25th Jan 2021 09:41
(Alliance News) - JTC PLC on Monday said it expects results for 2020 to be in line with expectations due to good performance in the second half of the year.
The FTSE 250-listed professional services firm stated new business performance in the year was "strong" despite the ongoing pandemic, with the annualised value of new business won increasing 20% to GBP17.9 million with "good momentum" in the fourth quarter. This compares to GBP14.9 million in 2019.
JTC noted its earnings before interest, tax, depreciation, and amortization margin remained stable in the second half and within guidance, with the Private Client Services division continuing to perform strongly. It added planned organisational changes within the fund services practice of the Institutional Client Services division were made but warned that the pace of implementation has continued to be hurt by travel restrictions.
Ebitda margin in the first half of 2020 was 31%.
Separately, it noted that specialist fund administration services provider NES Financial and the Sanne private client business - both acquired during the year for USD40.0 million and up to GBP12 million respectively - are now fully integrated onto its global platform.
Looking ahead, JTC maintained its medium-term guidance for 8% to 10% net organic revenue growth and underlying Ebitda margin of between 33% to 38%.
Shares in JTC were trading 3.3% higher at 594.96 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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