TIDMJTC
RNS Number : 5243M
JTC PLC
17 September 2019
17 September 2019
JTC PLC
("the Company") together with its subsidiaries ("the Group" or
"JTC")
Interim results for the six months ended 30 June 2019
JTC reports H1 adjusted EBITDA up 35.2% with a positive outlook
for growth
H1 2019 H1 2018 Change
Revenue (GBPm) 46.6 35.3 +32.0%
-------- -------- ----------
EBITDA - adjusted underlying*
(GBPm) 14.3 10.5 +35.2%
-------- -------- ----------
EBITDA margin - adjusted
underlying* (%) 30.6% 29.9% +0.7pp
-------- -------- ----------
EBIT (GBPm) 10.6 (7.7) N/A
-------- -------- ----------
Profit/(loss) after tax
(GBPm) 7.9 (10.0) N/A
-------- -------- ----------
Basic EPS (p) 7.09 (10.97) N/A
-------- -------- ----------
Interim dividend per share
(p) 1.7 1.0 +70.0%
-------- -------- ----------
Cash conversion - underlying
(%) 101% 56% +45.0pp
-------- -------- ----------
Net debt (GBPm) (60.9) (23.7) +GBP37.2m
-------- -------- ----------
* Adjusted underlying EBITDA is the EBITDA for the period after
removing the impact of non-underlying items within EBITDA as
disclosed in note 8 and is also adjusted to remove the impact of
IFRS 16.
Alternative Performance Measures - see note (a) on page 2
H1 2019 Highlights
revenue and profit momentum
-- Revenue up 32% to GBP46.6m (H1 2018: GBP35.3m), reflecting a
combination of good net organic growth (+8.2%) and growth from
acquisitions (+23.8%)
-- Adjusted underlying EBITDA up 35.2% to GBP14.3m (H1 2018: GBP10.5m)
-- Adjusted underlying EBITDA margin increased to 30.6% (H1 2018: 29.9%)
-- EBIT for the period is GBP10.6m compared to a loss (GBP7.7m)
for H1 2018 (H1 2018 was before the impact of IFRS 16 and after the
high level of costs associated with the IPO)
-- Strong performance by both the Institutional Client Services
(ICS) and Private Client Services (PCS) Divisions
-- Cash conversion of 101% (H1 2018: 56%)
continued organic and inorganic growth
-- 8.2% net organic growth
-- GBP5.9m annualised value of new business won in H1 2019 from
existing and new clients (H1 2018: GBP4.8m)
-- Organic new business enquiry pipeline of GBP33.1m at 30 June 2019 (H1 2018: GBP25.8m)
-- Acquired Exequtive Partners, a Luxembourg based provider of
corporate and related fiduciary services, broadening and deepening
our proposition in a key ICS jurisdiction
-- Healthy M&A deal pipeline that remains subject to
disciplined acquisition criteria and positions us well to take
advantage of further consolidation opportunities
well-invested Scalable global platform
-- Enhancements made to senior management team, including
appointment of new Group Head of ICS and Chief Commercial
Officer
-- Integration of Minerva, Van Doorn and Exequtive Partners progressing
-- The Group remains well invested in terms of people,
processes, systems and premises to deliver on its targets
Outlook
-- The Group is trading in line with Board expectations and is
confident that this momentum will be carried into H2
-- Guidance of full year net organic growth in the range 8-10%
is on track supported by a particularly strong pipeline of new work
won since period end
-- Adjusted underlying EBITDA margin in H1 was within the
guidance range and management expects to see another small
improvement for the full year
-- Net debt (proforma) at 1.9 times and expected to fall if no further acquisitions in H2
-- The industry outlook remains positive for further growth
opportunities, both organic and through acquisitions
-- The ongoing resolution of Brexit remains an important consideration for the Board
-- The Group is fundamentally well-organised and positioned to
navigate macro-environmental changes
Nigel Le Quesne, Chief Executive Officer of JTC PLC, said:
"We have carried the momentum from our strong first set of full
year results into H1 2019. We saw good growth in revenue (+32%) and
adjusted underlying EBITDA (+35.2%) compared to the same period
last year and delivered net organic growth (8.2%) and adjusted
underlying EBITDA margin (30.6%) in line with guidance given for
the full year. Both Divisions have performed well as we continue to
take a balanced approach to servicing the market. Integration of
Van Doorn, Minerva and Exequtive Partners is progressing as
planned. As the sector continues to consolidate, we have maintained
an active M&A pipeline, but will remain disciplined in our
approach.
Consistent investment in our scalable global platform remains
focused on continuous operational improvement and the senior
leadership team has been strengthened through a number of
appointments, including a new Group Head of ICS and Chief
Commercial Officer.
Looking ahead, there are a number of structural growth
opportunities in our sector, which we believe the Group is well
positioned to take advantage of. As ever, shared ownership remains
at the heart of our business and I thank all members of the JTC
team for their ongoing contribution."
Note (a): In order to assist the reader's understanding of the
financial performance of the Group, alternative performance
measures ("APM's") have been included to ensure consistency with
the IPO prospectus and to better reflect the underlying activities
of the Group excluding specific non-recurring items as set out in
note 8.
Enquiries:
JTC PLC +44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive Officer
Martin Fotheringham, Chief Financial Officer
David Vieira, Chief Communications Officer
Camarco +44(0)20 3757 4985
Geoffrey Pelham-Lane
Kimberley Taylor
Monique Perks
A presentation for analysts will be held at 09:30 today (09:00
arrival) at the offices of Numis Securities, 10 Paternoster Square,
London, EV4M 7LT.
An audio-cast of the presentation will subsequently be made
available on the JTC website:
www.jtcgroup.com/investor-relations
Forward Looking Statements
This announcement may contain forward looking statements. No
forward looking statement is a guarantee of future performance and
actual results or performance or other financial condition could
differ materially from those contained in the forward looking
statements. These forward looking statements can be identified by
the fact they do not relate only to historical or current facts.
They may contain words such as "may", "will", "seek", "continue",
"aim", "anticipate", "target", "projected", "expect", "estimate",
"intend", "plan", "goal", "believe", "achieve" or other words with
similar meaning. By their nature forward looking statements involve
risk and uncertainty because they relate to future events and
circumstances. A number of these influences and factors are outside
of the Company's control. As a result, actual results may differ
materially from the plans, goals and expectations contained in this
announcement. Any forward looking statements made in this
announcement speak only as of the date they are made. Except as
required by the FCA or any applicable law or regulation, the
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking
statements contained in this announcement.
About JTC
JTC is a publicly listed, award-winning provider of fund,
corporate and private wealth services to institutional and private
clients.
Founded in 1987, we have over 700 people working across our
global office network and are trusted to administer more than US$
110 billion of client assets.
The principle of true shared ownership for all employees is
fundamental to our culture and aligns us completely with the best
interests of our clients and other stakeholders.
www.jtcgroup.com
Strategic Report
ChIEf executive Officer's review
Growth momentum
The first half of 2019 saw us maintain the positive momentum of
2018 and we are pleased with the levels of growth in revenue and
profitability. We have delivered good net organic growth, as well
as growth from recent acquisitions. Both divisions performed well
and we continued to invest in our operating platform to support
business goals and deliver client service excellence. The outlook
for the remainder of 2019 and beyond is positive for our sector
with opportunities for both organic and inorganic growth.
We often highlight that while JTC is relatively new to the
public markets, we have a proven track record spanning more than 30
years. The transition from 2018, our first year as a PLC, to 2019
is a good example of our 'evolution, not revolution' approach and
how it works to drive long-term value for all our stakeholders.
At JTC our goal continues to be the development of an
outstanding business where high standards are coupled to
entrepreneurial spirit and the commitment to become a better
company every day.
We continue to apply our strengths and specific approach to take
advantage of increasing global demand for our services and the
ongoing consolidation opportunities we see in our sector in order
to drive sustainable growth in the long term interests of all our
stakeholders.
Financial Highlights
Our H1 2019 results are in line with our expectations. We have
seen good momentum in the period across both divisions. In
comparing to the same period last year, Group revenue increased by
32.0% to GBP46.6m and adjusted underlying EBITDA by 35.2% to
GBP14.3m. Profit after tax was GBP7.9m (H1, 2018: Loss of
GBP10.0m). Cash conversion for the period was 101% (H1, 2018:
56%).
These results were achieved through a combination of net organic
growth of 8.2% and the continuing positive contribution of previous
acquisitions as well as the part-year contribution from the
Exequtive Partners acquisition made in the period.
These results and our outlook remain in line with the full year
guidance previously provided.
Institutional Client Services (ICS) Division
In H1 2019 the ICS Division accounted for 54.4% of Group
turnover (56.3% in H1 2018). Gross revenue showed a 27.6% increase
in the period to GBP25.4m (H1 2018: GBP19.9m) and a 41% increase in
adjusted underlying EBITDA year-on-year (H1 2019: GBP7.1m vs H1
2018: GBP5.0m). Adjusted underlying EBITDA margin increased to
27.8% (H1 2018: 25.2%).
Revenue growth was good across the division, with continued
focus on key alternative asset classes, including real estate and
private equity, as well as further development of our capabilities
in the emerging FinTech space.
The ICS organic new business pipeline at 30 June 2019 was
GBP22.1m (H1 2018: GBP20.2m) with the annualised value of new
business won during the period standing at GBP3.2m (H1 2018:
GBP3.1m). It has been particularly pleasing to see the number of
larger (GBP500k - GBP1m+ pa) mandates won by the division during
the period and post period end, indicating that the work to enhance
our business development and marketing programmes is yielding
results.
We aim to deliver incremental margin improvement in the ICS
division through the refinement of our operating model and in
particular, the optimal interaction between our Global Service
Centre (GSC) in Cape Town and other ICS jurisdictions. Period on
period, we have seen a positive trend in H1 and we expect to build
on this in the second half of the year and beyond as we make
consistent investments in technology, processes and our people as
well as capturing economies of scale.
The dynamics of the Van Doorn and Exequtive Partners
acquisitions are discussed in more detail in the inorganic growth
section below and both businesses made an important contribution to
the ICS division during the period, as well as strengthening the
ICS leadership team. As integration of those businesses continues,
we expect to see benefits in terms of organic new business
pipeline, organic new business won and cross-selling and up-selling
of solutions to existing clients.
In April, we were pleased to promote Jonathan Jennings from
within the business to the role of Group Head of ICS. Jon has
seamlessly picked up the reins from Tony Whitney, who at the same
time moved into the new post of Chief Commercial Officer and
continues to work closely with the ICS division.
Private Client Services (PCS) Division
In H1 2019 the PCS Division accounted for 45.6% of Group
turnover (43.7% in H1 2018). Gross revenue showed a 37.7% increase
in the period to GBP21.2m (H1 2018: GBP15.4m) and adjusted
underlying EBITDA increased by 30% year-on-year (H1 2019: GBP7.2m
vs H1 2018: GBP5.5m). Adjusted underlying EBITDA margin decreased
to 33.9% (H1 2018: 35.9%).
Revenue growth was strong, driven in particular by the effect of
the Minerva acquisition and good demand for our US service
offering.
The PCS organic new business pipeline at 30 June 2019 was
GBP11.0m (H1 2018: GBP5.6m) with the annualised value of new
business won during the period standing at GBP2.7m (H1 2018:
GBP1.7m). The first half of the year saw ongoing work to enhance
the PCS business development function, including the adoption of a
regional model based on client nexus and the establishment of a
dedicated on-boarding team to provide a seamless client experience
and generate internal efficiencies.
Adjusted underling EBITDA margin reduced by 2.0 percentage
points to 33.9% and this was expected as we continued to invest in
the PCS operating platform globally to support long-term growth.
This included further investment in the JTC Private Office offering
and the development of our Cayman office following the granting of
a Cayman trust licence and the appointment of a new Managing
Director, Michael Halsey.
inorganic Growth strategy in action
During the period, we acquired Exequtive Partners in Luxembourg
and this strengthened our offering, capacity and network in a key
ICS jurisdiction and one that we regard as having a higher than
average growth potential over the medium to long-term. Integration
continues as planned including a move to new premises in H2.
Alongside core integration tasks in Luxembourg, we have also been
working to create strong ties to our Netherlands, UK and Channel
Islands offices in particular, to ensure that we maximise referral
and cross selling opportunities.
The two acquisitions completed in 2018, Van Doorn, an ICS
focused business in the Netherlands, and Minerva, a predominantly
PCS focused business with a multi-jurisdictional footprint, both
continued to integrate as planned within our global platform.
In the case of Van Doorn, we have strengthened our presence in
the Benelux region (which further links to the Exequtive Partners
acquisition). We see an opportunity to build a mid-size Netherlands
business that is able to grow organically, in particular by winning
market share from larger incumbents, while at the same time
expanding inorganically through good value bolt-on or similar deals
that are driven by the twin trends of sector consolidation and
increasing regulation. While we do not regard the Netherlands to be
as high growth as markets such as Luxembourg, we still see it as a
growth territory for JTC in the medium term.
The Minerva acquisition was larger in scale. It added new
capabilities in Mauritius and Dubai, and deepened our presence in
Jersey, London, Geneva and Singapore. A high degree of cultural
alignment has supported the integration of Minerva and we have been
particularly pleased with the response of clients and
intermediaries, as well as flows of business between our European,
African and Asian offices. In addition, the Minerva acquisition has
allowed us to accelerate the development of our global treasury
services offering, the positive impact of which we expect to see
materialise in the next 12-18 months.
More generally, we continue to regard the sector as being in a
period of consolidation and have an active global pipeline of
M&A opportunities of varying sizes and stages of development.
We are particularly focused on opportunities in the alternatives
market and specifically a number of regions including the US and
Europe. However, we are mindful of the impact that demand is having
on pricing for such assets and will maintain our disciplined
approach to evaluating opportunities that fit with our strategy and
are in the best long-term interests of the Group. We also believe
that there may be opportunities to increase our range of services
through the acquisition of 'first cousin' businesses (e.g.
regulatory compliance services) that align with our core fund,
corporate and private client services and would enable an increased
share of wallet in a manner that adds genuine value and convenience
for clients.
Our People and Culture
Our shared ownership philosophy remains at the heart of our
culture and continues to be an important factor in attracting and
retaining talent. It is also a key part of our proposition for
acquisitions. The new 'Advance to Buy' programme launched at the
beginning of 2019 has been well received, with around 10% of staff
using the scheme to increase their direct holding in the
Company.
Following the release of our maiden Annual Report, one area of
focus for 2019 has been to consider the skills, experience and
diversity of our Board and post period end we were pleased to
announce the appointment of Wendy Holley, Chief Operating Officer,
as an Executive Director of the Group. Wendy joined JTC over 10
years ago and has been an integral part of the senior management
team as we have grown the business. She is a leading advocate of
our shared ownership culture and will help the Board to even better
connect with all our people, across our global network of offices.
As noted by our Chairman at the time of Wendy's appointment, we
will actively seek to appoint an additional non-executive director
in the near future.
The development of our people is facilitated through the JTC
Academy and the first half of the year saw us roll out the latest
in a series of structured management development programmes. The
'Leaders In Our Name' (LION) initiative is a 12 month programme
designed specifically for our 34 most senior leaders. Over a series
of eight modules it will help to refine and develop the commercial,
risk and leadership skills of the management team with cohorts
deliberately blended together from across all offices, both
divisions and different operational functions to encourage
collaboration, relationship building and the sharing of best
practice across the Group. In addition, the LION programme, along
with our established annual performance appraisal process, will
support our long-term succession planning in a way that is designed
to encourage the meritocratic promotion of individuals from within
the business to the most senior executive roles within the Group
over time.
Our people continue to be our most important asset and on behalf
of the Board, I would like to thank all members of the team for
their hard work and contribution in the period.
Risk
The principal risks facing the Group remain as set out in our
2018 Annual Report. Material risks include acquisition risk,
competition risk, data protection and cyber security risk, staff
resourcing risk, political and regulatory change risk, and
regulatory and procedural compliance risk. We remain satisfied as
to the effectiveness of the Group's risk analysis, management and
culture, developed over more than 30 years of JTC operations.
Dividend
The Board has recommended an interim dividend of 1.7p per share
(H1 2018: 1.0p) in line with our progressive dividend policy. The
interim dividend will be paid on 25 October 2019 to shareholders on
the register as at close of business on the record date of 27
September 2019.
Outlook
We are pleased with the results delivered in the period and
these build on the performance of 2018. We are confident in the
ability of the Group to continue making progress towards its goals
and in line with management expectations.
We see good organic growth opportunities in both Divisions and
are pleased with the scale of our new business pipeline as well as
our ability to generate opportunities as a result of the structured
integration of acquisitions. Post-period end we have seen strong
new business flows, especially in the ICS division, and will
continue to target organic growth, net of attrition, in the range
8-10% for the full year at Group level.
In terms of profitability, we continue to target steady
incremental improvement in our ICS division and for the PCS
division we have made investments in the operating platform that
are aligned with long-term growth objectives while continuing to
support an adjusted underlying EBITDA target margin in the range
30-35% for the full year at Group level.
We will maintain our disciplined approach to M&A activity,
working to progress a range of opportunities that we believe are in
the best long-term interests of the Group, with particular focus on
opportunities connected to the ICS division and certain geographic
markets, including the US and Europe.
Our people and culture remain an important differentiator for
JTC and we will continue to make investments in the JTC Academy as
part of our talent management and succession planning programmes.
We will also remain well invested in technology, processes and
premises to ensure that our global platform delivers client service
excellence and is configured to capture economies of scale as the
Group grows.
We believe the macro environment remains favourable overall for
the business, with the Company well organised and positioned to
take advantage of opportunities that may arise as a result of
changes in the geo-political and economic landscape.
The Group remains confident for the remainder of 2019 and
beyond.
Nigel Le Quesne
Chief Executive Officer
Chief financial officer's review
Delivering in line with guidance
Financial Review
The Board is pleased with H1 2019 performance, which has seen
JTC continue in the same vein as previous years. Revenue grew by
32% and adjusting for the impact of IFRS 16, underlying EBITDA grew
in absolute terms and increased relative to performance in H1 2018.
A primary focus for the Board is to ensure that the quality of
client service is maintained and to do this the business continues
to invest in its infrastructure and people.
Revenue
In H1 2019, revenue was GBP46.6m, an increase of GBP11.3m
(32.0%) compared to H1 2018.
Period on period growth was driven by net last twelve months
(LTM) organic growth of 8.2% and inorganic growth from acquisitions
of 23.8%.
LTM Revenue growth, on a constant currency basis is summarised
below.
LTM Organic Revenue Jun 18 GBP58.8m
----------
LTM Acquisition Revenue Jun 18 GBP8.4m
----------
Lost - JTC Decision (GBP0.1m)
----------
Lost - Moved Service Provider (GBP0.5m)
----------
Lost - End of Life (GBP2.7m)
----------
Net More From Existing Clients GBP2.9m
----------
New Clients GBP5.2m
----------
Acquisitions GBP16.5m
----------
LTM Revenue Jun 19 GBP88.5m
------------------------------- ----------
Note: presented as constant currency using H1, 2019 Consolidated
Income Statement exchange rates.
LTM client attrition is 5.6%, a significant drop from 8.9%
reported at the end of 2018. Attrition is broken down into three
principal categories as shown in the table above. 99.0% of revenues
that are not end of life were retained in the period (98.2% at 31
December 2018).
Acquisitions contributed GBP16.5m of new revenue in the LTM
period broken down as follows:
NACT GBP0.3m
---------
BAML GBP1.4m
---------
Van Doorn GBP3.0m
---------
Minerva GBP10.4m
---------- ---------
Exequtive GBP1.4m
---------- ---------
Total GBP16.5m
---------- ---------
When JTC acquires a business, the acquired book of clients is
defined as inorganic. These clients continue to be treated as
inorganic for the first two years of JTC ownership.
New Business / Pipeline
The enquiry pipeline increased by 28.3% from GBP25.8m at 30 June
2018 to GBP33.1m at 30 June 2019. During H1 2019 JTC secured new
work with an annualised value of GBP5.9m (H1 2018: GBP4.8m).
Typically this revenue will have an average lifespan of
approximately 10 years.
Underlying Profit and Margin Performance
Adjusted underlying EBITDA in H1 2019 was GBP14.3m, an increase
of GBP3.8m and 35.2% from H1 2018. The reconciliation of the
improvement in the underlying EBITDA is shown below.
Underlying EBITDA H1 2018 GBP10.5m
----------
ICS Gross Profit - Efficiency GBP0.0m
----------
ICS Gross Profit - Volume GBP3.3m
----------
PCS Gross Profit - Efficiency (GBP0.7m)
----------
PCS Gross Profit - Volume GBP3.8m
----------
Indirect Staff (GBP1.0m)
----------
Operating Expenses (GBP1.6m)
----------
Impact of IFRS 16 GBP1.7m
----------
Underlying EBITDA H1 2019 GBP16.0m
------------------------------ ----------
Note: Efficiency Gross Margin Increase: Increase in Current
Period Margin * Current Period Revenue. Presented based upon
reported exchange rates.
The adjusted underlying EBITDA margin % is the primary KPI used
by the business and is a key measure of management's ability to run
the business effectively and in line with competitors and
historical performance levels. For the year ending 31 December
2018, we improved the underlying EBITDA margin to 30.9% from 24.1%
in the previous year. In H1 2019 the margin was 30.6% against 29.9%
for the same period in 2018. We continue to focus on improving
operational efficiency in both divisions as well as continuing cost
control whilst making sure that we are appropriately invested in
people, systems, processes and premises.
ICS PCS Total
GBPm H1 2019 H1 2018 H1 2019 H1 2018 H1 2019 H1 2018
Revenue 25.4 19.9 21.2 15.4 46.6 35.3
Underlying gross profit 15.1 11.8 13.1 10.0 28.2 21.9
Underlying gross profit
margin % 59.7% 59.6% 61.6% 64.9% 60.6% 61.9%
Indirect costs (6.9) (6.8) (5.3) (4.5) (12.2) (11.3)
Underlying EBITDA 8.2 5.0 7.8 5.5 16.0 10.5
Underlying EBITDA margin
% 32.2% 25.2% 36.8% 35.9% 34.3% 29.9%
Adjustment for IFRS
16 impact (1.1) - (0.6) - (1.7) -
Adjusted underlying
EBITDA 7.1 5.0 7.2 5.5 14.3 10.5
Adjusted underlying
EBITDA % 27.8% 25.2% 33.9% 35.9% 30.6% 29.9%
-------------------------- ------- ------- ------- ------- ------- -------
The above table excludes the impact of IFRS 16 and is how
management assesses the performance of the business. ICS's
underlying EBITDA margin improved from 25.2% in H1 2018 to 27.8%
for the same period in 2019. We have continued to invest in the
divisional operating model and utilisation of the Cape Town GSC. In
addition, we have invested in new service lines including Transfer
Agency and Custody Services (Luxembourg) as well as upgrading our
Treasury offering. PCS's underlying EBITDA margin fell from 35.9%
in H1 2018 to 33.9% in H1 2019 due to the ongoing investment in the
business. We benefitted in H1 2018 from the swift and effective
integration of the BAML business as well as the benefits that
accrued from the operational changes made in the latter part of
2017. However, we recognised that to sustain our business growth in
PCS we required further investment in this period and this is
reflected in the lower margin.
The Group reported EBIT in the period of GBP10.6m. This is not
directly comparable with the result of H1 2018 (loss of GBP7.7m)
due to the impact of IFRS 16 and the high level of non-underlying
costs associated with the IPO.
profit Before Tax
The reported profit before tax for the six month period ended 30
June 2019 was GBP9.0m (H1 2018: GBP9.2m loss).
Earnings Per Share
Basic EPS was 7.09p in the period (H1 2018: (10.97p) loss per
share). Underlying EPS was 7.52p (H1 2018: 7.29p). Adjusted
underlying basic EPS was 7.82p (H1 2018: 7.29p). Adjusted
underlying basic EPS is the profit/(loss) for the year adjusted to
remove the impact of non-underlying items within profit and to
remove the impact of IFRS 16.
Cash Flow and Debt
Cash generated from underlying operating activities in the six
month period was GBP16.1m representing a 101% conversion of
underlying EBITDA (H1 2018: 56%).
The 2018 conversion rate was adversely impacted due to the
billing and payment cycle associated with the BAML acquisition.
Cash conversion is typically in the range 85 - 90% but we
outperformed in the period due to strong performance within the PCS
division and improvements made in the billing process.
Cash Conversion FY16 FY17 H1 18 FY18 H1 19
----- ----- ------ ----- ------
Cash Conversion 91% 85% 56% 80% 101%
----- ----- ------ ----- ------
Adjusted Cash Conversion 91% 85% 87% 89% 101%
----- ----- ------ ----- ------
Revenue Growth 17% 25% 29% 32%
-------------------------- ----- ----- ------ ----- ------
Note: Cash Conversion = Underlying Cash Flow from Operating
Activities / Underlying EBITDA. All figures exclude IFRS 16
impact.
Net debt at the period end was GBP60.9m compared to GBP23.7m at
30 June 2018. Underlying H1 2019 EBITDA does not include the full
year impact of the profit of the Van Doorn, Minerva or Exequtive
Partners acquisitions in this calculation. On a proforma basis, net
debt as a proportion of underlying EBITDA is 1.9 times.
Martin Fotheringham
Chief Financial Officer
Statement of directors' responsibilities in respect of the
interim financial statements
For the 6 month period ended 30 June 2019
"The directors' confirm that these condensed interim financial
statements have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report."
Nigel Le Quesne Martin Fotheringham
Chief Executive Officer Chief Financial Officer
16 September 2019 16 September 2019
Independent review report to JTC PLC
Our conclusion
We have reviewed the accompanying condensed consolidated interim
financial information of JTC PLC (the "Company") and its
subsidiaries (together the "Group") as of 30 June 2019. Based on
our review, nothing has come to our attention that causes us to
believe that the accompanying condensed consolidated interim
financial information is not prepared, in all material respects, in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
What we have reviewed
The accompanying condensed consolidated interim financial
information comprise:
-- the condensed consolidated interim balance sheet as of 30 June 2019;
-- the condensed consolidated interim income statement for the six month period then ended;
-- the condensed consolidated interim statement of comprehensive
income for the six month period then ended;
-- the condensed consolidated interim statement of changes in
equity for the six month period then ended;
-- the condensed consolidated interim statement of cash flows
for the six month period then ended; and
-- the notes, comprising a summary of significant accounting
policies and other explanatory information.
The condensed consolidated interim financial information has
been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting', as adopted by the European Union
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
Our responsibilities and those of the directors
The Directors are responsible for the preparation and
presentation of this condensed consolidated interim financial
information in accordance with International Accounting Standard
34, 'Interim Financial Reporting', as adopted by the European Union
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
Our responsibility is to express a conclusion on this condensed
consolidated interim financial information based on our review.
This report, including the conclusion, has been prepared for and
only for the Company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements 2410, 'Review of interim financial
information performed by the independent auditor of the entity'
issued by the International Auditing and Assurance Standards Board.
A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Interim
Financial Report 30 June 2019 and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the interim financial statements.
PricewaterhouseCoopers CI LLP
Chartered Accountants
Jersey, Channel Islands
16 September 2019
(a) The maintenance and integrity of the JTC PLC website is the
responsibility of the directors; the work carried out by the
auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes
that may have occurred to the financial statements since they were
initially presented on the website.
(b) Legislation in Jersey governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
Financial statements
JTC PLC
INTERIM FINANCIAL REPORT 30 JUNE 2019
UNAUDITED
Condensed consolidated interim income statement
Condensed consolidated interim statement of comprehensive
income
Condensed consolidated interim balance sheet
Condensed consolidated interim statement of changes in
equity
Condensed consolidated interim statement of cash flows
Notes to the condensed consolidated interim financial
statements
1 Reporting entity
2 Significant changes in the current reporting period
3 Basis of preparation
4 Significant accounting policies and standards
5 Critical accounting estimates and judgements
6 Segmental reporting
7 Staff expenses
8 Non-underlying items
9 Earnings per share
10 Business combinations
11 Share capital and reserves
12 Loans and borrowings
13 Financial instruments
14 Change in accounting policy for IFRS 16
15 Cash flow information
16 Related party transactions
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
GBP'000 Note H1 2019 H1 2018
------------------------------------ ---- -------- --------
Revenue 6 46,613 35,307
Staff expenses 7 (21,969) (30,990)
Rental expenses 14 (544) (2,194)
Other operating expenses (8,019) (7,365)
Credit impairment losses (509) (658)
Other operating income 27 142
------------------------------------ ---- -------- --------
EBITDA 15,599 (5,758)
------------------------------------ ---- -------- --------
Comprising:
Underlying EBITDA 15,980 10,545
Non-underlying items 8 (381) (16,303)
------------------------------------ ---- -------- --------
15,599 (5,758)
------------------------------------ ---- -------- --------
Depreciation of tangible assets 14 (2,117) (430)
Amortisation of other intangible
assets (554) (488)
Amortisation of acquisition-related
intangible assets (2,284) (1,064)
------------------------------------ ---- -------- --------
Profit/(loss) from operating
activities 10,644 (7,740)
------------------------------------ ---- -------- --------
Other gains 259 509
Finance income 78 49
Finance expense (2,031) (2,120)
Share of profit of equity-accounted
investee 97 104
------------------------------------ ---- -------- --------
Profit/(loss) before tax 9,047 (9,198)
------------------------------------ ---- -------- --------
Comprising:
Underlying profit before tax 9,528 7,421
Non-underlying items 8 (481) (16,619)
------------------------------------ ---- -------- --------
9,047 (9,198)
------------------------------------ ---- -------- --------
Income tax (1,178) (787)
------------------------------------ ---- -------- --------
Profit/(loss) for the period 7,869 (9,985)
------------------------------------ ---- -------- --------
Basic earnings per share (pence) 9 7.09 (10.97)
Diluted earnings per share (pence) 9 7.06 (10.97)
Underlying basic earnings per
share (pence) 9 7.52 7.29
Adjusted underlying basic earnings
per share (pence) 9 7.82 7.29
The results for the period ended 30 June 2019 have been prepared
including the impact of IFRS 16; prior period amounts have not been
restated (see note 14).
The above condensed consolidated interim income statement should
be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME
GBP'000 H1 2019 H1 2018
--------------------------- ------- -------
Profit/(loss) for
the period 7,869 (9,985)
Items that may be
subsequently reclassified
to profit or loss:
Exchange differences
on translation of
foreign operations
(net of tax) 120 229
--------------------------- ------- -------
Total comprehensive
income/(loss) for
the period 7,989 (9,756)
--------------------------- ------- -------
The results for the period ended 30 June 2019 have been prepared
including the impact of IFRS 16; prior period amounts have not been
restated (see note 14).
The above condensed consolidated interim statement of
comprehensive income should be read in conjunction with the
accompanying notes.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
GBP'000 Note 30.06.2019 31.12.2018
---------------------------------------- ---- ---------- ----------
Assets
Non-current assets
Property, plant and equipment 14 35,220 6,406
Goodwill 10 127,032 104,835
Other intangible assets 10 50,529 41,835
Investment in equity-accounted investee 1,075 978
Other receivables 955 1,536
Deferred tax assets 100 135
Other non-current financial assets 244 244
---------------------------------------- ---- ---------- ----------
Total non-current assets 215,155 155,969
---------------------------------------- ---- ---------- ----------
Current assets
Trade receivables 14,481 16,142
Other receivables 5,780 3,884
Work in progress 7,177 7,084
Accrued income 10,918 9,309
Current tax receivables 374 453
Cash and cash equivalents* 30,457 32,457
---------------------------------------- ---- ---------- ----------
Total current assets 69,187 69,329
---------------------------------------- ---- ---------- ----------
Total assets 284,342 225,298
---------------------------------------- ---- ---------- ----------
Equity
Share capital 11.1 1,128 1,109
Share premium 11.1 100,262 94,599
Own shares 11.2 (2,850) (2,565)
Capital reserve 189 (112)
Translation reserve 2,564 2,444
Retained earnings 11.3 20,790 13,426
---------------------------------------- ---- ---------- ----------
Total equity 122,083 108,901
---------------------------------------- ---- ---------- ----------
Non-current liabilities
Loans and borrowings 12 87,868 72,032
Other financial liabilities 14 26,962 241
Provisions 796 1,038
Deferred tax liabilities 8,223 6,010
Trade and other payables 792 5,469
---------------------------------------- ---- ---------- ----------
Total non-current liabilities 124,641 84,790
---------------------------------------- ---- ---------- ----------
Current liabilities
Loans and borrowings 12 678 683
Other financial liabilities 14 10,877 7,968
Deferred income 11,086 7,744
Provisions 132 401
Current tax liabilities 3,039 2,871
Trade and other payables 11,806 11,940
---------------------------------------- ---- ---------- ----------
Total current liabilities 37,618 31,607
---------------------------------------- ---- ---------- ----------
Total equity and liabilities 284,342 225,298
---------------------------------------- ---- ---------- ----------
* Cash balance includes GBP2.79m for pending EBT12 capital
distributions (30 June 18: GBP6.92m).
The results for the period ended 30 June 2019 have been prepared
including the impact of IFRS 16; prior period amounts have not been
restated (see note 14).
The above condensed consolidated interim balance sheet should be
read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY
For the period ended 30 June 2019
Attributable to owners of JTC PLC
Share Share Own Capital Translation Retained Total
GBP'000 Note capital premium shares reserve reserve earnings equity
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Balance at 1 January
2019 1,109 94,599 (2,565) (112) 2,444 13,426 108,901
IFRS 16 adjustment 14 - - - - - 1,730 1,730
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Restated balance at
1 January 2019 1,109 94,599 (2,565) (112) 2,444 15,156 110,631
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Profit for the period - - - - - 7,869 7,869
Other comprehensive
income for the period - - - - 120 - 120
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Total comprehensive
income for the period - - - - 120 7,869 7,989
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Issue of share capital 11.1 19 5,663 - - - - 5,682
Share-based payment
expense 7 - - - 347 - - 347
Movement in EBT - - - (46) - - (46)
Movement of own shares 11.2 - - (285) - - - (285)
Dividends paid 11.3 - - - - - (2,235) (2,235)
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Balance at 30 June
2019 1,128 100,262 (2,850) 189 2,564 20,790 122,083
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
For the period ended 30 June 2018
Attributable to owners of JTC PLC
Share Share Own Capital Translation Retained Total
GBP'000 capital premium shares reserve reserve earnings equity
----------------------- ------ ------- ------- ------- -------- ----------- -------- -------
Balance at 1 January
2018 10 238 (1) (1,213) 1,110 2,716 2,860
Loss for the period - - - - - (9,985) (9,985)
Other comprehensive
income for the period - - - - 229 - 229
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Total comprehensive
loss for the period - - - - 229 (9,985) (9,756)
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Issue of share capital 1,059 79,484 - - - - 80,543
Cost of share issuance - (742) - - - - (742)
Share-based payment
expense - - - 172 - - 172
Movement in EBT and
JSOP's - - - 516 - - 516
Movement of own shares - - (1,499) - - - (1,499)
EBT12 gain on sale
of shares - - - - - 15,641 15,641
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
Balance at 30 June
2018 1,069 78,980 (1,500) (525) 1,339 8,372 87,735
------------------------ ----- ------- ------- ------- -------- ----------- -------- -------
The results for the period ended 30 June 2019 have been prepared
including the impact of IFRS 16; prior period amounts have not been
restated (see note 14)
The above condensed consolidated interim statement of changes in
equity should be read in conjunction with the accompanying
notes.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
GBP'000 Note H1 2019 H1 2018
---------------------------------------------------------- ---- -------- --------
Operating cash flows before movements in working capital 15 16,206 (5,149)
---------------------------------------------------------- ---- -------- --------
Increase in receivables (332) (2,137)
(Decrease)/increase in payables (2,770) 3,745
---------------------------------------------------------- ---- -------- --------
Cash generated/(used in) by operations 13,104 (3,541)
Income taxes paid (706) (593)
---------------------------------------------------------- ---- -------- --------
Net movement in cash from operating activities 12,398 (4,134)
---------------------------------------------------------- ---- -------- --------
Comprising:
Underlying net movement in cash from operating activities 16,105 5,891
Non-underlying cash items 15 (3,707) (10,025)
---------------------------------------------------------- ---- -------- --------
12,398 (4,134)
---------------------------------------------------------- ---- -------- --------
Investing activities
Interest received 78 48
Purchase of intangible assets (528) (454)
Purchase of tangible assets (627) (373)
Deferred consideration (7,652) (1,160)
Acquisition of assets (77) -
Acquisition of subsidiaries 10 (13,609) -
---------------------------------------------------------- ---- -------- --------
Net cash used in investing activities (22,415) (1,939)
---------------------------------------------------------- ---- -------- --------
Financing activities
Other sundry finance charges (240) (141)
Interest on bank loans (885) (492)
Share capital raised - 20,000
Share issuance costs - (742)
Proceeds from sale of EBT12 shares - 15,641
Acquisition of own shares (285) (1,500)
Loan arrangement fees (285) (756)
Redemption of bank loans - (55,836)
Redemption of other borrowings (344) (508)
Bank loan drawn down 12 15,509 45,000
Redemption of loan notes - (2,161)
Redemption of lease liabilities (1,365) -
Dividends paid 11.3 (2,235) -
---------------------------------------------------------- ---- -------- --------
Net cash from financing activities 9,870 18,505
---------------------------------------------------------- ---- -------- --------
Net (decrease)/increase in cash and cash equivalents (147) 12,432
---------------------------------------------------------- ---- -------- --------
Cash and cash equivalents at the beginning of the period 32,457 16,164
Effect of foreign exchange rate changes (1,853) (13)
---------------------------------------------------------- ---- -------- --------
Cash and cash equivalents at end of period* 30,457 28,583
---------------------------------------------------------- ---- -------- --------
* Cash balance includes GBP2.79m for pending EBT12 capital
distributions (30 June 18: GBP6.92m).
The results for the period ended 30 June 2019 have been prepared
including the impact of IFRS 16; prior period amounts have not been
restated (see note 14).
The above condensed consolidated interim statement of cash flows
should be read in conjunction with the accompanying notes.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. REPORTING ENTITY
JTC PLC ("the Company") was incorporated on 2 January 2018 and
is domiciled in Jersey, Channel Islands. The address of the
Company's registered office is 28 Esplanade, St Helier, Jersey.
In the prior period, on 14 March 2018, the Company obtained
control of the entire share capital of JTC Group Holdings Limited
("JTCGHL") via a share exchange, and thus control of the Group.
Although the share exchange resulted in a change of legal
ownership, in substance this is a continuation of the pre-existing
Group, formerly headed by JTCGHL. As a result, an element of the
comparatives for 30 June 2018 presented in these condensed
financial statements are the consolidated results of JTCGHL. The
condensed consolidated balance sheet at 30 June 2018 and 31
December 2018 presents the legal change in ownership of the Group,
including the share capital of JTC PLC and the effects of the share
exchange transactions.
The condensed consolidated interim financial statements of the
Company for the period from 1 January 2019 to 30 June 2019 comprise
the Company and its subsidiaries (together "the Group" or "JTC")
and the Group's interest in an associate.
2. SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD
During the first half of 2019 the Group maintained the positive
momentum of 2018, both reportable segments performed well with
growth in revenue and profitability (see note 6). The Group has
reviewed its exposure to changes in the geo-political and economic
landscape (including Brexit) and believe the macro-economic
environment remains favourable overall for the business and that
the business is well-organised and positioned to take advantage of
opportunities that may arise. It has sufficient headroom to meet
covenants on its existing borrowings and has sufficient working
capital and undrawn facilities to service its operating activities
and ongoing investments.
The financial position and performance of the Group was affected
by the following events and transactions during the six months to
30 June 2019:
-- the acquisition of Exequtive Partners S.A. ("Exequtive") (see
note 10)
-- the draw down of GBP15.5 million (EUR17.9 million) from our
existing loan facility to partially fund the acquisition of
Exequtive (see note 12)
-- the adoption of the new leasing standard IFRS 16 'Leases'
(see note 14)
For more detail on the Group's performance and financial
position, please refer to the Chief Financial Officer's review.
3. BASIS OF PREPARATION
These condensed consolidated interim financial statements for
the six months to 30 June 2019 have been prepared in accordance
with IAS 34 'Interim Financial Reporting' as adopted by the
European Union ("EU") and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct
Authority. They are presented in pounds sterling (GBP), which is
the functional currency of the Group. They do not include all the
information required for a complete set of IFRS financial
statements. Accordingly, the condensed consolidated interim
financial statements should be read in conjunction with the annual
consolidated financial statements for the year ended 31 December
2018, which have been prepared in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the EU.
Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in the Group's financial position and performance since the
last annual consolidated financial statements as at and for the
year ended 31 December 2018.
The Group has adopted the going concern basis of accounting in
preparing the condensed consolidated interim financial statements.
The Directors are confident that the Group will meet its day-to-day
working capital requirements through its cash-generating activities
and bank facilities. The Group's forecasts and projections, taking
account of possible changes in trading performance, show that the
Group should be able to operate within the level of its current
facilities. The Directors therefore have a reasonable expectation
that the Group has adequate resources to continue in operational
existence for the foreseeable future, being at least 12 months from
the date of approval of these interim financial statements.
These financial statements were approved by the board of
directors on 16 September 2019 and have been reviewed but not
audited by the Group's external auditors.
4. SIGNIFICANT ACCOUNTING POLICIES AND STANDARDS
The accounting policies applied in these condensed consolidated
interim financial statements are the same as those applied in the
Group's consolidated financial statements as at and for the year
ended 31 December 2018 except for the adopted new standards.
To the extent relevant, all IFRS standards and interpretations
including amendments that were in issue and effective from 1
January 2019, have been adopted by the Group from 1 January 2019.
These standards and interpretations had no material impact for the
Group except for IFRS 16 'Leases'. This standard replaces IAS 17
'Leases' and introduces a single lessee accounting model, requiring
lessees to recognise assets and liabilities for all leases unless
the lease term is less than one year or the underlying asset has a
low value. A contract is, or contains, a lease if it conveys the
right to control the use of an identified asset for a period of
time in exchange for consideration. The Group has a number of
operating leases, mainly for real estate and has adopted IFRS 16
retrospectively from 1 January 2019, but has not restated
comparative figures for the 2018 reporting period, as permitted
under the specific transitional provisions in the standard. The
transition to IFRS 16 has had a significant impact on the balance
sheet, on disclosure of items within the income statement and to
opening equity. The impact of the adoption of this standard and the
new accounting policy is disclosed in note 14.
5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of these condensed consolidated interim
financial statements requires management to make certain
assumptions, estimates and judgements that affect the reported
amounts of assets and liabilities and the disclosure of contingent
assets and liabilities as of the date of the financial statements
and the reported amounts of revenues and expenses during the
reporting period. Actual results may differ from those
estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period or in the period of revision and the future
periods if the revision affects both current and future
periods.
For areas involving a higher degree of judgement or areas where
assumptions and estimates are significant to the condensed
consolidated interim financial statements, reference is made to
Note 4.1 and 4.2 of the Group's consolidated financial statements
as at and for the year ended 31 December 2018.
In addition to this, following the adoption of IFRS 16, the
directors have determined that significant estimates and judgements
were made when determining the right-of-use assets and lease
liabilities to recognise upon transition. These are disclosed in
note 14.
6. SEGMENTAL REPORTING
6.1. BASIS OF SEGMENTATION
The Group operates in multiple jurisdictions and the core focus
of operations is on providing services to its institutional and
private client base, with revenues from alternative asset managers,
financial institutions, corporate entities and family office
clients. Declared revenue is generated from external customers.
The Chief Executive Officer and Chief Financial Officer are
together the Chief Operating Decision Makers of the Group and
determine the appropriate business segments to monitor financial
performance. Each segment is defined as a set of business
activities generating a revenue stream determined by divisional
responsibility and the management information reviewed by the Board
of Directors. They have determined that the Group has two
reportable segments: these are Institutional Client Services
("ICS") and Private Client Services ("PCS") and within these
segments, business activities include fund, corporate and private
wealth services.
6.2. SEGMENTAL INFORMATION
The table below shows the segmental information provided to the
Board of Directors for the two reportable segments (ICS and PCS) on
an underlying basis.
ICS PCS Total
GBP'000 H1 2019 H1 2018 H1 2019 H1 2018 H1 2019 H1 2018
--------------------------- -------- ------- ------- ------- -------- --------
Revenue 25,366 19,882 21,247 15,425 46,613 35,307
Direct staff expenses (10,024) (7,790) (7,315) (4,413) (17,339) (12,203)
Other direct expenses (196) (243) (842) (1,000) (1,038) (1,243)
Underlying gross profit 15,147 11,849 13,090 10,012 28,237 21,861
Underlying gross profit
margin % 59.7% 59.6% 61.6% 64.9% 60.6% 61.9%
Indirect staff expenses (2,511) (1,992) (2,233) (1,738) (4,744) (3,730)
Other operating expenses (4,478) (4,944) (3,061) (2,785) (7,539) (7,728)
Other income 5 91 21 51 26 142
Underlying EBITDA 8,163 5,005 7,817 5,540 15,980 10,545
Underlying EBITDA margin
% 32.2% 25.2% 36.8% 35.9% 34.3% 29.9%
--------------------------- -------- ------- ------- ------- -------- --------
Adjustment for IFRS 16
impact (1,109) - (614) - (1,723) -
Adjusted underlying EBITDA 7,055 5,005 7,202 5,540 14,257 10,545
Adjusted underlying EBITDA
margin % 27.8% 25.2% 33.9% 35.9% 30.6% 29.9%
--------------------------- -------- ------- ------- ------- -------- --------
The Board evaluates segmental performance based on revenue,
underlying gross profit and underlying EBITDA. Profit before income
tax is not used to measure the performance of the individual
segments as items like depreciation, amortisation of intangibles,
other gains and net finance costs are not allocated to individual
segments. Consistent with the aforementioned reasoning, segment
assets and liabilities are not reviewed regularly on a by-segment
basis and are therefore not included in the IFRS segmental
reporting.
No individual customer represents more than 10% of revenue.
6.3. SEASONALITY
The business of the Group does not show material changes for
seasonality in the condensed consolidated interim income statement,
however working capital is generally higher at 30 June compared to
31 December due to the billing of annual responsibility fees at the
end of Q4 and the start of Q1 each year.
7. STAFF EXPENSES
GBP'000 H1 2019 H1 2018
--------------------------------- ------- -------
Salaries and directors'
fees 18,691 15,196
Capital distribution from
EBT12 (257) 13,211
Other short-term employee
benefits 588 440
Defined contribution pension
costs 797 662
Share-based payments 347 172
Training and other staff-related
costs 1,803 1,309
--------------------------------- ------- -------
21,969 30,990
--------------------------------- ------- -------
7.1. SHARE-BASED PAYMENT ARRANGEMENTS
In April 2019, the Group granted 253,518 shares under the PSP.
The 2019 awards have the same performance conditions as the 2018
awards (TSR and EPS performance) and also vest over a performance
period of three consecutive accounting periods.
For further information on our share-based compensation, see
note 7 of the 2018 Annual Report.
The equity-settled share-based payment expenses recognised
during the period, per plan and in total are as follows:
GBP'000 H1 2019 H1 2018
----------------------------------- ------- -------
PSP Awards 246 -
DBSP Awards 25 -
Other Awards 76 172
----------------------------------- ------- -------
Total share-based payments expense 347 172
----------------------------------- ------- -------
8. NON-UNDERLYING ITEMS
GBP'000 H1 2019 H1 2018
--------------------------------------------------------- ------- -------
Initial Public Offering - 724
Acquisition and integration costs (i) 600 2,094
Capital distribution from EBT12 (ii) (257) 13,385
Other (iii) 38 100
--------------------------------------------------------- ------- -------
Non-underlying items within EBITDA 381 16,303
Unwinding of discount on capital distribution from EBT12 100 65
Accelerated amortisation of loan arrangement fees - 251
--------------------------------------------------------- ------- -------
Total non-underlying items 481 16,619
--------------------------------------------------------- ------- -------
The directors consider that the items above are not
representative of underlying performance:
(i) During the period ended 30 June 2019, the Group expensed
GBP600k (30 June 18: GBP2,094k) in relation to the following
acquisitions; Exequtive Partners S.A. ("Exequtive") GBP261k,
Minerva GBP248k, Van Doorn GBP73k and NACT GBP18k.
(ii) During six months ended 30 June 2019, the credit is for
leavers who forfeited their distribution.
(iii) During six months ended 30 June 2019, one-off costs
relating to other items not considered to represent the ongoing
operations of the business included GBP27k of fees relating to
terminated projects.
9. EARNINGS PER SHARE
Pence H1 2019 H1 2018
--------------------------------------------- ------- -------
Basic earnings per share 7.09 (10.97)
Diluted earnings per share 7.06 (10.97)
Underlying basic earnings per share 7.52 7.29
Adjusted underlying basic earnings per share 7.82 7.29
--------------------------------------------- ------- -------
9.1. BASIC EARNINGS PER SHARE
The calculation of basic earnings per share is based on the
profit for the period ended 30 June 2019 of GBP7,869k (period ended
30 June 2018: loss GBP9,985k) divided by the weighted-average
number of ordinary shares of 110,956,207 for the same period
(period ended 30 June 2018: 90,990,388).
9.2. DILUTED EARNINGS PER SHARE
The calculation of diluted earnings per share is based on 9.1
above after adjusting for the potentially dilutive effect of
460,224 ordinary shares that have been granted. For the six months
ended 30 June 2018, as the Group made a loss for the period, the
potential impact of any dilutive ordinary shares is not calculated
as the impact would be anti-dilutive.
9.3. UNDERLYING BASIC EARNINGS PER SHARE
The calculation of underlying basic earnings per share was based
on the profit for the period ended 30 June 2019 adjusted for
non-underlying items (see note 8) of GBP8,350k (period ended 30
June 2018: GBP6,634k) divided by the weighted-average number of
ordinary shares of 110,956,207 for the same period (period ended 30
June 2018: 90,990,388).
9.4. ADJUSTED UNDERLYING BASIC EARNINGS PER SHARE
The calculation of adjusted underlying basic earnings per share
is calculated on the same basis as in 9.3 but with profit for the
period ended 30 June 2019 being adjusted to remove the effect of
IFRS 16.
10. BUSINESS COMBINATIONS
10.1. EXEQUTIVE PARTNERS S.A. ("Exequtive")
On 25 March 2019, JTC entered into an agreement to acquire 100%
of the share capital of Exequtive from Primitivo SARL, De Gorzen
SARL, Tika Holdings SARL, Pimpiri SARL and Stichting
Administratiekantoor Employee Benefit Jomaroma. Exequtive is a
privately owned Luxembourg-based provider of domiciliation and
corporate administration services.
The acquired business contributed revenues of GBP1.36 million
and profit before tax of GBP0.56 million to the Group for the
period from 1 April to 30 June 2019. If the business had been
acquired on 1 January 2019, the consolidated pro-forma revenue and
profit for the period for the Group would have been GBP48.05
million and GBP9.6 million respectively.
(A) IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED ON
ACQUISITION
The following table shows, at fair value, the recognised assets
acquired and liabilities assumed at the acquisition date:
EUR'000 GBP'000
------------------------------ ------- -------
Property, plant and equipment 72 62
Intangible assets 11,530 9,863
Trade receivables 1,351 1,156
Accrued income 35 30
Other receivables 160 137
Cash and cash equivalents 2,431 2,079
------------------------------ ------- -------
Assets 15,579 13,327
------------------------------ ------- -------
Deferred income 2,361 2,019
Deferred tax liabilities 2,883 2,466
Current tax liabilities 569 487
Trade and other payables 423 362
------------------------------ ------- -------
Liabilities 6,236 5,334
------------------------------ ------- -------
Total identifiable net assets 9,343 7,993
------------------------------ ------- -------
Deferred tax liabilities have been recognised in relation to
identified customer contract intangible assets, the amortisation of
which is non-deductible against Luxembourg Corporation Tax and
therefore creates temporary differences between the accounting and
taxable profits.
(B) CONSIDERATION
Total consideration is satisfied by the following:
EUR'000 GBP'000
-------------------------------------------------------------- ------- -------
Cash consideration 18,637 15,943
Equity instruments (1,925,650 ordinary shares (GBP0.01/share)
issued at premium) 6,660 5,697
Contingent consideration discounted to fair value
(70% cash & 30% equity) 8,883 7,599
-------------------------------------------------------------- ------- -------
Fair value of total consideration 34,180 29,239
-------------------------------------------------------------- ------- -------
Contingent consideration of EUR9 million is payable within 20
business days of the adoption of the 2019 audited financial
statements and is contingent on Exequtive maintaining an underlying
EBITDA and achieving Revenue targets as agreed in the SPA. Based on
the historic performance of the business and Management's view of
expected future revenue, it's anticipated this will be paid in
full. The amount payable has been discounted to its present value
of EUR8.9 million.
(C) GOODWILL
Goodwill arising from the acquisition has been recognised as
follows:
EUR'000 GBP'000
-------------------------------------------- ------- -------
Total consideration 34,180 29,239
Less: Fair value of identifiable net assets (9,343) (7,993)
-------------------------------------------- ------- -------
Goodwill 24,837 21,246
-------------------------------------------- ------- -------
Goodwill is represented by assets that do not qualify for
separate recognition or other factors. These include new business
wins to new customers, effects of an assembled workforce and
synergies from combining operations of the acquiree and the
acquirer.
(D) IMPACT ON CASH FLOW
EUR'000 GBP'000
----------------------------------------- ------- -------
Cash consideration paid at 30 June 2019* 18,340 15,688
Less: cash balances acquired (2,431) (2,079)
----------------------------------------- ------- -------
Net cash outflow from acquisition 15,909 13,609
----------------------------------------- ------- -------
*Net debt and net working capital adjustment of EUR297k was paid
on 18 July 19.
(E) ACQUISITION RELATED COSTS
The Group incurred acquisition-related costs of GBP261k for
professional, legal and advisory fees. These costs have been
recognised in other operating expenses in the Group's consolidated
income statement and are treated as non-underlying items to
calculate underlying EBITDA (see note 8).
11. SHARE CAPITAL AND RESERVES
11.1 SHARE CAPITAL AND SHARE PREMIUM
At 31 December 2018, 110,895,327 Ordinary shares of GBP0.01 each
were held at a cost of GBP1,109k with share premium of
GBP94,599k.
On 29 March 2019, as part consideration for the acquisition of
Exequtive (see note 10), the Company issued 1,925,650 Ordinary
shares of GBP0.01 each with a share premium of GBP5,663k.
11.2 OWN SHARE RESERVE
The Group holds own shares as it operates an employee share
ownership plan for the benefit of its employees, the PLC EBT. As
this reserve comprises the cost of the Company's shares held by the
Group, these are treated as own shares in accordance with IAS 32
"Financial Instruments".
Following the IPO and as at 31 December 2018, 741,345 shares
were held at a cost of GBP2.565m. During the six months to 30 June
2019, the number of own shares held increased by 246,512 to 987,857
shares at a cost of GBP285k.
Own shares have been excluded from the weighted average number
of ordinary shares for the purpose of calculating EPS as they are
not outstanding.
11.3. RETAINED EARNINGS
The retained earnings include accumulated profits and losses and
equity-settled share-based payments
The final dividend for the year 2018 of GBP0.02 per ordinary
share was paid on 21 June 2019.
An interim dividend of GBP0.017 pence per ordinary share (2018:
GBP0.01 per ordinary share) was declared by the Directors on 17
September 2019 and will be payable on 25 October 2019 to
shareholders on the record on 27 September 2019. The interim
dividend has not been recognised as a liability as at 30 June
2019.
12. LOANS AND BORROWINGS
GBP'000 H1 2019 H1 2018
--------------------------- ------- -------
Current
Finance leases - 5
Other loans 678 678
--------------------------- ------- -------
Total current 678 683
--------------------------- ------- -------
Non-current
Bank loans (i) 87,698 71,494
Finance leases - 30
Other loans 170 508
--------------------------- ------- -------
Total non-current 87,868 72,032
--------------------------- ------- -------
Total loans and borrowings 88,546 72,715
--------------------------- ------- -------
The Group has a loan facility of GBP100 million with HSBC Bank
Plc, Barclays Bank Plc, Santander UK Plc and the Bank of Ireland
which consists of a term loan of GBP45 million and a revolving
facility commitment of GBP55 million. All drawn facilities are due
to be repaid on or before the Termination Date of 8 March 2023.
A withdrawal was made on 22 March 2019 for GBP15.5 million
(EUR17.9 million) to partially fund the acquisition of Exequtive,
see note 10.
At 30 June 2019, the Group had available undrawn committed
facilities of GBP11 million (31 Dec 2018: GBP27 million).
13. FINANCIAL INSTRUMENTS
FOREIGN CURRENCY RISK
The Group's exposure to the risk of changes in exchange rates
relates primarily to the Group's operating activities when the
revenue or expenses are denominated in a different currency from
the Group's functional and presentation currency of pounds sterling
('GBP'). For the material trading entities the exposure is mainly
from EUR, USD and ZAR. The loans and borrowings of the group are
denominated in GBP and EUR. Following the acquisition of Exequtive,
the Group has increased its exposure to EUR and the Group will
assess if a foreign currency hedge is appropriate on this and other
currency exposures in the remaining part of the financial year.
INTEREST RATE RISK
The Group is exposed to interest risk as it borrows funds at
floating interest rates, these are directly linked to LIBOR and/or
EURIBOR plus a margin based on the leverage ratio of the Group.
Net Leverage is the ratio of total net debt to underlying EBITDA
(for LTM at average FX rates and adjusted for pro-forma
contributions from acquisitions and synergies) for a relevant
period. Following a withdrawal of GBP15.5 million (EUR17.9 million)
from the facility to partially fund the acquisition of Exequtive
(see note 10), the margin applied to LIBOR and/or EURIBOR increased
as a result of our net leverage calculation, from 1.5% to 1.75% (on
21 February 2019) to 2% (on 21 May 2019).
The interest fluctuations are low which minimises the Group's
exposure to interest rate movements. As a result, no hedging
instruments have been put in place.
The following sensitivity analysis has been determined based on
the floating rate liabilities. The Group considers a reasonable
interest rate movement in LIBOR to be 50 basis points based on
recent historical changes to interest rates. If interest rates had
been higher/lower by 50 basis points and all other variables were
held constant, the Group's profit for the period ended 30 June 2019
would decrease/increase by GBP438k (31 December 2018: GBP357k).
CREDIT RISK
The Group's principal exposure to credit risk arises from the
Group's trade receivables from clients, work in progress, accrued
income and cash and cash equivalents. Our internal credit risk
management as set out in note 26.2 of the 2018 Annual Report
remains unchanged. There are no indications as of the reporting
date that the any net positions for financial assets are
irrecoverable.
LIQUIDITY RISK
There has been no change in our liquidity risk assessment
compared to our disclosure in note 26.3 of the 2018 Annual
Report.
As at 30 June 2019, the contractual maturities of the Group's
financial liabilities were as follows:
Total contractual
<3 months 3 - 12 months 1 - 5 years >5 years cash flow
At 30 June 2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- ------------- ----------- -------- -----------------
Loans and borrowings(i) 465 2,323 94,762 - 97,550
Trade payables and accruals 12,673 - 792 - 13,465
Deferred consideration for
acquisitions 65 8,264 248 - 8,577
Lease liabilities (see note
14) 819 2,456 10,594 22,382 36,251
---------------------------- --------- ------------- ----------- -------- -----------------
14,022 13,043 106,396 22,382 155,843
---------------------------- --------- ------------- ----------- -------- -----------------
Total contractual
<3 months 3 - 12 months 1 - 5 years >5 years cash flow
At 31 December 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- ------------- ----------- -------- -----------------
Loans and borrowings (i) 390 1,952 78,685 - 81,027
Trade payables and accruals 11,941 - 5,469 - 17,410
Deferred consideration for
acquisitions 6,003 1,965 242 - 8,210
---------------------------- --------- ------------- ----------- -------- -----------------
18,334 3,917 84,396 - 106,647
---------------------------- --------- ------------- ----------- -------- -----------------
(i) This includes the future interest payments not yet accrued
and the repayment of capital upon maturity.
CAPITAL RISK
The capital structure of the Group consists of shares, share
premium and borrowing. As disclosed in note 12, the Group has a
bank loan which requires it to meet leverage and interest cover
covenants. Following the acquisition of Exequtive (see note 10) our
borrowing increased. To meet the Group's capital risk management
objective, the Group aims to meet its financial covenants with
sufficient head room.
At 30 June 2019, the Net Leverage ratio was 1.94x underlying
EBITDA (Net Leverage covenant is 3.50x) and Interest Cover was
14.32x (Interest Cover covenant is 4.00x).
14. CHANGE IN ACCOUNTING POLICY FOR IFRS 16
The Group has adopted IFRS 16 'Leases' retrospectively from 1
January 2019, but has not restated comparative figures for the 2018
reporting period, as permitted under the specific transitional
provisions in the standard. The reclassifications and the
adjustments arising from the new leasing rules are therefore
recognised in the opening balance sheet on 1 January 2019.
14.1. ADJUSTMENTS RECOGNISED UPON ADOPTION
On adoption of IFRS 16, the Group recognised lease liabilities
in relation to leases which had previously been classified as
'operating leases' under the principals of IAS 17 'Leases'. The
liabilities were measured at the present value of the remaining
lease payments, discounted using the lessee's incremental borrowing
rate as at 1 January 2019. The weighted average lessee's
incremental borrowing rate applied to the lease liabilities on 1
January 2019 was 3.12%.
For those leases previously classified as finance leases, the
right-of-use asset and lease liability are measured at the date of
initial application at the same amounts as under IAS 17 immediately
before the date of initial application. The measurement principals
of IFRS 16 are only applied after that date.
The right-of-use assets recognised related to property leases
only, other right-of-use assets were all considered to be low-value
or short-term. Right-of-use assets were measured at the amount
equal to the lease liability, adjusted by the amount of any prepaid
or accrued lease payments relating to that lease recognised in the
balance sheet as at 31 December 2018. There were also onerous lease
contracts that required adjustment to the right-of-use asset at the
date of initial application.
The following is a reconciliation of total operating lease
commitments at 31 December 2018 to the lease liabilities recognised
at 1 January 2019:
GBP'000
-------------------------------------------------------- -------
Operating lease commitments disclosed
at 31 December 2018 37,698
Discount applied using the lessee's
incremental borrowing rate at the date
of initial application (8,246)
Add: finance lease liabilities recognised
at 31 December 2018 35
Less: Recognition exemptions
* Leases with remaining lease term of less than 12
months (330)
* Leases of low-value assets (143)
Other adjustments relating to commitment
disclosures 160
-------------------------------------------------------- -------
Total lease liabilities recognised
under IFRS 16 at 1 January 2019 29,174
-------------------------------------------------------- -------
Of which:
Current lease liabilities 2,631
Non-current lease liabilities 26,543
-------------------------------------------------------- -------
29,174
-------------------------------------------------------- -------
The change in accounting policy affected the following items in
the balance sheet on 1 January 2019:
-- Property, plant and equipment increased by GBP29.1 million
for right-of-use assets
-- Prepayments decreased by GBP0.1 million
-- Provisions for onerous leases decreased by GBP0.1 million
-- Provisions for rent-free periods decreased by GBP1.6
million
-- Lease liabilities increased by GBP29.2 million; GBP26.6
million is shown in non-current other financial liabilities and
GBP2.6 million in current other financial liabilities.
The net impact on retained earnings on 1 January 2019 was an
increase of GBP2 million.
EBITDA for the six month period to 30 June 2019 increased by
GBP1.7 million.
Profit after tax for the six month period to 30 June 2019
decreased by GBP0.3m.
The carrying value of right-of-use assets is GBP28.7m at 30 June
2019.
The carrying value of non-current lease liabilities is GBP26.7m
and GBP2.5m for current lease liabilities at 30 June 2019.
Basic and underlying basic earnings per share have decreased by
0.3p per share for the six months to 30 June 2019 as a result of
the adoption of IFRS 16.
In applying IFRS 16 for the first time, the Group used the
following practical expedients permitted by the standard:
-- the exclusion of initial direct costs in the measurement of
the right-of-use asset for operating leases at the date of initial
application
-- reliance on previous assessments on whether leases are
onerous
-- for operating leases with a remaining lease term of less than
12 months and for leases of low-value assets, accounting for the
lease expense on a straight-line basis over the remaining lease
term,
-- the use of hindsight in determining the lease term where the
contract contains options to extend or terminate leases.
The Group has also elected not to reassess whether a contract
is, or contains a lease at the date of initial application.
Instead, for contracts entered into before the transition date the
Group relied on the assessment it made in applying IAS 17 and IFRIC
4 'Determining whether an Arrangement contains a lease'.
14.2. THE GROUP'S LEASING ACTIVITIES AND HOW THESE ARE ACCOUNTED
FOR
The Group enters into leases for rental of office space in
different countries. Leases are negotiated for a variety of terms
over which rentals are fixed with break clauses and options to
extend for further periods at the prevailing market rate. Any lease
incentives are spread over the term of the lease. The break dates
for the lease agreements vary.
The Group has also entered into commercial leases on certain
motor vehicles and items of office equipment. These leases have an
average life of between three and five years.
Until the 2018 financial year, leases of property, plant and
equipment were classified as either finance or operating leases.
Payments made under operating leases (net of any incentives
received from the lessor) were charged to profit or loss on a
straight-line basis over the period of the lease.
From 1 January 2019, leases are recognised as a right-of-use
asset with a corresponding liability at the date at which the
leased asset is available for use by the Group. Each lease payment
is allocated between the liability and finance cost. The finance
cost is charged to profit or loss over the lease period so as to
produce a constant periodic rate of interest on the remaining
balance of the liability for each period. The right-of-use asset is
depreciated over the shorter of the asset's useful life and the
lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
-- fixed payments, less any lease incentives receivable
-- variable lease payments that are based on an index or a
rate
-- amounts expected to be payable by the lessee under residual
value guarantees
-- the exercise price of a purchase option if the lessee is
reasonably certain to exercise that option, and
-- payments of penalties for terminating the lease, if the lease
term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be determined, the
lessee's incremental borrowing rate is used, being the rate that
the lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment
with similar terms and conditions.
Right-of-use assets are measured at cost comprising of the
following:
-- the amount of the initial measurement of lease liability
-- any lease payments made at or before the commencement date
less any lease incentives received
-- any initial direct costs, and
-- restoration costs.
Payments associated with short-term leases and leases of
low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a
lease term of 12 months or less. Low-value assets comprise IT
equipment, motor cars and small items of office furniture.
14.3. SIGNIFICANT ESTIMATES AND JUDGEMENTS
Many of the leases for office space contain extension options as
these provide operational flexibility. The Group will assess at
each reporting period if they are reasonably certain that an
extension option will be exercised. Such assessment involves
management judgement and estimates based on the information
available at the time the assessments are made. As at the reporting
date, management has assessed the extension options available in
its leases and have deemed they cannot be reasonably certain at
this time that they would exercise the extension options.
The Group has measured the lease liability at the present value
of the remaining lease payments, discounted using the lessee's
incremental borrowing rate at the date of transition and
right-of-use assets at an amount equal to the lease liability,
adjusted by the amount of any prepaid or accrued lease payments
recognised in the balance sheet before transition. The discount
rate determined on a lease by lease basis is a significant
estimate. The incremental borrowing rate for each lease has been
determined by considering the term of the arrangement, the value of
the lease liability and the economic environment specific to the
jurisdiction. Should the discount rate used for the calculation on
each lease arrangement be increased by 1%, the right-of-use asset
and liability recognised upon transition would be GBP2 million
lower.
15. CASH FLOW INFORMATION
OPERATING CASH FLOWS
GBP'000 H1 2019 H1 2018
--------------------------------------------------------- ------- -------
Operating profit/(loss) 10,644 (7,740)
Adjustments for:
Depreciation of property, plant and equipment 2,117 430
Amortisation of intangible assets 2,838 1,552
Share-based payment expense 347 172
Foreign exchange 260 437
--------------------------------------------------------- ------- -------
Operating cash flows before movements in working capital 16,206 (5,149)
--------------------------------------------------------- ------- -------
NON-UNDERLYING ITEMS WITHIN NET CASH FROM OPERATING
ACTIVITIES
GBP'000 H1 2019 H1 2018
--------------------------------------------------------------------- ------- -------
Net cash from operating activities 12,398 (4,134)
Non-underlying items:
Capital distribution from EBT12 2,976 7,218
IPO costs - 723
Acquisition and integration costs 693 1,984
Other 38 100
--------------------------------------------------------------------- ------- -------
Total non-underlying items within net cash from operating activities 3,707 10,025
--------------------------------------------------------------------- ------- -------
Underlying net cash from operating activities 16,105 5,891
--------------------------------------------------------------------- ------- -------
16. RELATED PARTY TRANSACTIONS
Balances and transactions between the Company and its
subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note.
The Group's associate KIG has provided GBP375k of services to
Group entities during the six month period to 30 June 2019 (six
months to 30 June 2018: GBP468k).
The Group's only other significant related parties are key
management personnel, comprising the board of directors of the
principal operating entities, JTC PLC and JTCGHL, being those
persons having the authority and responsibility for planning,
directing and controlling the activities of the Group.
The remuneration of key management personnel of the Group is set
out below in aggregate for each of the categories specified in IAS
24 'Related Party Disclosures'.
GBP'000 H1 2019 H1 2018
------------------------------------------------ ------- -------
Salaries and other short-term employee benefits 990 719
Post employment and other long-term benefits 52 32
Share-based payments 252 51
------------------------------------------------ ------- -------
Total payments 1,294 802
------------------------------------------------ ------- -------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LFFIIALIRLIA
(END) Dow Jones Newswires
September 17, 2019 02:01 ET (06:01 GMT)
Jtc (LSE:JTC)
Historical Stock Chart
From Apr 2024 to May 2024
Jtc (LSE:JTC)
Historical Stock Chart
From May 2023 to May 2024