Intertrust underlying revenue back to growth in Q1 results

Posted: 03/05/2022

Shankar Iyer_Intertrust_feb22Intertrust has published its results for the first quarter ended 31 March 2022. The highlights include:

• Underlying revenue returning to growth (+2.2%), mainly driven by US Fund Services, Rest of the World and Luxembourg trending positively. Underlying revenue growth excluding the Netherlands, Luxembourg and Cayman Islands was 8.8%.
• Deals won worth €21.8m annual contract value (+25.8% year-o-year); pipeline of €74.9m continues to be strong.
• Adjusted EBITA of €38.3m (Q1 2021: €45.3m) including one-off costs of €2.6m 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 45 locations – estimated impact on 2022 group revenue of less than 1%.
• CSC offer of 31 March – additional regulatory applications filed and first regulatory clearances obtained; transaction expected to close in H2 2022.

Shankar Iyer (pictured), 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 annual contract value of deals won.”

• For full details of the results announcement click here

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