JTC (JTC) Trading Update summary

Business performance and growth

• Achieved record H1 new business wins of £18.8m, up 28.8% year-on-year, with strong new business pipeline and win rates around 50%.

• Net organic revenue growth in H1 2024 exceeded updated guidance of 10%+ per annum.

• Delivered on guidance metrics for underlying EBITDA margin (33%-38%) and leverage (1.5x-2.0x underlying EBITDA).

• Cash conversion remained strong, with full-year expectations of 85%-90%.

• Full year 2024 results expected to be in line with market expectations.

M&A and strategic initiatives

• Completed or announced four acquisitions in H1 2024, expanding presence in the UK, USA, Cayman, BVI, and Dubai.

• Acquisitions funded by existing cash and increased debt facilities.

• SDTC, acquired in 2023, continues to integrate well and perform strongly.

• Maintains a robust pipeline of acquisition opportunities across all target growth markets.

Employee ownership and incentives

• Granted 4,748,909 awards over ordinary shares (c. £50m value) to eligible employees under the Employee Incentive Plan.

• Awards recognize delivery of the Galaxy era business plan, which doubled the Group's size in three years.

• Shared ownership remains central to culture, supporting retention and alignment with stakeholders.

• EIP awards are non-dilutive, satisfied by transfer of existing shares from the Employee Benefit Trust.