Intertrust reports Q2 2020 results
30 Juillet 2020 - 7:15AM
Intertrust reports Q2 2020 results
Amsterdam, the Netherlands – 30 July 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 the international
business environment, today publishes its results for the second
quarter and half year ended 30 June 2020.
Q2 2020 Highlights
- Revenue increased to EUR 139.5 million (+0.2% underlying)
indicating continued resiliency during COVID-19 pandemic.
- Adjusted EBITA margin decreased to 31.9% mainly due to
difference in timing of costs and savings relating to the Centre of
Excellence.
- Cash flow from operating activities increased to EUR 35.3
million supported by strong working capital management.
- Leverage ratio was 3.81x (Q2 2019: 4.01x); headroom compared to
leverage covenant amounted to 24%.
Analyst call / webcastThe supporting
presentation can be downloaded from our website.Today, Intertrust's
CEO Stephanie Miller 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.
Stephanie Miller, CEO of Intertrust,
commented:"During these unprecedented times due to
COVID-19, I am incredibly proud of how Intertrust has navigated
this challenging period. Our second quarter revenue came in at EUR
139.5 million which is slightly higher compared to last year's
quarter. The results demonstrate the resilience of our business and
the strong cash flow generation. Funds and Capital Markets reported
healthy growth as a result of increased transactional activity from
our existing and new clients. Adjusted EBITA margin decreased in
line with what we have communicated end of last year about the
phasing of our margin development in 2020 whilst we execute our
Centre of Excellence migration plan. Earlier this month we
completed the migration of operational activities from the
Netherlands and the Americas to the Centre of Excellence, which is
in addition to the migration of Asian offices during Q1.
A great example of the deployment of our technology enabled
services is our landmark deal with the Fédération Internationale de
Football Association (“FIFA”) to build and operate the FIFA
Clearing House – a system designed to ensure greater transparency
in the international player transfer market. Through this system we
can deliver the level of accountability and transparency FIFA is
looking for, a service right at the heart of our strategy to help
automate and accelerate our clients’ work.
I am confident that we will navigate successfully through this
crisis based on the recurring and resilient nature of our business,
and the commitment and dedication of all our employees."
- Intertrust Q2 2020 results press release.pdf