JTC (JTC) H2 2024 earnings summary

Executive summary

• Achieved 37th consecutive year of revenue and profit growth, with 2024 marking the first year of the Cosmos era and a record year for new business wins and M&A activity.

• Group revenue rose 18.6% to GBP 305.4 million, and underlying EBITDA increased 18.4% to GBP 101.7 million, with a margin of 33.3%.

• Net organic growth was 11.3%, ahead of guidance, and new business wins reached GBP 35.7 million, up 15.9% year-over-year.

• Six acquisitions were announced or completed, including the transformational Citi Trust deal, positioning the group as a global leader in independent trust services.

• U.S. market now represents 32% of revenues, expected to rise to 35% post-Citi Trust completion.

Financial highlights

• Revenue reached GBP 305.4 million, breaking the GBP 300 million mark for the first time.

• Underlying EBITDA was GBP 101.7 million, with a margin of 33.3%.

• Underlying earnings per share increased by 12.1%.

• Cash conversion was 98%, ahead of guidance.

• Net debt increased by GBP 59 million to GBP 182.3 million, mainly due to acquisition outflows; leverage at 1.79x.

Outlook and guidance

• Expectation of continued strong net organic growth in 2025, with a robust pipeline and momentum from late 2024.

• Guidance for net organic growth remains at a minimum of 10% per annum, with EBITDA margin guidance of 33–38%.

• Pricing growth for 2025 expected to be 3-4%, lower than 2024's 6.6%.

• Margin in ICS expected to improve gradually, but group margin may dip short-term due to Citi Trust integration.

• Continued investment in scalable global platform and infrastructure.