(Reuters) – Dutch Financial Services Company Intertrust stated Thursday that its full-year underlying revenues growth was below its expectations. This resulted in a decline in the core profit margin.

Group that offers services administrative to businesses establishing branches or entities in other jurisdictions in order to reduce costs, blames declines in Luxembourg, Netherlands, and Cayman islands for fourth quarter.

Intertrust stated in an earnings update that the lower productivity was due to employee attrition. This continued into December.

Inflationary revenue growth for the group was around 1.5%, which is compared with a initial estimate of 2%-4%.

The adjusted earnings before interest, taxes and amortization (EBITA margin) of the company was around 30%. This is slightly lower than guidance which ranged from 31% to 32%.

Intertrust said that the public offering of approximately 1.8 billion euros ($2.06 trillion) by CSC, a U.S-based corporate service firm, was proceeding as expected.

It said that in November it had received several expressions from interested parties. In fact, the company previously announced exclusive negotiations with CVC Capital Partners.

CVC Capital pulled out in December of these talks.

Intertrust will announce its fourth quarter and full year results on February 10,

($1 = 0.8740 euros)