22nd Jul 2022 08:37
(Alliance News) - JTC PLC on Friday said it is "confident" of meeting market expectations in 2022.
"Organic growth was driven by record new business wins of GBP12.6 million," the Jersey-based fund management company said in a trading update for the six months to June 30.
JTC said it recorded a 22% increase in new business wins in the first half of 2022 compared to the first half of 2021. JTC's new business pipeline grew by 15% to GBP52.2 million from GBP45.3 million a year ago.
JTC is "delivering within all of its well-established guidance metrics", including net organic revenue growth between 8% and 10%, and an underlying earnings before interest, tax and depreciation margin of 33% to 38%.
"In the first half of 2022 we have built upon the strong performance delivered in 2021," said Chief Executive Officer Nigel Le Quesne, adding that the company has a "healthy pipeline of targets in a consolidating sector."
"The board is confident that the group will deliver full-year results in line with market expectations and maintains its medium-term guidance," JTC said.
JTC will release its half-year results on September 13.
Shares were 2.4% higher at 727.00 pence each in London on Friday morning. The wider FTSE 250 was down 0.2%.
By Tom Budszus; [email protected]
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