Intertrust posts 4.8% underlying revenue growth in Q2 2021 and commits expense to strengthen compliance framework
PRESS RELEASE: Amsterdam – 29 July 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 the international business environment, today publishes its results for the second quarter and half year ended 30 June 2021.
Q2 2021 Highlights
- Underlying revenue up 4.8% year-on-year to EUR 143.4 million, primarily driven by a strong performance in Funds
- Healthy pipeline due to greater ability to cross sell between service lines, upsell to existing customers as well as larger order ticket sizes
- Adjusted EBITA of EUR 39.9 million (Q2 2020: EUR 44.4 million) including one-off costs of EUR 6.4 million, mainly related to the CIMA fine and other legal and compliance costs
- Adjusted EBITA margin of 27.8% (Q2 2020: 31.9%) reflecting one-off costs and business mix impact. Normalised margin excluding one-off costs is 32.3%
- Migration plan to Centre of Excellence on track - achieved EUR 14.9 million annualised run rate savings at the end of June 2021
- Leverage ratio of 3.68x at the end of June 2021
- Significant step up in one-off compliance activities to remediate historical files, leading to an estimated EUR 10 million additional cost in H2
- Adjustment to EBITA margin guidance for 2021 to between 31% and 32% to take into account the one-off costs of EUR 6.4 million in Q2 and estimated additional EUR 10 million for H2.
Shankar Iyer, CEO of Intertrust, commented:
"I am pleased with our 4.8% underlying revenue growth in Q2. The revenue growth is driven primarily by a strong performance in Funds, Corporates and Capital Markets. Our investment in building a stronger commercial operation is starting to pay off, with greater customer penetration and more upsell opportunities with existing clients and cross selling between our service lines. We see encouraging trends and a healthy pipeline and we expect this improvement to continue through the second half of the year.
However, our Q2 margin development was impacted by one-off costs of EUR 6.4 million, primarily related to the CIMA fine and other legal and compliance costs. Based on recent developments we have decided to accelerate expenses to strengthen our compliance framework across the markets we operate in. To clean up historical files, we will execute further remediation activities in 2021 and 2022 which will also allow us to offer best practice service to our customers. Taking into account the one-off costs for Q2 as well as the second half of the year, our underlying EBITA margin guidance is expected to be between 31% and 32% for 2021.
We are on track with the migration plan to the Centre of Excellence and our goal of achieving the target of 90% of EUR 20 million net run rate savings by the end of the year is in sight. In summary our focus on driving revenue is already yielding good benefits, and we are investing in future-proofing our organisation to deal with increasing regulation whilst deleveraging our balance sheet."
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.
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