JTC on track after record new business wins in first half

Fund and corporate administration services firm JTC hailed record new business wins in the first half as it made a positive start to its so-called "Cosmos era" business plan.

In its first year of its Cosmos strategy to double revenue and underlying EBITDA by 2027, JTC said net organic revenues were ahead of its guidance for 10%+ growth, with new business wins rising 28.8% to £18.8m.

Underlying EBITDA margin was within the 33-38% guidance range while and leverage was within the 1.5x - 2.0x underlying EBITDA forecast, the company said in a statement.

Meanwhile, cash conversion was strong, in line with historic trends, and the company expects to achieve its guidance range of 85% to 90% for the full year.

JTC said it expects to deliver full-year results in line with company-compiled consensus, with revenues projected to rise to £313m from £257.4m in 2023 and underlying EBITDA forecast to increase to £106.1m from £85.9m.

Shares were down 2% at 1,026p by 1149 BST, pulling back following a 30% jump so far this year.