Record New Business Wins Drive Strong Half Year Results for JTC
JTC has had another strong set of interim results with impressive growth in revenue and profit reported for the first half of 2022
San Jose, CA. September 23, 2022 – JTC has had another strong set of interim results with impressive growth in revenue and profit reported for the first half of 2022. The financials released last week show that JTC recorded growth in revenue of 38.8% to £93m for the period ending 30 June 2022, reflecting continued strong net organic growth of 9.5% and inorganic growth of 29.3%.
Underlying profit (EBITDA) was also up 40.1% to £30.7m, with an improved underlying profit margin of 33% compared to the same time last year, while new business wins were up 22% to £12.6m – a Group record for a six-month period. In addition, robust cash conversion allowed the Group to substantially reduce its leverage, bringing it down by 0.7x in the period to 1.6x underlying EBITDA, which is towards the bottom end of JTC’s guidance range of 1.5x to 2.0x.
Other strategic highlights include a focus on delivering the integration of seven acquisitions made in 2021, good revenue growth from the company’s fast-growing banking and international tax compliance service lines, and the post-period acquisition of New York Private Trust Company (NYPTC) in Delaware, USA, which remains subject to regulatory approval.
Looking ahead, the interims highlight how the momentum seen in 2021 has continued into 2022 and point to the confidence that the Group will deliver revenue and underlying profit ahead of market expectations and net organic growth above its medium-term guidance range, more than offsetting higher interest costs and cost inflation. JTC’s inorganic growth ambitions remain fully supported, with a healthy pipeline of merger and acquisition opportunities spanning both its Divisions.
Read the Full Press Release Here.
Read the Interim Results for period ending on June 30th, 2022 here.
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