JTC PLC on Friday said it is ‘confident’ of meeting market expectations in 2022.
‘Organic growth was driven by record new business wins of £12.6 million,’ the Jersey-based fund management company said in a trading update for the six months to June 30.
JTC said it recorded a 22% increase in new business wins in the first half of 2022 compared to the first half of 2021. JTC’s new business pipeline grew by 15% to £52.2 million from £45.3 million a year ago.
JTC is ‘delivering within all of its well-established guidance metrics’, including net organic revenue growth between 8% and 10%, and an underlying earnings before interest, tax and depreciation margin of 33% to 38%.
‘In the first half of 2022 we have built upon the strong performance delivered in 2021,’ said Chief Executive Officer Nigel Le Quesne, adding that the company has a ‘healthy pipeline of targets in a consolidating sector.’
‘The board is confident that the group will deliver full-year results in line with market expectations and maintains its medium-term guidance,’ JTC said.
JTC will release its half-year results on September 13.
Shares were 2.4% higher at 727.00 pence each in London on Friday morning. The wider FTSE 250 was down 0.2%.
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