Consistent financial performance with long track record of growth

JTC has grown revenues and been profitable every year since its formation in 1987
We grow through a combination of organic and inorganic growth strategies
The Company has set medium-term guidance of 8% – 10% net organic revenue growth and 33% – 38% underlying EBITDA margin

High quality recurring revenues with cashflow visibility

JTC has predictable, non-cyclical recurring revenues from long term client structures (the average client relationship is c. 10 years)
Medium-term guidance for cash conversion is 85% – 90%

Diversified across clients, services and jurisdictions

Our revenue streams are diversified across a broad range of clients, geographies and service lines
We are therefore protected against a downturn in trading conditions in any single market
Low client concentration with no single client accounting for more than 5 per cent. of revenue and top 10 clients contributing less than 20 per cent. of revenue

Long term structural market changes driving demand

JTC’s market growth is driven by macro-economic factors, including:

the increasingly complex regulatory environment, which creates demand for our services and high barriers to entry for new participants
the trend towards outsourcing, which reduces risk and increases efficiency for clients
continuing globalisation and demand for international structures
global wealth creation, which creates demand for our services and increases capital flows
a fragmented market that is consolidating, which creates an advantage for companies like JTC that have a well-developed global platform
human expertise and technology are increasingly combining to drive service innovation and deliver efficiency

A successful track record of M&A with further consolidation potential

We made our first acquisition in 2010 and have a successful track record in sourcing, executing and integrating the companies we acquire
We have invested in technology infrastructure that allows for a quick and efficient integration with minimal disruption
The fragmented market we operate in means that further acquisition opportunities exist
Inorganic growth will continue to be a key part of JTC’s growth strategy

Well invested business with capacity to support future growth

As JTC has grown rapidly we have invested consistently in our cost base
The business has the central infrastructure and expertise to support significant further growth
JTC’s medium-term guidance of 33% – 38% underlying EBITDA margin reflects the level of continuous investment we make in the business

Strong compliance and risk management culture

An emphasis on compliance and risk management is fundamental to the success of the Group within an industry where reputational risk is high
JTC has a robust and well-established compliance and risk management framework and relationships with all the relevant regulators

Experienced management team

The senior management team has strength and depth, with involvement both in winning new business and maintaining client relationships
The Chief Executive Officer, Nigel Le Quesne, has a long-term commitment to the business, having been at JTC since 1991

Shared ownership – people are central to JTC

At JTC every employee is an owner of the business and this culture of shared ownership aligns us completely with the best interests of our clients and other stakeholders
In 1998, we created the first JTC Employee Benefit Trust (EBT), turning employees into stakeholders
JTC’s shared ownership programmes have created more than £350m of value for employee owners, much of which remains invested in the business today. Employees, including via the JTC EBT, own over 20% of the issued share capital
In 2019, our shared ownership story and culture was made the subject of a Harvard Business School MBA case study

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The information contained on this section of the website is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act), or with any other securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable states securities laws. Nor does the information contained on this section of the website constitute an offer of, or an invitation to buy, securities in any jurisdiction in which such offer or invitation is not authorised or to any person to whom it is unlawful to make such an offer or invitation. There will be no public offering of such securities in the United States.

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Investment Case