Financial services provider Intertrust expects to lose more money this year as a result of increased regulatory pressure in combination with rising personnel costs. Nevertheless, the company listed on the Amsterdam stock exchange is also counting on faster growth in income. The company, with its head office in Amsterdam, provides or controls the financial administration and arranges tax matters for other companies or investors.
Intertrust closed the closing quarter of 2021 with a turnover of 147.3 million euros. That was 1.7 percent more than in the same period a year earlier. Operating profit fell by 5 percent in the measurement period.
It was already known that Intertrust could be less productive than it would like due to the many personnel changes. In a year’s time, about a quarter of Intertrust’s staff has left and been replaced. In the Netherlands and Luxembourg in particular, the labor market is very tight, making it more difficult to retain staff. Revenues in these countries fell by 16.4 and 6 percent respectively.
Intertrust previously announced that it wants to keep staff on board for longer with new remuneration structures and extra services in the field of health, for example. But training people takes time and therefore money because training hours cannot be written on customers. Intertrust employs a total of about 4,000 people.
The financial services provider previously announced that it would be taken over by its American counterpart CSC. According to the company, all competitive conditions have been met and the completion of the acquisition is on track.
Regulatory pressure and personnel put costs on Intertrust
Source link Regulatory pressure and personnel put costs on Intertrust