Our performance

TMF Group has grown by an average of 8% year-on-year since 2013.

2020 results

2020 annual report

Performance in 2020 was characteristically strong as a result of our OneTMF transformation programme and accelerated by our response to Covid-19. Key year-on-year figures for 2020 versus 2019 are:

  • Revenue growth of 7% to € 615 million (2019: €572 million)
  • Adjusted EBITDA growth of 20% to €179 million (2019 €149 million)
  • Operational cash flow up 82% to €145 million (2019 €80 million)
  • Investment in digital delivery up 53%
  • Client satisfaction (NPS) up 41%
  • Employee engagement up 14%
  • Voluntary employee attrition down 29%

Outlook

TMF Group started 2021 with a number of acquisitions including IQ Nexus in the Netherlands, Selectra in Luxembourg and Venture Back Office in the US. These are oriented around building a world class private equity and real estate funds capability and follow the purchase of State Street’s fund administration business in the Channel Islands in 2019.  The funds space is fast-growing and our global footprint gives us a natural advantage over more narrowly based competitors for fund administration, SPV management and portfolio company support.

We provide critical, recurring services for our clients. As such, we start each year with around 90% of revenue in place as a solid base to build on. We operate in a large, growing and fragmented market that is being fuelled by increasing regulatory complexity and sanctions, whether around employment law, regulatory filings or accounting and tax rules. We are one of the leading players in that market but, with just 5% share, there’s plenty of room to grow. We also have a great opportunity to grow with existing multinational clients who we currently serve in just a few locations.

Mark Weil, TMF Group’s CEO: “2020 was a challenging year for many of our team personally and professionally. People remember how you behave in their moment of need. I couldn’t be prouder of how our people responded, looking after each other and looking after our clients, often in very difficult circumstances.”

Patrick de Graaf, TMF Group’s CFO: “Our results come from looking after the fundamentals of our business - our people, our clients and how we serve them. Those are key pillars of our plan and are a sustainable basis for solid top and bottom line growth at TMF Group.”