Amsterdam - 9 November 2017 - Intertrust N.V. ("Intertrust" or the "Company") [ticker symbol INTER], publishes results for the third quarter and nine months ended 30 September 2017.
Revenue increased 33.7% year-on-year to EUR 118.1 million in Q3, up 6.7% on an underlying1 basis, driven by strong growth in Luxembourg and Jersey (9M up 3.5% underlying to EUR 357.8 million).
Adjusted EBITA increased 34.2% year-on-year in Q3 to EUR 46.3 million, up 13.7% on an underlying basis (9M up 1.4% underlying to EUR 134.2 million).
Q3 adjusted EBITA margin improved by 243bps year-on-year to 39.2% (9M: 37.5%).
Adjusted net income increased 41.2% year-on-year to EUR 36.5 million in Q3 (9M increased 29.8% to EUR 100.9 million, resulting in adjusted EPS of EUR 1.11).
Cash from operating activities increased 17.4% year-on-year to EUR 23.8 million in Q3 (9M up 5.9% to EUR 108.6 million).
Full year 2017 guidance reiterated and full year 2018 outlook announced.
Intertrust intends to initiate a share repurchase programme of up to EUR 50 million at short notice, expected to be completed by 29 June 2018 or earlier when the maximum aggregate value has been reached, and to be executed on a MAR Safe Harbor-compliant basis.
Hans Turkesteen announced as interim CFO, effective immediately, subject to regulatory approval (see separate press release also published today). The CEO search is ongoing.
To read the full Q3 2017 results press release please open the attached file or download here.
The supporting Q3 2017 results presentation is also attached and available on our website.
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Intertrust announces appointment of interim CFO
Amsterdam - 9 November 2017 - Intertrust N.V. ("Intertrust" or the "Company") [ticker symbol INTER], a leading global provider of high-value trust, corporate and fund services, today announces the appointment of Hans Turkesteen as interim Chief Financial Officer ("CFO"), effective immediately.
Hans Turkesteen (54) is a registered accountant and senior finance professional with over 25 years' experience in the professional services industry at Andersen and later Deloitte, including as Managing Partner of their Financial Advisory Services division. More recently he served as CFO and Member of the Management Board at private equity-owned Stork (2008-2012) and AEX-listed Royal Imtech NV (2013-2015).
Maarten de Vries will stay with the Company until 31 December 2017 to ensure a smooth handover.
David de Buck, CEO of Intertrust, said: "We welcome Hans Turkesteen as interim CFO and member of our Executive Committee. We are confident Hans' broad background in professional services, deep financial expertise and extensive capital markets experience will benefit the further development of Intertrust. We also thank Maarten for his valuable contribution during his short tenure with us and wish him well for his future."
Hans Turkesteen commented: "I am pleased to join Intertrust as their interim CFO. The Company has a strong global market position and provides high value, in-demand business services to a world-class client portfolio. I am looking forward to working with my new colleagues to further strengthen the Company's profile, reputation and performance."
The appointment of Hans Turkesteen is subject to regulatory approval.
De Midcap 839,36 -3,77 -0,45% Intertrust EUR `13,45 +58ct vol. 43.000