JTC PLC Interim Trading Update and Notice of Results (0001H)
25 Juillet 2023 - 8:00AM
UK Regulatory
TIDMJTC
RNS Number : 0001H
JTC PLC
25 July 2023
PRE-CLOSE INTERIM UPDATE AND NOTICE OF RESULTS
25 July 2023
JTC PLC
(the "Company" and together with its subsidiaries "JTC" or the
"Group")
Pre-close Interim Trading Update and Notice of Results
JTC's growth continues to accelerate
JTC, the global professional services business, today issues the
following trading update in advance of its interim results for the
period ended 30 June 2023.
The Group continues to trade very strongly. Net organic growth
has accelerated from the 12% delivered at full year 2022 and is
significantly above the Company's medium-term guidance range of 8%
to 10%, with both Divisions performing very well. We have seen
record H1 new business wins of GBP14.6 million, up 15.9% on the
same period last year (H1 2022: GBP12.6 million). Underlying EBITDA
margin is at the lower end of the established medium term guidance
range of 33% - 38%, as the Group continues to invest in the
business to drive further growth. The Board expects the Company to
deliver full year 2023 results at least in line with market
expectations.[1]
The Group also continues to deliver on its inorganic growth
strategy, sourcing high-quality opportunities that fit the Group's
acquisition criteria whilst remaining disciplined on price. The
Company announced the acquisition of South Dakota Trust Company
("SDTC"), making JTC the leading independent provider of
administration services to the US personal trust sector, for a
maximum consideration of $270 million on 14 June 2023. This is
expected to complete before the end of August 2023 as previously
announced. The integration of New York Private Trust Company
("NYPTC"), which completed on 1 November 2022, is progressing well
and the business is trading in line with expectations. The Group
continues to maintain an active M&A pipeline across both
Divisions that is aligned to the Company's strategic priorities,
including further opportunities in the high growth US market.
Cash conversion was strong, in line with levels typically seen
in the first half of the year, and the Company expects to achieve
its guidance range of 85% to 90% for the full year. Leverage at the
end of June was below the guidance range of 1.5 to 2.0 times
underlying EBITDA as a result of the timing of the SDTC equity fund
raise during the period. Following completion of the SDTC deal,
leverage is still expected to be below 2.0 times reported
underlying EBITDA by the year-end, as previously announced.
The Group will deliver on its Galaxy era business plan to double
in size from 2020 by the end of this year, two years' earlier than
planned. JTC continues to see significant growth potential in its
markets in the short, medium and long term, and will share details
of its next multi-year business plan era, Cosmos, at the time of
its interim results on 12 September 2023.
Nigel Le Quesne, CEO of JTC PLC, said:
"I am delighted to report that JTC's growth momentum continues
to accelerate. Net organic growth is excellent, well ahead of our
medium-term guidance, and, as highlighted by our acquisition of
SDTC, we continue to realise the significant inorganic growth
potential that exists in our global marketplace, particularly in
the US. It is a testament to the quality and commitment of our
employees, all of whom are owners of the Company, that JTC
continues to raise the bar. By 2020 JTC had doubled in size since
listing in 2018 and by the end of this year, it will have doubled
again. Based on our current strong performance and the very
considerable potential for further significant organic growth in
our business as well as in our M&A pipeline, we look forward to
sharing highlights of our Cosmos era business plan for JTC's next
stage of growth at our results in September. I would like to thank
our excellent people for what JTC has achieved so far and their
ambitions and commitment to continuing to deliver extraordinary
growth in future".
Notice of Results
The Company will announce its interim results for the period
ended 30 June 2022 on Tuesday 12 September 2023. An analyst
briefing will be given by Nigel Le Quesne, Chief Executive Officer,
and Martin Fotheringham, Chief Financial Officer, at 09:30 BST via
audio conference.
Slides and an audio-cast of the presentation will be made
available on the JTC website following the presentation. Those
analysts wishing to dial into the audio conference are asked to
contact Camarco jtc@camarco.co.uk .
.
Enquiries
JTC PLC +44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive
Officer
Martin Fotheringham, Chief Financial
Officer
David Vieira, Chief Communications
Officer
Camarco
Geoffrey Pelham-Lane +44 (0) 7733 124 226
Sam Morris +44 (0) 7796 827 008
About JTC
JTC is a publicly listed, global professional services business
with deep expertise in fund, corporate and private client services.
Every JTC person is an owner of the business and this fundamental
part of our culture aligns us with the best interests of all our
stakeholders. Our purpose is to maximize potential and our success
is built on service excellence, long-term relationships and
technology capabilities that drive efficiency and add value.
www.jtcgroup.com
[1]
https://www.jtcgroup.com/investor-relations/analyst-consensus/
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END
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