TMF Group announces full year results for 2024

TMF Group, a leading provider of global compliance and administrative services, has today announced its full year results for the year ending 31 December 2024.

Robust performance

TMF Group performed strongly in 2024 with continued double digit revenue and EBITDA growth.

• Revenue growth of 12% to €907 million (2023: €812 million)
• Revenue including full year impact of acquisitions €918 million
• EBITDA growth of 14%, to €285 million (2023: €251 million)
• EBITDA including full year impact of acquisitions €290 million
• Continued strong people engagement (70%) and retention (86%)
• Completed eight acquisitions

Revenue growth in 2024 was largely organic[1], driven by a focus on serving existing clients and growing business with them as they consolidated more of their needs with TMF Group. That aligns with TMF Group’s focus on becoming the way for multinational clients to invest and operate safely around the world.

TMF Group also completed eight acquisitions in 2024, covering all three of our regions. These strengthened the firm’s offering, in particular adding to its fund solutions capability. In addition, the recent acquisition of EWM Global, a leading platform for managing executive compensation, enables TMF Group to provide an integrated solution to managing fund administration, fund equity plans and their payment, reducing the complexity and risk of different provider hand-offs.

EBITDA grew ahead of revenue in response to the continued scaling of our platform and as the firm continued to invest in high-quality, digital delivery.

TMF Group won €141m of new business in recurring annual contracts (ACV) in 2024. Within that were several material, competitive consolidation wins by multinational corporates and funds deciding on TMF Group as a single, trusted global partner.

Investing in clients   

TMF Group is a global compliance partner to its clients, helping them to stay ahead of the ever-changing rules and risks they face as they do business around the world. As such, TMF Group launched TMF Labs to provide data-driven risk insights for its clients, as well as also launching a series of new solutions, such as ESG reporting services, to assist clients with their ESG investor and regulatory requirements.

Investing in people

TMF Group’s performance rests on having talented, engaged employees working as a single, global team, and 2024 maintained strong employee engagement (70%) and retention (86%). The firm launched a major initiative focusing on career paths and rapid promotion of homegrown talent. As a consequence, we saw internal promotions increase to 53%. 

Sustainability

TMF Group acts as the first line of defence for its clients and for the countries in which it operates, ensuring that the right kind of business is done, and in the right way. As such ESG, and in particular, strong governance, is key to TMF Group’s proposition. In 2024, TMF Group achieved a bronze rating by Ecovadis for ESG and the firm also invested in new tools for both regulatory monitoring and entity risk benchmarking to help improve its governance capabilities for clients.

Resilience

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.

TMF Group also has highly diversified revenue by client, country and sector: no single client exceeds 1.2% of group revenue. That creates a very resilient business with respect to geopolitical, economic and individual client risk. It is a key risk indicator that has allowed continued growth, despite a range of local regulatory and macro-economic challenges.

2024 was another strong year, with double digit organic revenue growth. We are now growing largely with our existing clients, as they consolidate to having a single, trusted partner to 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 make TMF Group work for our people and our clients.

We finished another strong year, marking 5 years of continuous revenue and EBITDA growth. We enter 2025 in great shape, with a tailwind from 2024 new business and revenue retention, strong colleague and client engagement, and further operational leverage opportunities from more revenue landing onto our global delivery platform.

Full report available here.

[1] Organic revenue growth 9%, EBITDA gain 11%

Media Contacts

Marina Llibre Martin, Global PR Manager
marina.llibremartin@tmf-group.com