Trading Update

31 July 2025

JTC PLC

(The "Company" and together with its subsidiaries "JTC" or the "Group")

Pre-close Interim Trading Update

Momentum continues in second year of 'Cosmos era'

JTC, the global professional services business, today issues a trading update in advance of its interim results for the period ended 30 June 2025.

The Group has delivered a resilient and sector-leading performance in the first half of 2025, with net organic revenue growth above 10% and another record for new business wins at £19.5m (2024: £18.8m), which equates to lifetime value won of c. £275m. New business win rates remain above 50% and the new business pipeline grew by 10% as at 30 June 2025 compared to 31 December 2024.

The Private Client Services (PCS) Division performed particularly well with net organic growth at c. 15.0%, continuing its recent strong performance. Whilst the pipeline and win levels for the Institutional Client Services (ICS) Division remained high, macro-economic inertia impacted the pace at which projects moved forward. Despite this headwind, the ICS business performed well and recorded net organic growth ahead of the market at c. 8.2%.

Post the period-end, the Group completed the acquisition of Citi's global fiduciary and trust administration services business, formerly known as Citi Trust*. This transaction secures JTC's market position as the world's leading independent provider of global trust services. The integration of the business has commenced and is progressing well. Management now expects the acquisition to deliver within Group margin in 2026, twelve months earlier than anticipated.

The acquisition of KHT, also announced today, is expected to complete in Q4 2025 and be earnings accretive in 2026. Operating for over 70 years, providing trust and estate planning services to ultra and high net worth individuals and families, KHT is highly complementary to JTC's existing offering. KHT also brings JTC a small, high-quality Employer Solutions business.

As a result of the Citi Trust and KHT acquisitions, net debt at the year end will be approximately 2.2 times the underlying proforma EBITDA. Under its well-established guidance, JTC has previously communicated that for the right acquisitions it is prepared to accept leverage of up to 2.5 times for a short period, given the highly cash generative nature of the business. Both Citi and KHT meet these criteria and leverage will fall within the core range of 1.5 times to 2.0 times during H1 2026.

Return on Invested Capital is expected to continue to strengthen in 2025 with a significant uplift anticipated in 2026 as JTC realises the full year contribution from the Citi Trust and KHT acquisitions, both of which have been acquired at excellent multiples. The Board expects the Group to deliver full year results for 2025 in line with expectations and is now highly confident of delivering on the Cosmos era plan, ahead of schedule, before the end of 2027.

Nigel Le Quesne, CEO of JTC PLC, said:

"I am pleased with the progress we have achieved in the first half of 2025, which is testimony to the resilience of our business and the quality of our people. Continuing to achieve double-digit net organic revenue growth is a sector-leading performance and I am delighted that the Group has once again posted record new business wins.

Alongside our organic growth, the acquisition of Citi's global fiduciary and trust administration services business has gone extremely well and we are already 12 months ahead of our original predictions in terms of achieving a margin within Group guidance. That deal, coupled with the KHT acquisition announced today, further cements our position as the world's leading independent trust company and the partner of choice for banking institutions.

I would also like to extend my sincere thanks to all our employee-owners as they continue to deliver service excellence to our clients across the Group. We continue to believe that the power of our shared ownership culture is the cornerstone of JTC's uninterrupted 37-year track record of revenue and profit growth."

Notice of results

The Company will announce its interim results for the six months ending 30 June 2025 on Tuesday 16 September 2025. Nigel Le Quesne and Martin Fotheringham will host an analyst briefing at 09:30 BST via video/audio conference.

For further information, contact:

About JTC

JTC is a publicly listed, global professional services business with deep expertise in fund, corporate and private client services. Every JTC person is an owner of the business and this fundamental part of our culture aligns us with the best interests of all of our stakeholders. Our purpose is to maximise potential and our success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value. 

www.jtcgroup.com

* Citi Trust is a service mark of Citigroup Inc. used under license.