Amsterdam, the Netherlands – 2 August 2018 – 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 second quarter and half year ended 30 June 2018.
Q2 2018 Highlights
- Revenue increased 5.4% underlying year-on-year to EUR 121.5 million.
- Adjusted EBITA amounted to EUR 44.7 million, up 10.0% on an underlying basis.
- Adjusted EBITA margin of 36.8% (Q2 2017: 35.3%).
- Adjusted EPS increased 5.7% to EUR 0.37 (Q2 2017: EUR 0.35).
H1 2018 Highlights
- Revenue of EUR 241.6 million, an underlying increase of 4.0% year-on-year.
- Adjusted EBITA amounted to EUR 90.0 million, up 6.0% on an underlying basis.
- Adjusted EBITA margin of 37.2% (H1 2017: 36.6%).
- Adjusted EPS increased 4.2% to EUR 0.74 (H1 2017: EUR 0.71).
- EUR 50 million share repurchase programme completed on 31 May 2018.
- Interim dividend of EUR 0.30 per share, or approximately EUR 27 million, declared, payment date 30 November 2018.
- A global headcount alignment programme has been completed that will result in a structural annual cost saving of approximately EUR 3 million.
- New senior management appointments have been announced, including the confirmation of Hans Turkesteen as CFO. The senior management transition is now completed.
- Guidance for Full Year 2018 reiterated.
To read the full Q2 and H1 2018 results press release, please open the attached file or download here.
The supporting Q2 and H1 2018 results presentation is also attached and available on our website.
Analyst conference call:
At 13:00 CET today, Stephanie Miller (CEO) and Hans Turkesteen (CFO) will hold an analyst/investor call to discuss the results.
A webcast of the call will be available on the Company’s website and can be accessed here.
If you would like to be able to ask questions during the webcast, please also register to dial in. We recommend dialling in 5 to 10 minutes prior to the start time.
Stephanie Miller, CEO of Intertrust, commented:
“I am very pleased with our performance over the first half year, with revenue growth and EBITA margin in line with our 2018 guidance, and strong cash flow generation. Luxembourg continued its impressive growth, specifically in Fund Services, and in Rest of the World where Ireland, Nordics and Spain performed strongly. The growth was partly offset, however, by headwinds in Jersey’s Private Wealth business.
On the business development side, we have substantially added specialised sales capabilities to our teams in the UK and the US. Additionally, we have created a global Client Solutions team to further accelerate service and product development. These are examples of how we continuously enhance our organisation and expand our services to capture opportunities and adapt to changing clients’ needs. Technological innovation also plays a crucial role in optimising our service levels and increasing the interaction with clients, while enabling us to improve collaboration and achieve efficiency gains. Furthermore we have expanded into a new geography via the acquisition of Seed Outsourcing in Australia and are in the process of opening our second office in the United Arab Emirates located in Abu Dhabi.
Since I started in January this year, we have made several key changes to our senior executive management, most recently confirming Hans Turkesteen as our CFO. The senior executive team is now complete and I am proud of the strong team we have in place. We have also launched a headcount alignment programme resulting in structural cost savings, as keeping staff costs under control is a constant focus for future growth.”
Investor and media contact
Director Investor Relations and Corporate Communications
Tel: +31 20 577 1157