Last checked at 22 Jul 2019 07:00
22 July 2019
JTC PLC
(the "Company" and together with its subsidiaries "JTC" or the "Group")
Pre-close Interim Trading Update
JTC, a global provider of fund, corporate and private wealth services to institutional and private clients, today issues the following trading update in advance of its interim results for the six months ended 30 June 2019.
The Company has performed well throughout the first half of the year in both divisions and continues to deliver on its strategic and financial objectives, maintaining good momentum from 2018. As a result the Board expects that interim results will be in line with management expectations and guidance given at the prior full year results. The Board continues to see opportunities for both organic and inorganic growth in the second half of the year and beyond.
Nigel Le Quesne, CEO of JTC PLC, said:
"We have built on the results delivered in 2018 and carried good momentum into the first half of 2019. Both divisions have performed well and we have made solid progress against our strategic objectives and guidance provided, including net organic growth of 8-10% and underlying EBITDA margin of 30-35%. Cash conversion in the first half of the year has been particularly strong, supporting a pro forma net debt to EBITDA ratio within our target range of 1.5x-2.0x. Integration of Van Doorn (Netherlands), Minerva (multi jurisdiction) and Exequtive Partners (Luxembourg) has progressed as planned. From an organic growth perspective, we remain confident in our new business pipeline, continue to invest progressively in our global operating model and see opportunities for service development and cross-selling. Our M&A pipeline also remains strong and we see continued opportunities for acquisitive growth in attractive geographies and service lines at appropriate prices."
The Company will announce its interim results for the six months ending 30 June 2019 on Tuesday 17 September 2019. An analyst briefing will be given by Nigel Le Quesne, Chief Executive Officer and Martin Fotheringham, Chief Financial Officer, at 09:30 GMT at the offices of Numis Securities, 10 Paternoster Square, London EC4M 7LT.
An audio-cast of the presentation will be made available on the JTC website following the presentation. Those analysts wishing to attend are asked to contact David Vieira, Chief Communications Officer, on +44 (0) 1534 816 246 or david.vieira@jtcgroup.com
Enquiries:
JTC PLC +44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive Officer
Martin Fotheringham, Chief Financial Officer
David Vieira, Chief Communications Officer
Camarco +44(0)20 3757 4985
Geoffrey Pelham-Lane
Kimberley Taylor
Monique Perks
About JTC
JTC is a global provider of fund, corporate and private wealth services to institutional and private clients. The Company has a global presence, with over 700 staff operating from a network of 20 offices and assets under administration totalling c. US$ 110 billion.
JTC is committed to its shared ownership culture and philosophy, with management and staff holding over 20% of the equity in the firm, clearly aligning the interests of clients, employees and other stakeholders.
www.jtcgroup.com