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JTC Reports Outstanding Financial Performance Alongside Further Strategic M&A, Outlook Ahead of Market Expectations

12th Sep 2023

JTC has today announced another set of excellent interim results for the period ended 30 June 2023.

JTC, which is headquartered in Jersey and listed as a FTSE 250 company on the London Stock Exchange (“LSE”), reported a 30.6% increase in total revenue to £121.5m as well as a strong underlying EBITDA margin of 33.1%, continuing its outstanding record of uninterrupted revenue and profit growth for every one of its 35 years.

Client demand for JTC’s services continues to be very strong despite global economic and geopolitical challenges, evidenced by net organic growth rising by 21%, and another record in the value of new business wins over the year up 15.9% to £14.6m.

Merger and acquisition activity also continued with JTC strengthening its position in the strategically important US market through the acquisition of the South Dakota Trust Company (“SDTC”), which was announced during the period and completed on 2 August 2023. JTC is now the leading independent provider of trust and administration services to the large, high growth, US private trust market, building on its acquisition of the New York Private Trust Company (NYPTC) that completed at the end of last year.

At a sector level, the performance was again very impressive across both Divisions of the Group. Institutional Clients Services (ICS) reported revenue up 27.0% and Private Client Services (PCS) reported revenue up 38.3%.

Looking forward, JTC’s strong growth momentum is set to continue with net organic growth through 2023 expected to remain well above the top end of the Group’s medium-term revenue guidance and its full year results expected to be ahead of current market expectations. JTC’s ‘Galaxy Era’ objective to double the size of the business, benchmarked against its 2020 performance, is also set to be achieved by the year end, two years ahead of plan.

The interim dividend per share is 3.5 pence, an increase of 12.9%.

Nigel Le Quesne, Chief Executive Officer of JTC, said:
“Today’s excellent results and the continued growth of our platform, including the successful acquisition of SDTC, which further enhances our platform in the important US market, yet again demonstrate the significant earnings power of JTC. Organic revenue growth in the period has been outstanding and we continue to successfully acquire and integrate great businesses that deliver increasing returns, particularly from capturing incremental share of wallet from our growing client base. The fact that this is being achieved in a more challenging global environment proves how powerful JTC’s business model, and ability to innovate, really is. At the core of this is our people, whose commitment to raise the bar results after results, as collective owners of our Company, is incredible.

By the end of 2023, we will have delivered our Galaxy era business plan, resulting in a quadrupling of the size of the Group since listing in 2018. The momentum in the business, coupled with the long-term structural drivers in our sector, mean that we remain as ambitious for the Group as ever and aim to once again double in size during the Cosmos era, which will commence in 2024 and is expected to run until 2027. We look forward to continuing to deliver strong, consistent results, with compounding revenues, for all of our shareholders year in and year out.”

View the interim results presentation

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