Intertrust reports Q2 and H1 2019 results

Amsterdam, the Netherlands – 1 August 2019 - 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 2019.

Q2 2019 Highlights

• Viteos acquisition completed on 17 June 2019. Integration process started immediately.
• Revenue increased to EUR 128.2 million, an underlying growth of 3.5%, Viteos contributed EUR 1.7 million.
• Revenue increased 2.5% excluding Viteos.
• Adjusted EBITA amounted to EUR 46.8 million, up 1.7% on an underlying basis.
• Adjusted EBITA margin of 36.5% (Q2 2018: 36.8%).
• Adjusted EPS increased to EUR 0.38 (Q2 2018: EUR 0.37).

H1 2019 Highlights

• Revenue of EUR 253.5 million, an underlying increase of 3.5%. Revenue increased 2.3% excluding Viteos.
• Adjusted EBITA amounted to EUR 92.1 million, -0.7% on an underlying basis.
• Adjusted EBITA margin of 36.3% (H1 2018: 37.2%) mainly due to higher IT costs.
• Adjusted EPS increased to EUR 0.75 (H1 2018: EUR 0.74).
• Interim dividend of EUR 0.30 per share (H1 2018: EUR 0.30), payment date 29 November 2019.
• Guidance for 2019 confirmed at 3 - 5% underlying revenue growth excluding Viteos and an adjusted EBITA margin of at least 36%.

Analyst call / webcast
Today, Intertrust's CEO Stephanie Miller and CFO Hans Turkesteen 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.

Stephanie Miller, CEO of Intertrust, commented:
"The acquisition of Viteos is obviously the biggest highlight of this reporting period. The acquisition is a competitive game-changer for Intertrust and accelerates our strategy to become a global leader in tech-enabled corporate and fund solutions. We have initiated the integration process, are continuing to add technological innovations to our service offering, and leveraging Viteos’ offshore Centres of Excellence in India, we have fast-tracked our  standardisation, centralisation and shared services initiatives. While combining the two companies, we continue to focus on providing excellent client service and delivering on our guidance.

"I am satisfied with the performance over the first half of the year, in which we report modest growth. Based on our forecast for the remainder of the year, I am confident that we will deliver on our full year guidance. We continue to perform well in a competitive market, with Funds being the highest growth driver and Corporates reporting a strong second quarter. We continue to execute on our strategic plans and, following demand from clients, we opened a new office in Shenzhen, China, and expanded our global footprint by opening an office in Paris, France, to provide Corporate and Fund services. On the people side, Global Head of Funds, Patrick O’Brien, and Chief Commercial Officer, Ian Lynch, both came on board to lead our client-centric commercial strategy and drive business growth."

Attachment

• intertrust-q2-and-h1-2019-results-press-release.pdf