JTC claims “positive start” as revenue growth beats guidance
JTC PLC, the Jersey-based professional services company, has announced a strong performance for the first half of 2024, marking an optimistic beginning to its ‘Cosmos era’ business plan. This strategic initiative aims to double both revenue and underlying EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) from the figures reported in 2023.
The company highlighted that net organic revenue growth for the initial six months surpassed its updated annual guidance of 10%. Furthermore, JTC celebrated a significant achievement in new business acquisition, reporting a 29% increase to a record £18.8 million, up from £14.6 million in the previous year. The firm notes that new business enquiries continue to be robust across both of its divisions, with an approximate 50% success rate in securing these opportunities.
JTC’s CEO, Nigel Le Quesne, expressed satisfaction with the progress, attributing it to the momentum gained from the company’s stellar performance in 2023. “The group has made a very good start to the Cosmos era, building on the momentum of our outstanding results from 2023. Organic growth remains above our updated guidance with record new business wins,” he stated. Le Quesne also emphasized the strategic acquisitions made during the period, aimed at broadening JTC’s service offering and enhancing its presence in key growth markets to support long-term organic growth and meet the diverse needs of its global client base.
Despite its promising start to the year, JTC’s stock experienced a slight decrease, down 1.9% in London trading on Thursday, with a current stock price of 1,028.00 pence. Nevertheless, the company remains optimistic about its performance for the remainder of the year, expecting full-year results to align with market predictions.
This ambitious start to the Cosmos era underscores JTC’s dedication to growth and its commitment to providing high-quality services to its international client base. With a focus on sustainable expansion and strategic acquisitions, JTC is poised to continue its trajectory of success in the professional services sector.
