Amsterdam, Netherlands – January 13, 2022 – Intertrust NV (“Intertrust” or “Company”) [Euronext: INTER], a global leader in providing technology solutions for funds and enterprises, today provides a trading update for the fourth quarter and full year 2021. Underlying revenue growth for the 2021 was around 1.5% and the adjusted EBITA margin for the full year was around 30%. Intertrust confirms that CSC’s public offering is proceeding as planned and refers to the joint press release issued by CSC and Intertrust on December 30, 2021.
Underlying revenue growth in the fourth quarter of 2021 was slightly negative compared to the fourth quarter of 2020, driven by a continued decline in the Netherlands, Luxembourg and the Cayman Islands. This was mainly due to a drop in productivity due to high employee attrition, which continued until the end of December. Underlying revenue growth for the full year 2021 was around 1.5%, below the Company’s growth forecast of 2-4%. Underlying revenue growth excluding the Netherlands, Luxembourg and Cayman Islands was above 8% in fiscal 2021, indicating the competitive strength of the Company’s offering in growing markets.
While expenses were in line with expectations, lower revenue growth led to an adjusted EBITA margin of around 31% for the fourth quarter of 2021 and around 30% for the full year 2021. This figure is slightly below the indicative range of 31-32%. . As a result, the leverage ratio should be around 3.7x, compared to a “below 3.4x” forecast.
Figures reported today are unaudited. Intertrust will release its full set of audited fourth quarter and full year 2021 results on February 10, 2022.
This press release contains information that qualifies as inside information within the meaning of Article 7(1) of the European Market Abuse Regulation.