JTC PLC, a London-listed provider of fund, corporate, and private-client services, has announced that it expects its 2023 results to meet or exceed market expectations. However, the company’s underlying Ebitda margin is at the lower end of its medium-term guidance range of 33% to 38% due to ongoing investments aimed at driving growth.
During the first half of the year, JTC PLC achieved record-breaking new business wins, amounting to £14.6 million ($18.7 million) compared to £12.6 million in the same period of 2022. Cash conversion has remained strong and in line with typical levels for this period, with the company on track to achieve its full-year guidance range of 85% to 90%.
Chief Executive, Nigel Le Quesne, emphasized the excellent net organic growth, surpassing the company’s medium-term guidance. Le Quesne also highlighted the significant potential for inorganic growth in the global marketplace, as exemplified by JTC PLC’s recent acquisition of SDTC. This growth potential is particularly noteworthy in the United States.
Analysts project that JTC PLC will generate revenues of around £240.5 million for the year, with an underlying Ebitda margin estimated to be in the range of 33.3% to 33.6%. As of 0730 GMT, shares were down by 4 pence (0.6%), trading at 723 pence.