2nd Feb 2023 10:51
(Alliance News) - JTC PLC on Thursday said revenue growth for 2022 was above guidance, boosted by new business wins.
The Jersey, UK-based fund management company said 2022 net organic revenue growth was in double-digits, ahead of its medium-term guidance range of between 8% and 10%.
The company said the growth was driven by new business wins worth GBP24.6 million, an 18% increase from GBP20.9 million the year prior.
JTC noted that inorganic growth efforts were aimed at integrating the seven acquisitions it made in 2021, as well as its acquisition in the fourth quarter of domestic private client services business New York Private Trust Company.
The company said 2022 underlying earnings before interest, tax, depreciation and amortisation is expected to be at the top end of market expectations, whereas the Ebitda margin will be at the lower end of its medium term guidance range of 33% to 38%, as expected.
Ceif Executive Officer Nigel Le Quesne said: "Our business is configured in a way that combines resilience and growth, which has enabled us to deliver excellent results during the year, with particularly strong net organic growth and the successful integration of recent acquisitions. We continue to take a long-term view of the business, making necessary investments to allow us to support our growth trajectory.
"Looking ahead, we are particularly focused on developing our US footprint across both Divisions, maintaining organic growth momentum in the core business and continuing to secure the right acquisition opportunities in a fragmented and consolidating market."
JTC shares were up 3.9%, trading at 750.00 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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