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JTC expects to meet market forecasts as new business wins continue
StockMarketWire.com
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Financial services company JTC said it continued to 'perform well' in the second half of the year and expected annual results to meet management and consensus estimates following new business wins.
New business performance in the year was strong with the annualised value of new business won increasing about 20% on an year-on-year basis to an annualised value of £17.9m in the year, compared with £14.9 million in 2019, with good momentum in Q4.
The group earnings before interest, taxes, depreciation and amortisation, or EBITDA, margin remained stable in H2 and within guidance with the private client services division continuing to perform strongly, it added.
'The outlook for further inorganic growth remains positive, with a well-developed pipeline of opportunities that support JTC's strategy to strengthen and deepen its global footprint and service offering,' the company said.
The company maintained its medium-term guidance metrics of 8%-to-10% net organic revenue growth; underlying EBITDA margin of 33%-to-38%; net debt of 1.5x to 2.0x underlying EBITDA and cash conversion in the range 85%-to-90%.
Story provided by StockMarketWire.com
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