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JTC PRE - CLOSE INTERIM TRADING UPDATE Released : 22 Jul 2021 RNS Number : 0481G JTC PLC 22 July 2021 22 July 2021 JTC PLC ( the " Company " and together with its subsidiaries " JTC " or the " Group " ) Pre - close Interim Trading Update and Notice of Results Continued resilient performance ; accelerating new business growth and on course for full year trading in line with market expectations JTC , the global professional services business , today issues the following trading update in advance of its interim results for the six months ended 30 June 2021 . Despite the ongoing macro - economic uncertainty as a result of the pandemic , the Company performed well during the first half of the year . There was good momentum in new business won , particularly in the second half of Q2 , with wins of £ 10.3m for the period ( H1 2020 : £ 8.6m and H1 2019 : £ 5.9m ) . This momentum has continued into H2 and the Board expects to deliver full year results in line with management guidance and market expectations . The Private Client Services ( PCS ) Division continued to perform strongly . Within the Institutional Client Services ( ICS ) Division , the focus has remained on delivering and embedding operational enhancements , including the deployment of technology solutions , within the fund services practice and this work is yielding incremental improvements . At Group level , and as anticipated , the short - term impact of recent acquisitions and on - going operational restructuring resulted in underlying EBITDA margin for the period slightly below medium term guidance , but this is expected to improve in H2 to deliver a full year result within the medium term guidance range of 33 % - 38 % . Management expects this to improve further as acquisitions are fully integrated into JTC and the benefits of operational improvements are realised . Cash conversion during the period was strong and exceeded medium term guidance of 85 % - 90 % . Net debt at 30 June was £ 23.6m ( 31 Dec 20 : £ 75.8m ) . The Company completed the acquisitions of RBC cees and Indos Financial in the period . Both businesses are integrating well and are expected to achieve results in line with management expectations . Following the placing in April , JTC remains well placed to deploy the net proceeds on high - quality businesses that increase the Group's scale , service offerings , capabilities and can accelerate growth . The Company's acquisition pipeline remains healthy , with a number of value accretive opportunities across both divisions , ranging in size from bolt - ons to larger deals . Management remains committed to maintaining pricing discipline in order to unlock long - term value . The Group is delighted to have made an Employee Incentive Plan ( EIP ) award of JTC shares to all employees globally meaning that every employee is a direct owner in the business . This is the first award since IPO and the third in the Company's history . Shared ownership remains at the heart of JTC's culture and is a key differentiator for the Group . The Company maintains its medium - term guidance metrics of 8 % -10 % net organic revenue growth ; underlying EBITDA margin of 33 % -38 % ; net debt of 1.5x to 2.0x underlying EBITDA and cash conversion in the range 85 % -90 % . Nigel Le Quesne , CEO of JTC PLC , said : " JTC has again demonstrated the resilience of its business model and delivered a good performance in the first half of 2021. The positive momentum seen in new business wins , combined with incremental operational improvements , give us confidence for the remainder of the year , which is the first of our new ' Galaxy Era ' business plan . Our acquisition pipeline remains strong and we expect to continue to act as a key consolidator in the sector while remaining disciplined in terms of quality and pricing . As always , I would like to thank our people for the outstanding service they provide to our clients and I am delighted that their contribution to the Group's success has again been recognised through our shared ownership programme , which is now in its 24th year . " Notice of Results