UK: TMF Group Release Q2 2014 Financial Results
Last Updated: 1 September 2014

TMF Group continues to pursue its strategy of investing to drive organic growth and in line with this there is an expansion of activities in Africa to Tanzania and Nigeria. The year on year decline of Fund services business also masks an underlying growth in revenue of 8.8% and EBITDA of 3.7% on a constant currency basis.

Key highlights include:

  • Group revenue up 2.1% to €102.9 million (Q2 2013: €100.8 million):
    • Corporate services and Private Client Services up by 4.9% and 9.5% respectively, offset by a decrease in Fund Services of 31.7%
    • EMEA and APAC region up by 13.9% and 4.2% respectively
  • Group EBITDA (Earnings before interest, income tax, depreciation, amortization, impairment charges, acquisition, litigation, redundancy and restructuring costs) decreased 5.6% to €25.8 million (Q2 2013: €27.3 million). This is due to a decrease in Fund Services and continued investment in our global sales capability, partly offset by an increase in EMEA
  • EBITDA margin 25.1% (Q2 2013: 27.1 %)
  • Net loss of the quarter increased by €2.2 million to €9.6 million (Q2 2013: €7.4 million)
  • Cash generated from operations decreased by €3.8 million to €22.8 million (Q2 2013: €26.6 million) or 88% of EBITDA (Q2 2013: 97% of EBITDA).  

To view the full press release, financial statement and presentation, visit the Investor Relations section of our website.

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