JTC sees uptick in new business

Thu, 22nd Jul 2021

Professional services business, JTC, has confirmed it expects to deliver full year results in line with expectations as the second half of Q2 sees an uptick in new business. In a trading statement for the six months ending 30 June 2021, the company won £10.3 million in new business. The Private Client Services (PCS) division continued to perform strongly. Within the Institutional Client Services (ICS) Division, the focus has remained on delivering and embedding operational enhancements, including the deployment of technology solutions, within the fund services practice and this work is yielding incremental improvements. At group level, and as anticipated, the short-term impact of recent acquisitions and on-going operational restructuring resulted in underlying EBITDA margin for the period slightly below medium term guidance, but this is expected to improve in H2 to deliver a full year result within the medium term guidance range of 33% - 38%. Management expects this to improve further as acquisitions are fully integrated into JTC and the benefits of operational improvements are realised. Cash conversion during the period exceeded medium term guidance of 85% - 90%. Net debt at 30 June was £23.6m. Nigel Le Quesne, CEO of JTC PLC, said: 'The positive momentum seen in new business wins, combined with incremental operational improvements, give us confidence for the remainder of the year, which is the first of our new 'Galaxy Era' business plan. 'Our acquisition pipeline remains strong and we expect to continue to act as a key consolidator in the sector while remaining disciplined in terms of quality and pricing.' Story provided by StockMarketWire.com

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