JTC (JTC) H1 2025 earnings summary

Executive summary

• Delivered 17.3% revenue growth to £172.6m and 15.1% EBITDA growth in H1 2025, with 11.0% net organic growth, surpassing guidance and supported by record new business wins of £19.5m and a robust pipeline exceeding £60m.

• Completed integration of Citi Trust and announced acquisition of Kleinwort Hambros Trust Company (KHT), both expected to be earnings accretive.

• Board received multiple non-binding offers from Permira and Warburg Pincus, which were rejected.

• Continued investment in technology, infrastructure, and compliance to support scalable growth and efficiency.

• Maintained industry-leading staff retention at 96% through a shared ownership culture.

Financial highlights

• Group revenue reached £172.6m (+17.3% YoY); underlying EBITDA was £56.5m (+15.1% YoY) with a margin of 32.8% (down 0.6pp YoY).

• EPS increased by 7.1% to 21.28p; cash conversion at 86%, within guidance.

• Net debt rose to £225.1m, mainly due to acquisition outflows; leverage at 2.06x EBITDA.

• Interim dividend increased by 16.3% to 5.0p per share.

• Return on invested capital improved to 13.0% from 12.6% in 2024.

Outlook and guidance

• On track to double the business before end-2027, ahead of Cosmos Era schedule.

• Guidance metrics reaffirmed: ≥10% net organic revenue growth, 33–38% EBITDA margin, 1.5x–2.0x net debt/EBITDA, 85–90% cash conversion.

• Strong new business pipeline and high win rates (>50%) support continued organic growth above 10%.

• Focus on integrating Citi Trust and KHT, with further M&A opportunities under consideration.

• Recent acquisitions expected to drive margin improvement and earnings accretion in 2026.