JTC PLC on Thursday said 2021 had been a ‘successful’ year for the company despite the continuing effects of the Covid-19 pandemic.
The Jersey, UK-based fund manager said new business performance in the year was strong, with annualised value of new business won increasing 16% to £20.9 million from £17.9 million in 2020.
Underlying earnings before interest, tax, depreciation and amortisation margin was consistent with management guidance. JTC said this related to the short-term impact of bringing acquisitions onto its platform and continues to trend towards medium term guidance levels of 33% to 38%.
The company added that it maintains its medium-term guidance of 8% to 10% net organic revenue growth; underlying Ebitda margin of 33% to 38%; net debt of 1.5 times to 2 times underlying Ebitda and cash conversion in the range 85% to 90%.
Chief Executive Nigel Le Quesne said: ‘2021 was the first year of our latest multi-year business plan, the Galaxy Era, in which we are aiming to double the size of the group relative to where we ended 2020.’
JTC said it will publish its full-year results on April 19.
Shares in JTC were down 1.4% at 777.00 pence on Thursday morning in London.
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