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Global professional services business JTC said its recently published interim results show "record new business wins, organic growth above upgraded guidance, and a stable margin, even as the Group continues to invest in growth".
JTC, which is listed as a FTSE 250 company on the London Stock Exchange, reported a 21.1% increase in total revenue to £147.1m with net organic growth of 12.5%, ahead of its medium-term guidance that was revised upwards to 10%+ for its latest multi-year business plan, the Cosmos era.
JTC also delivered new business wins of £18.8m, up 28.8% period on period, and an underlying EBITDA margin of 33.4%.
Nigel Le Quesne, CEO of JTC PLC, said looking ahead, strong financial performance with impressive organic growth, record new business wins, continued high cash conversion and the ability to de-lever, along with an increased interim dividend, are testament to JTC’s ability to continue to deliver consistent growth.
“We have made a strong start to the Cosmos era, with record new business wins, organic growth above our upgraded guidance at a stable margin even as we continue to invest in growth. A particular highlight has been our M&A activity with four acquisitions announced or completed during the period. Post period end, we were pleased to announce the acquisition of Buck as an addition to our Employer Solutions business and the significant acquisition from Citibank of Citi Trust, its global trust company business. This is a transformational deal for the Group and the PCS Division, cementing JTC as one of the world’s largest independent trust company businesses.
“Our commitment to ownership for all employees remains our defining characteristic and while it did not fall directly within the period, I must mention our most recent Shared Ownership event, through which £50m of ‘warehoused’ shares from our Employee Benefit Trust, were awarded to our global workforce in recognition of their collective achievement to double the size of the Group in just three years by delivering our Galaxy Era plan. As always, I thank our employee owners for their dedication to our clients and for bringing the JTC culture to life.”
Pictured top: Nigel Le Quesne.
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