JTC PLC, the multi-jurisdictional, global professional services business, is pleased to announce its full year results for the year ended 31 December 2024.
Financial Highlights
· Revenue +18.6% to £305.4m (2023£257.4m)
· Underlying EBITDA +18.4% to £101.7m (2023: £85.9m)
· Underlying EBITDA margin of 33.3% (2023: 33.4%)
· Underlying profit before tax +17.1% to £47.4m (2023: £40.5m)
· Underlying EPS +12.1% to 41.80p (202337.30p)
· Total dividend per share +12.3% to 12.54p (2023: 11.17p)
· Net debt of £182.3m (2023£123.3m)
· Leverage of 1.79x underlying EBITDA (2023: 1.43x)
· Undrawn funds of £125.9m of £400m facility at period end
Operational Highlights
· Record new business wins of £35.7m (2023: £30.8m)
· Net organic revenue growth of 11.3% (2023: 19.9%)
· Six acquisitions announced or completed in the year, including Citi Trust, the global trust company business of Citi Bank
· Doubling of business in Galaxy era marked by award of c.£50m in JTC shares to all eligible employees in July 2024, reflected in reported earnings
Nigel Le QuesneCEO of JTC PLCsaid
"2024 was the first year of our Cosmos era business plan and we have made a fast start towards our goal of doubling the size of the Group for the third time since IPO. We delivered record new business wins, organic growth <mark style="background-color:yellow">above</mark> our upgraded guidance and a strong margin, even as we continue to invest in growth.
Alongside the strong organic performance, we announced or completed six acquisitions during the period, including Citi Trust, the global trust company business of Citi Bank. This is a significant addition to our PCS Division and cements JTCs position of the worlds leading independent trust company business.
We have carried strong momentum into 2025, growing our new business enquiry pipeline, a driver of organic growth, to £55m by the end of Q1 and we maintain a healthy pipeline of further M&A opportunities across both Divisions.
Finally, we were delighted to be able to make an award of c. £50m to our global workforce, in recognition of their collective achievement to double the size of the Group in just three years by delivering our Galaxy era plan. Our commitment to ownership for all employees remains our defining characteristic and I thank our employee-owners for their dedication to our clients and for bringing the JTC culture to life."
Enquiries
JTC PLC
Nigel Le QuesneChief Executive Officer
Martin FotheringhamChief Financial Officer
David VieiraChief Communications Officer
Camarco
Geoffrey Pelham-Lane
Sam Morris
+44 (0) 7733 124 226
+44 (0) 7796 827 008
A presentation for analysts will be held at 09:30 BST today via Zoom video conference. The slides and an audio-cast of the presentation will subsequently be made available on the JTC website www.jtcgroup.com/investor-relations