JTC has issued a trading update in advance of its interim results for the period ended 30 June 2022.
The first half of the year has seen a strong performance across the group, it reports, delivering:
• 8%-10% net organic revenue growth
• Underlying EBITDA margin of 33%-38%
• Cash conversion within the guidance range of 85%-90%
• Leverage reduced by 0.7 times in the period, bringing it well within guidance of 1.5-2.0 times underlying EBITDA.
Organic growth was driven by new business wins of £12.6m (+22% on H1 2021 figure of £10.3m) with a new business pipeline at period end of £52.2m (+15% on the H1 2021 figure of £45.3m).
JTC reports that the seven businesses acquired in 2021 are integrating well into its global platform and the M&A pipeline remains active, with a number of small to mid-size opportunities well progressed.
Targets span the Institutional Clients Services division (fund and corporate services) and the Private Client Services Division (trust company and family office services), with a focus on the high-growth US market.
CEO Nigel Le Quesne (pictured) said: "In the first half of 2022 we have built on the strong performance delivered in 2021.
"The business continues to demonstrate its resilience and agility during a period of macro uncertainty and our new business wins reflect our ability to attract clients and provide additional services to existing clients."
• The company will announce its interim results for the period ended 30 June 2022 on 13 September.