Q4 2021 Highlights
- Reported revenue increased 1.7% y-o-y to
EUR 147.3 million . Underlying revenue growth was -0.7%, mainly driven bythe Netherlands , Luxembourg andCayman 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 withEUR 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 ofEUR 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 ofEUR 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 excludingNetherlands , Luxembourg andCayman 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 ofEUR 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
Guidance
- 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
"Our main challenges reside in
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,
Attachment
Intertrust Q4 2021 Results Press Release
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