(Alliance News) - JTC PLC on Thursday hailed strong momentum in net organic revenue growth, which was boosted last year by existing clients as JTC emphasised its focus on investments.

The Jersey-based institutional and private client service provider said underlying earnings before interest, tax, depreciation and amortisation for 2023 will be in line with market expectations, while the Ebitda margin will be at the lower end of the guidance range of 33% to 38%, which it said reflected increased investment aimed at driving organic growth.

JTC said net organic revenue growth was significantly above the medium-term guidance range of 8% and 10% and 2022 performance of 12%. It emphasised that this was driven by record new business wins of GBP30.8 million, up 25% from GBP24.6 million a year prior, "with particularly strong growth from existing clients".

Chief Executive Officer Nigel Le Quesne said: "Whilst growth is important in our rapidly consolidating market it is vital that this growth does not come at the cost of diluting our unique culture. Growth must be sustainable and make our business better. Having made two strategically important acquisitions in the US in the last two years our immediate priority is to deliver on our plans for growth for both the Institutional Client Services and Private Client Services divisions in the US. We will continue to supplement organic growth with accretive and value-enhancing M&A."

JTC shares were 0.4% lower at 797.00 pence each on Thursday morning in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.