Our performance

TMF Group has grown by an average of more than 8% year-on-year since 2013 and achieved double digit growth in 2022.

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2022 results

TMF Group performed strongly in 2022, delivering against targets and its goal of enabling clients to invest and operate safely around the world despite the impact of Covid-19 and the war in Ukraine on world markets.

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TMF Group's 2022 annual report

10 March 2023

Summary and outlook

Revenue growth in 2022 was heavily organic, driven by a focus on serving existing clients and growing business with them, as they consolidated more of their needs with TMF Group.

As in previous years, EBITDA grew faster than revenue. That is partly the effect of operational leverage, with more revenue coming onto a relatively fixed infrastructure. It was also assisted by investing in more robust and efficient ways to deliver client work.

TMF Group won €145m (annual contract value) of new business in 2022, an 11% increase on 2021. New business is now dominated by growing global mandates with existing clients.

Four acquisitions, covering Latin America, Europe, the Middle East and Asia, were completed in 2022. These strengthened the firm’s offering around the world, including bolstering its fund administration capability.

TMF Group provides critical services in locations where the rules are complex, where clients lack scale or where their investment flows are large. As such, TMF Group has 95% recurring and reoccurring revenue.

Revenue by country and sector is highly diversified, with no client exceeding 2.1% of group revenue. That creates a very resilient business which allowed the firm to grow through the global pandemic and in countries where macro conditions were adverse.

The situation in Ukraine was a further test of TMF Group resilience. In the build up to the Russia attack on Ukraine in February 2022, TMF Group’s Business Continuity Plan was activated, and the firm has been able to look after its Kyiv team and continue helping clients operating in Ukraine with no disruption to service. In solidarity with its Ukrainian colleagues, TMF Group took the decision in March 2022 to stop serving clients with a Russian UBO. That has been acted on, along with Russia sanctions as they emerged, and the impact absorbed in 2022 results.

Mark Weil headshot

“2022 was another strong year and our first with double digit revenue growth. We are now growing largely with our existing clients as they consolidate to having a single, trusted partner help keep them safe around the world. While I’m pleased with how we’ve performed, we still have huge opportunity ahead of us in how we can better serve our clients and create exciting careers for our people..”

Mark Weil,

TMF Group's CEO

Patrick de Graaf

“We finished the year ahead of budget, marking twelve continuous quarters of revenue and EBITDA growth. We enter 2023 in great shape with a tailwind from increased 2022 new business and revenue retention, higher colleague and client engagement and the operational leverage from putting more revenue onto our global delivery platform.”

Patrick de Graaf,

TMF Group's CFO

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