Intertrust sees record pipeline in Q4; underlying revenue

Intertrust sees record pipeline in Q4; underlying revenue +1.5% in FY 2021

Amsterdam, the Netherlands – 10 February 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 fourth quarter and full year ended 31 December 2021. 

 Q4 2021 Highlights

  • Reported revenue increased 1.7% y-o-y to EUR 147.3 million. Underlying revenue growth was -0.7%, mainly driven by the Netherlands, Luxembourg and Cayman Islands. Underlying revenue growth excluding these jurisdictions was 9.5%
  • Employee attrition remained elevated, leading to lower productivity and time-based revenue
  • Record pipeline of EUR 82.7m (+26.8% y-o-y); deals won with EUR 17.3 million in annual contract value (+10.0% y-o-y)
  • Adjusted EBITA of EUR 45.1 million (Q4 2020: EUR 49.9 million) including one-off costs of EUR 2.6 million from remediation activities. Adjusted EBITA margin of 30.6%, mainly reflecting lower productivity
  • Agreement on a recommended all-cash public offer to be made by CSC for all the issued and outstanding ordinary shares in the capital of Intertrust at an offer price of EUR 20.00; all required Competition Clearances satisfied in January; transaction expected to close in H2 2022

FY 2021 Highlights

  • Reported revenue increased 1.2% y-o-y to EUR 571.3 million. Underlying revenue growth was 1.5%. Underlying revenue growth excluding Netherlands, Luxembourg and Cayman Islands was 8.4%
  • Deals won with EUR 71.3 million in annual contract value (+15.2% y-o-y)
  • Adjusted EBITA of EUR 169.8 million (FY 2020: EUR 185.1 million) including one-off costs of EUR 13.8 million from remediation activities and costs related to the CIMA fine and other legal and compliance costs, which was in line with expectations. Adjusted EBITA margin of 29.7%
  • Remediation programme progressing and committed to complete these one-off activities by end 2022
  • Over 2021 no dividend will be proposed to the AGM, following the agreement with CSC


  • 3-5% underlying revenue growth at 28-30% adjusted EBITA margin in full year 2022
  • Capex of around 3% of revenue and leverage ratio of below 3.3x by end 2022
  • Medium-term ambitions reiterated

Shankar Iyer, CEO of Intertrust, commented:
“Our main challenges reside in the Netherlands, Luxembourg and Cayman Islands, where management teams have been changed in 2021. Our priorities will be centred around improving compliance effectiveness, employee retention and increased productivity. Excluding these three jurisdictions, we’ve seen strong underlying revenue growth, indicating the competitive strength of our offering in growth markets.

The pandemic has introduced us to new ways of working and given us the opportunity to offer our colleagues more flexibility with additional focus on health and well-being. Meanwhile in 2021 we continued to drive our strategic transformation and signed an agreement with CSC to join forces globally. We are making good progress on the preparations for the offer, with all required Competition Clearances having been satisfied.

In 2022, we expect to see a higher cost level driven by the increased cost to deliver our services, arising from the product mix, higher people cost and the increased regulatory and compliance remediation requirements. However, the strong performance in the majority of our jurisdictions, combined with our record pipeline and our confidence to convert it into revenue is expected to lead to accelerated revenue growth.”

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.

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