23rd Jan 2020 09:28
(Alliance News) - JTC PLC on Thursday said it expects results to be in line with expectations as it continued to perform well in the second half of 2019.
The provider of fund management and private wealth services said adjusted earnings before interest, tax, depreciation and amortisation was in line with consensus expectations, with a year-on-year improvement in Ebitda margin.
In 2018, JTC posted underlying Ebitda of GBP23.8 million, with an underlying Ebitda margin of 30.9%.
The company said the performance of its private client services division was "particularly strong", adding that the company secured new business with an annual value of GBP14.9 million, up from GBP9.7 million recorded for 2018.
JTC also added that it had increased its banking facility by GBP50 million, taking its total credit facility to GBP150 million. It said the funds would go towards a number of acquisition opportunities that align with the company's approach to inorganic growth and balance sheet management.
"Our outlook is positive and we see a global market that demonstrates strong fundamentals for our sector and ongoing opportunities for organic and inorganic growth in key geographies and service lines," said JTC Chief Executive Nigel Le Quesne.
The company will publish its annual results on April 1.
JTC shares were trading 2.5% lower at 414.50 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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