JTC (JTC) Trading Update summary

Executive summary

• Achieved sector-leading net organic revenue growth above 10% in H1 2025, with record new business wins totaling £19.5m, equating to a lifetime value of approximately £275m.

• New business win rates remained above 50%, and the new business pipeline grew by 10% compared to 31 December 2024.

• The Private Client Services Division delivered around 15% net organic growth, while Institutional Client Services achieved approximately 8.2% despite macroeconomic headwinds.

Outlook and guidance

• Management expects the Citi Trust acquisition to deliver within Group margin in 2026, a year ahead of schedule.

• The KHT acquisition, expected to complete in Q4 2025, is anticipated to be earnings accretive in 2026.

• Leverage is projected to return to the core range of 1.5x to 2.0x underlying proforma EBITDA during H1 2026.

Segment performance

• Private Client Services Division posted strong net organic growth of approximately 15%.

• Institutional Client Services Division maintained high pipeline and win levels, with net organic growth of about 8.2%.