JTC PLC Pre-close Full Year Trading Update (6737M)
January 25 2021 - 1:00AM
UK Regulatory
TIDMJTC
RNS Number : 6737M
JTC PLC
25 January 2021
25 January 2021
JTC PLC
(the "Company" and together with its subsidiaries " JTC " or the
" Group " )
Pre-close Full Year Trading Update
Continued resilient performance; strong new business growth and
trading in line with expectations
JTC, the global provider of fund, corporate and private client
services, today issues the following trading update in advance of
its full year results for the year ended 31 December 2020.
The Company's highly resilient business model allowed JTC to
continue to perform well during the second half of the year and the
Board expects that full year results will be in line with
management guidance and consensus expectations.
Despite the ongoing global Covid pandemic, new business
performance in the year was strong with the annualised value of new
business won increasing c. 20% on a YoY basis to an annualised
value of GBP17.9m in the year (GBP14.9 m at FY 2019), with good
momentum in Q4.
The Group EBITDA margin remained stable in H2 and within
guidance with the Private Client Services ("PCS") Division
continuing to perform strongly. Planned organisational changes
within the fund services practice of the Institutional Client
Services ("ICS") Division were made, although the pace of
implementation continues to be affected by travel restrictions.
The Group is pleased with the acquisitions made during the year
and both NESF and the Sanne private client business are now fully
integrated onto JTC's global platform. The acquisition of the
stand-alone RBC Cees business, which was announced in December 2020
and remains subject to final regulatory approval, will also
represent a straightforward integration, with JTC leveraging its
extensive experience of bank carve out transactions. The outlook
for further inorganic growth remains positive, with a
well-developed pipeline of opportunities that support JTC's
strategy to strengthen and deepen its global footprint and service
offering. JTC remains a disciplined buyer focused on the creation
of medium-term shareholder value.
The Company maintains its medium-term guidance metrics of 8%-10%
net organic revenue growth; underlying EBITDA margin of 33%-38%;
net debt of 1.5x to 2.0x underlying EBITDA and cash conversion in
the range 85%-90%.
Nigel Le Quesne, CEO of JTC PLC, said:
"As we have seen in several instances over the last 30 years,
JTC is a highly resilient business that is able to adapt and grow
on a consistent basis even during periods of challenging external
conditions. Our people continue to demonstrate both the spirit and
meaning of our shared ownership culture and I would like to thank
them for their commitment to our clients and the Group.
With the integration of NESF and Sanne now completed, we look
forward to further developing our global footprint and service
offering. We also remain focused on delivering exceptional service
and making JTC a better business for our stakeholders every day.
Our outlook remains positive and we see good opportunities for
organic and inorganic growth in key geographies and service
lines."
The Company will announce its full year results for the year
ended 31 December 2020 on Tuesday 13 April 2021. An analyst
briefing will be given by Nigel Le Quesne, Chief Executive Officer,
and Martin Fotheringham, Chief Financial Officer, at 09:30 GMT via
audio conference.
Slides and an audio-cast of the presentation will be made
available on the JTC website following the presentation. Those
analysts wishing to dial into the audio conference are asked to
contact Camarco on +44 (0)20 3757 4999 or jtc@camarco.co.uk
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
Georgia Edmonds
Monique Perks
About JTC
JTC is a global provider of fund, corporate and private client
services. Founded in 1987, the company employs c.900 people across
its global office network and is trusted to administer assets of
c.US$130 billion.
JTC is committed to its shared ownership culture and philosophy,
with management and staff holding over 20% of the equity in the
firm, clearly aligning the interests of clients, employees and
other stakeholders.
www.jtcgroup.com
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTUUVBRAOUAUAR
(END) Dow Jones Newswires
January 25, 2021 02:00 ET (07:00 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