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JTC INTERIM RESULTS Released : 21 Sep 2021 RNS Number : 3826M JTC PLC 21 September 2021 21 September 2021 JTC PLC ( " the Company ) together with its subsidiaries ( " the Group " or " JTC " ) Interim results for the period ended 30 June 2021 JTC announces H1 revenue and profit up 24.8 % and 22.6 % respectively , demonstrating its continued market resilience Revenue ( £ m ) EBITDA ( £ m ) EBITDA margin Operating profit / EBIT ( £ m ) Profit before tax ( £ m ) Earnings per share ( p ) ** Cash conversion Net debt ( £ m ) Interim dividend per share ( p ) For further information on underlying results see appendix to CFO Review . Average number of shares for H1 2021 : 122,883,321 ( H1 2020 : 114,350,893 ) As reported H1 2020 Change 53.7 + 24.8 % 16.7 + 19.5 % 31.0 % -1.3pp 10.2 + 14.7 % 10.4 + 254.8 % 8.62 + 244.8 % 93 % + 10pp -70.5 +42.3 2.4 + 0.2p H1 2021 67.0 19.9 29.7 % 11.7 36.8 29.73 103 % -28.2 2.6 Underlying * H1 2020 Change 53.7 + 24.8 % 17.9 + 22.6 % H1 2021 67.0 21.9 32.7 % 13.8 11.4 11.74 108 % -23.6 2.6 -0.6pp 11.5 + 20.1 % 33.3 % 9.9 + 15.4 % 10.47 + 12.2 % 108 % -68.0 2.4 +44.4 + 0.2p FINANCIAL HIGHLIGHTS • Revenue up 24.8 % to £ 67.0m ( H1 2020 : £ 53.7m ) , reflecting continued good net organic growth of 7.6 % ( + 16.0 % gross ) and inorganic growth of 17.2 % • Underlying EBITDA up 22.6 % to £ 21.9m ( H1 2020 : £ 17.9m ) with an underlying EBITDA margin of 32.7 % ( H1 2020 : 33.3 % ) • Annualised new business wins totalling £ 10.3m ( H1 2020 : £ 8.6m ) , comprising £ 4.8m in ICS and £ 5.5m in PCS which included our largest ever single mandate ( c . £ 2.5m per annum ) • Strong underlying cash conversion of 108 % ( H1 2020 : 108 % ) • Interim dividend of 2.6p per share ( H1 2020 2.4p ) • A robust balance sheet further strengthened by £ 65.9m gross proceeds from our April fundraise , and including an undrawn £ 45.6m out of the available £ 150m banking facilities with no debt falling due for repayment before 2023 STRATEGIC HIGHLIGHTS • Margin improvement in the ICS Division coming through as planned alongside good growth in revenue and new business won • Continued strong performance in the PCS Division including record new ess wins and further investment in people and service development • Excellent progress being made with the integration of the RBC cees employee benefits business in the Channel Islands and UK Acquired INDOS , a specialist depositary , AML and ESG governance services business with operations in the UK and Ireland • Post period end announced the acquisitions of Segue Partners ( US Fund Services ) and Ballybunion Capital ( Irish Fund Services ) • Post period end , £ 20m of shares awarded to all employees globally as part of JTC's innovative shared ownership model , where all employees are direct owners of the business . OUTLOOK • The momentum seen in Q2 for new business won has continued into early H2 and the Board expects to deliver full year results in line with management guidance and market expectations • Medium - term guidance maintained . Net organic revenue growth of 8 % - 10 % per annum ; underlying EBITDA margin of 33 % -38 % ; cash conversion of 85 % - 90 % and net debt up to 2.0 times underlying EBITDA . • Continued focus on the integration of RBC cees and INDOS , which are both expected to achieve results in line with management expectations • Focus on completion and integration of Segue and Ballybunion • The Group remains well invested to deliver continued operational improvement • Following a successful fundraise in April , M & A pipeline remains healthy and disciplined approach will continue with particular focus on the US , UK , Ireland and mainland Europe .