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Highlights

  • Revenue climbed 18.6% to £305.4 million, with 11.3% net organic growth.

  • Underlying EBITDA rose to £101.7 million, maintaining a 33.3% margin.

  • Total dividend per share increased 12.3% to 12.54p.

JTC PLC (LSE:JTC), a global provider of fund, corporate, and private client services, has posted its full-year results for the period ended 31 December 2024, showcasing another year of robust performance and strategic advancement.

Revenue grew by 18.6% year-on-year to £305.4 million, propelled by net organic growth of 11.3%. This marks the third consecutive year JTC has achieved double-digit organic revenue expansion, underlining the success of its scalable business model and its focus on delivering long-term value across both Institutional and Private Client Services divisions.

Underlying EBITDA rose 18.4% to £101.7 million from £85.9 million in 2023, maintaining a steady margin of 33.3%. This financial performance was also reflected in the company’s new business wins, which hit a record high of £35.7 million—up 15.9% from the prior year.

Cash generation remained healthy, with a 98% underlying cash conversion, and leverage stood at 1.79x underlying EBITDA, well within the target range of 1.5x to 2.0x. JTC also reported undrawn funds of £125.9 million out of its £400 million facility at year-end, supporting its ambitious acquisition plans.

A key moment in 2024 was the employee-wide share award totalling approximately £50 million under the Galaxy era incentive scheme, marking the doubling of the business since JTC’s IPO. 

Divisional Performance

The Institutional Client Services (ICS) division delivered revenue of £180.9 million, supported by 9.9% organic growth. The Private Client Services (PCS) division crossed a milestone with revenue exceeding £100 million for the first time, reaching £124.5 million. This was driven by growth in key markets including the US, Cayman Islands, and Jersey, with net organic growth of 14%.

In 2024, JTC completed or announced six acquisitions. The integration of FRTC, Blackheath, Hanway, Buck, and FFP progressed smoothly. The highly anticipated acquisition of Citi Trust (PCS Division), expected to complete by Q2 2025, is set to further enhance JTC’s global footprint. Return on invested capital improved to 12.6%, comfortably above the cost of capital.

Outlook

JTC has started 2025 with positive momentum and a growing pipeline of new business worth £55 million as of Q1. It remains focused on organic expansion and active M&A across both divisions. The company has reiterated its medium-term guidance of 10%+ annual organic growth, EBITDA margins between 33% and 38%, and cash conversion of 85%–90%.

With substantial foundations and execution aligned with its strategic goals, JTC is firmly on course to achieve its Cosmos era objective—doubling the size of the business again between FY2023 and FY2027.