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JTC PLC raises £65.9m from first market placing since IPO

30th Apr 2021

JTC, the global provider of fund, corporate and private client services has raised £65.9m from its first capital markets placing since the Group listed on the London Stock Exchange in 2018.

The placing saw strong demand from institutional investors and comes off the back of the company releasing an impressive set of 2020 full year results on 13 April, which revealed a 15.9% increase in total revenue to £115.1 million and a 9.4% rise in underlying EBITDA to £38.7 million, representing an underlying EBITDA margin of 33.6%.

JTC has a strong track record of both organic growth and growth through acquisitions and the money will be used to fund a pipeline of near-term acquisition opportunities as well as to maintain a strong balance sheet. JTC has made 23 acquisitions over the last 10 years, with 10 of those having been announced since the business listed in 2018.

A total of 10,626,078 shares have been placed at a price of 620p per share, a discount of 1.7% to the closing price on 29 April 2021.

Nigel Le Quesne, Chief Executive Officer of JTC, said:

“We are delighted to have completed our first placing since listing in 2018 and are grateful for the support shown by our investors, in particular our established holders. As we begin our latest five-year business plan cycle, which we are calling the Galaxy Era, the proceeds will allow the Group to capitalise on a high quality pipeline of near-term acquisition opportunities with certainty of funding and to continue to deliver on our disciplined and proven approach to inorganic growth in a consolidating sector.”

Mr Le Quesne added: “Our strong results for 2020 were achieved despite the challenges of the global pandemic and continue our 33-year track record of revenue and profit growth. This performance is testament to the skill and hard work of our people, all of whom are owners of the business. We are excited about the next phase in our journey and this fund raise is another vote of confidence in our future growth prospects, our resilient business model and our shared ownership culture.”

Our resources and strengths

We value shared ownership

We operate around the principle that if our people have a stake in the business, they will do a better job for our clients.

We invest in people

Over 85% of our employees hold a relevant professional qualification or are working towards this through our dedicated JTC Academy.

We embrace technology

We operate a variety of best-in-class systems to deliver and maintain an impeccable standard of administration and use technology to innovate in both service delivery and efficiency.

We value relationships

We aim to work with clients who share our belief in the importance of building strong relationships over time.

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