JTC (JTC) Trading Update summary

Business performance and growth

• Achieved record new business wins in 2024, with 15.9% year-on-year growth to £35.7m, driven significantly by the US market.

• Completed five acquisitions and announced a major US deal (Citi Trust), reinforcing leadership in global trust services.

• Raised net organic revenue growth guidance to 10%+ per annum for the Cosmos era and delivered on this target in 2024.

• Underlying EBITDA margin expected within 33%-38% guidance; leverage at period end at the bottom of 1.5x-2.0x EBITDA range.

• Cash conversion at the top end of 85%-90% guidance, with full-year results anticipated in line with market expectations.

Strategic initiatives and acquisitions

• Six acquisitions completed or announced, including the transformational Citi Trust deal in the US, expected to close by Q2 2025.

• Integration of recent acquisitions and a strong pipeline of further opportunities remain a focus.

• Expansion of service offering and jurisdictional footprint continues both organically and inorganically.

Employee ownership and culture

• Awarded approximately £50m in JTC shares to employees in July 2024, with vesting conditions tied to continued employment.

• Employee share awards are non-dilutive, using shares from the Employee Benefit Trust.

• Annual employee survey showed 89% participation and 86% valuing employee ownership; staff retention reached 96%.