Intertrust provides update on Corona impact
Amsterdam, the Netherlands – 23 March 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 international business, today provides an update on its current business in light of the impact of the Coronavirus (COVID-19) outbreak and recent volatility in the markets.
Stephanie Miller, CEO of Intertrust:
“The health and safety of our people is our main priority during these unprecedented times. We strictly follow the guidelines of the health authorities in the countries in which we operate. Since the start of the outbreak in China we have worked fully remotely in our offices in China, Hong Kong and Singapore. Our technology has proven to be a real differentiator and has allowed us to switch to effectively working remotely in all our offices since last week. We are focussed on the continuity of our business, maintaining our financial and operational resilience and continuing to deliver uninterrupted services to our clients.”
To date, no material adverse impact on revenues has been observed from COVID-19, nor on cash. Intertrust offices around the world have seen minimal disruption to date, operating under the business continuity plan and continuing to provide service as usual. Continued investment in the IT roadmap and Intertrust's mission to transform, and be the leading tech enabled services firm, gives the company a strong differentiating edge compared to the market.
As it is still early days, Intertrust continues to monitor the market and turbulence that has arisen as a consequence of the COVID-19 outbreak, and its impact on the company. As a result of the long-term client contracts and 80-90% recurring revenues, Intertrust’s business remains resilient. Near term, however, the uncertainty might lead to a slowdown in client activities.
Intertrust remains well capitalised and operates a highly cash generative business. In combination with its strict working capital management, Intertrust is comfortable with its leverage level as well as liquidity. In line with our working capital seasonality the liquidity position has further increased since year end 2019.
Intertrust will publish its Q1 2020 results on 23 April 2020.
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