JTC has today announced a strong set of annual results for ‘an outstanding year of growth and innovation’, with the firm achieving revenues of £200m for the first time ever.
For the year ended 31 December 2022, JTC, which is headquartered in Jersey and listed as a FTSE 250 company on the London Stock Exchange (“LSE”), reported a 35.6% increase in total revenue to £200m as well as a strong underlying EBITDA margin of 33% – figures that build on 35 consecutive years of revenue and profit growth.
This rise in revenue was achieved through sustained demand for JTC’s services, evidenced by net organic growth rising to 12% and a record value of new business wins over the year of £24.6m.
Merger and acquisition activity also continued to support growth, with seven businesses bought in 2021 being integrated over the course of 2022, further bolstered by the key strategic acquisition of the New York Private Trust Company (NYPTC) last year.
At a sector level, the performance was strong across both Divisions of the Group. Institutional Clients Services (ICS) reported revenue up 47.4% and Private Client Services (PCS) reported revenue up 15.7%, whilst there was particularly strong growth in the US market where JTC has continued to expand both its ICS and PCS proposition.
Overall, the results put JTC two years ahead of schedule in realising its ‘Galaxy Era’ objective to double the size of the business, benchmarked against its 2020 performance.
The total dividend per share for 2022 is 9.98 pence, an increase of 30.1% compared to the previous year.
“2022 was arguably our best year ever in my 30 years at JTC. We reached the £200m revenue milestone, generated 12.0% net organic revenue growth, secured record new business wins of £24.6m and delivered an underlying EBITDA margin of 33.0%. All of this was achieved while integrating a record seven acquisitions from 2021 onto our global platform, completing the strategically important NYPTC deal at an attractive multiple in Q4 and reducing our leverage to 1.59x underlying EBITDA. The Group has once again extended its 35 year track record of profitable growth and carries strong momentum into 2023. We expect to exceed our guidance for organic growth and maintain a healthy pipeline of acquisition opportunities. Thanks to the outstanding efforts of our global team of employee-owners, we are on course to deliver our Galaxy era business some two years earlier than anticipated.”