JTC on track after record new business wins in first half
JTC
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16:35 06/09/24
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.
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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.