22nd Jul 2019 11:02
(Alliance News) - JTC PLC said Monday it has performed "well" in the first half, in line with management expectations.
The wealth services firm said both of its divisions - Institutional and Private - delivered on strategic objectives in the six months to June 30 and were able to maintain good momentum from 2018.
In 2018, JTC's pretax loss narrowed to GBP2.1 million from GBP3.6 million in 2017. The company's revenue saw a 29% spike in 2018 to GBP77.3 million.
"The board continues to see opportunities for both organic and inorganic growth in the second half of the year and beyond," JTC said.
Chief Executive Nigel Le Quesne added: "We have built on the results delivered in 2018 and carried good momentum into the first half of 2019. Both divisions have performed well and we have made solid progress against our strategic objectives and guidance provided, including net organic growth of 8% to 10% and underlying earnings before interest, tax, depreciation and amortization margin of 30% to 35%."
JTC said its cash conversion in the first half was "particularly strong", seeing a pro forma net debt to Ebitda ratio within its target range of 1.5 to 2.0.
The company noted the integration of Van Doorn, Minerva and Exequtive Partners has "progressed as planned".
Le Quesne continued: "From an organic growth perspective, we remain confident in our new business pipeline, continue to invest progressively in our global operating model and see opportunities for service development and cross-selling. Our M&A pipeline also remains strong and we see continued opportunities for acquisitive growth in attractive geographies and service lines at appropriate prices."
JTC will announce its first half results on September 17.
Shares in JTC were up 1.1% in London on Monday at 356.00 pence each.
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