of our strategy to help automate and accelerate our clients’ work.
I am confident that we will navigate successfully through this crisis based on the recurring and resilient nature of our business, and the commitment and dedication of all our employees.”