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Intertrust underlying revenue back to growth in Q1

29 April 2022

Intertrust underlying revenue back to growth in Q1

 Amsterdam, the Netherlands – 29 April 2022 – 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 2022.

 Q1 2022 Highlights

  • Underlying revenue returning to growth (+2.2%), mainly driven by US Fund Services, Rest of the World and Luxembourg now trending positively. Underlying revenue growth excluding the Netherlands, Luxembourg and Cayman Islands was 8.8%
  • Deals won worth EUR 21.8 million annual contract value (+25.8% y-o-y); pipeline of EUR 74.9m continues to be strong
  • Adjusted EBITA of EUR 38.3 million (Q1 2021: EUR 45.3 million) including one-off costs of EUR 2.6 million related to remediation activities. Adjusted EBITA margin of 25.9%, mainly impacted by increased staff expenses
  • Exiting all current Russian clients and no longer accepting any new Russian clients across our 45 locations; estimated impact on 2022 Group revenue of less than 1%
  • CSC offer launched per 31 March 2022; additional regulatory applications filed and first regulatory clearances obtained; transaction expected to close in H2 2022

Shankar Iyer, CEO of Intertrust, commented:
“Our actions to accelerate growth are paying off, with Luxembourg trending positively and US Fund Services and Rest of the World continuing to perform well. We also continue to win larger and more complex mandates, evidenced by the strong annual contract value of deals won. Building a stronger workplace is at the top of our agenda and whilst employee attrition remained elevated, we successfully continue to attract talent and grew our net workforce by close to 130 FTEs in the first quarter.

In line with our commitment to acting responsibly, we have started the process of exiting all current Russian clients and we will not accept any new Russian clients across our 45 locations. While being mindful of increased macroeconomic uncertainties, we do not see this materially impacting our day-to-day business currently. We remain committed to reaching our full-year guidance as we aim to offset wage and other inflationary pressures and increased regulatory requirements through price increases and ongoing operational efficiency.

The transaction with CSC is progressing as planned. We’ve come to know each other over the past months both virtually and physically and both teams are even more convinced that together we will be stronger and more competitive. For all our colleagues it’s an exciting time to be at CSC and Intertrust; we see a bright future ahead of us with significant opportunities for the combined company.”

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.