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TMF Group has announced that its revenues rose 14% to €744m (£653m), up from €650m (£571m), for the year ended 31 December 2022.
The Amsterdam-based firm also saw its EBITDA grow 18% to €235m (£206m), up from €199m (£175m). The company also increased its investments 10% to €32m (£28m).
The company stated that its revenue growth in 2022 was heavily organic, driven by a focus on serving existing clients and growing business with them.
TMF Group won €145m (£127m) of new business in 2022, an 11% increase on 2021 and completed four acquisitions in 2022 covering Latin America, Europe, the Middle East and Asia
It also stated that its EBITDA grew faster than its revenue partly due to the effect of operational leverage, with more revenue coming onto a relatively fixed infrastructure.
Mark Weil, TMF Group CEO, said: “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 opportunities ahead of us in how we can better serve our clients and create exciting careers for our people.”
Patrick de Graaf, TMF Group CFO, added: “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.”
TMF has operated in the UK since 1998 and offers accounting, legal, tax compliance, corporate secretarial and HR and payroll services.
