REG - JTC PLC - Pre-close Full Year Trading Update

JTCAnnouncement

02/02/2023 07:01

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RNS Number : 6396O  JTC PLC  02 February 2023

2 February 2023

 

 

JTC PLC

(the "Company" and together with its subsidiaries "JTC" or the "Group")

 

Pre-close Full Year Trading Update

 

Strong organic growth and record new business wins deliver good momentum into
2023

 

 

JTC, the global professional services business, today issues the following
trading update in advance of its full year results for the year ended 31
December 2022.

 

2022 was a successful year for the Company, which has seen it deliver
double-digit net organic revenue growth, above its medium-term guidance range
of 8% - 10%. This was driven by record new business wins of £24.6m, a c.
17.7% increase on the 2021 figure of £20.9m.

 

The Group's inorganic growth efforts focused on completing the integration
programmes for the seven acquisitions made in 2021, as well as the acquisition
in Q4 of NYPTC, a high quality domestic US Private Client Services business.
We are pleased with the contributions that these businesses are now making to
the Group and in particular SALI Fund Services in the US and the former RBC
cees business.

 

The Group's underlying EBITDA will be at the top end of the range of market
expectations and the EBITDA margin will be, as expected, at the lower end of
the medium term guidance range of 33% - 38%.

 

Cash conversion is at the top of the guidance range of 85% - 90% and following
the NYPTC acquisition, leverage remains at the lower end of 1.5 - 2.0 times
reported underlying EBITDA.

 

 

Nigel Le Quesne, CEO of JTC PLC, said:

 

 

"From our IPO in March 2018, we doubled the size of the Group in our first
three years as a listed business. We then set ourselves the goal of doubling
again - in terms of revenue and underlying EBITDA - in a three to five year
timeframe and 2022 was the second year of this latest plan, the 'Galaxy Era'.

 

Our business is configured in a way that combines resilience and growth, which
has enabled us to deliver excellent results during the year, with particularly
strong net organic growth and the successful integration of recent
acquisitions. We continue to take a long-term view of the business, making
necessary investments to allow us to support our growth trajectory. As a
result, we believe it will be possible to achieve our Galaxy Era goal by the
end of 2023, two years earlier than first anticipated. Looking ahead, we are
particularly focused on developing our US footprint across both Divisions,
maintaining organic growth momentum in the core business and continuing to
secure the right acquisition opportunities in a fragmented and consolidating
market."

 

The Company will announce its full year results for the year ended 31 December
2022 on Tuesday 11 April 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.

 

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                                                                      +44
(0) 20 3757 4985

Geoffrey
Pelham-Lane

Georgia Edmonds

Sam Morris

 

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 of our stakeholders. Our purpose is to maximise
potential and our success is built on service excellence, long-term
relationships and technology capabilities that drive efficiency and add
value.

www.jtcgroup.com (http://www.jtcgroup.com/)

 

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