Letter from the CEO

TMF Group exists to be a trusted, global partner to our clients as they invest and operate around the world. That is the mission that I and my team set for ourselves several years ago and everything we do aims to strengthen our ability to play that role.

With that in mind, 2023 marked further steps on our journey. We set the goal of providing flawless service, reflecting how critically our clients rely on what we do for them. We launched the service excellence programme to encourage proactive client engagement and have colleagues around the world being trained on how to serve our clients better. We finished 2023 with a record level of client revenue retention at 92% and existing clients are now the large majority of our growth. We also launched a number of new, complementary services including ESG reporting, account collections and HR administration. Through the acquisition of high quality teams, we strengthened our capability in various areas such as US fund administration and Saudi Arabia1 corporate services. Finally, we continued to improve our digital delivery with the majority of colleagues now working through a single instance of our workflow management tool to help clients with global consistency and quality control.

Our management agenda starts with our people, if TMF Group is working for our people then, it will work for our clients. Our people agenda is focused on creating exciting career paths and rapid promotion. As a result, we finished 2023 at record levels of promotion, engagement and staff retention.

Our clients need us to be a stable, reliable, long-term partner. In 2023 we delivered 15% revenue growth and 14% EBITDA growth over 2022 at constant currency. The large majority of that growth is organic, 13% revenue and 12% EBITDA, that in turn is largely now from existing clients entrusting more of their administrative burden around the world to us. Those figures mean that we reduced leverage while increasing our capital investment to record levels, helping make us a stronger future partner for our clients. I’m pleased to say that in 2023 we've also completed our ownership transition within CVC Capital Partners and adding the Abu Dhabi Investment Authority. We also successfully refinanced to 2028 at favourable terms reflecting several years of strong performance and meeting our promises.

Finally, I want to acknowledge the particular stresses faced by our colleagues in conflict zones. We believe that the best way to ensure a peaceful and prosperous world is to encourage trade and investment between countries, in which we play our small part. We take our duty of care to our colleagues seriously. When they are put in harms way we look after them. In 2023 we continued to take that stance for our colleagues in Ukraine and Israel and were able to back that support up with the first disbursements from the TMF Foundation, formed in 2023 by management with proceeds from our change in ownership.

As ever, I want to thank our clients for their continued trust in TMF Group as a partner to them and our colleagues for their continued hard work in achieving so much in 2023 and laying the foundations for continued progress in 2024.

Mark Weil | CEO

  • 1Acquisition of Proven (Kingdom of Saudi Arabia) was signed in June 2023 and finalised in January 2024 after obtaining all required regulatory approvals