JTC posts 'good' FY performance, cuts dividend payout

(Sharecast News) - Fund administration services firm JTC posted what it called a "good performance with resilient organic and inorganic growth" on Tuesday, delivering further organic and inorganic growth in FY25 but cutting its shareholder payout sharply as it continued to expand its global footprint. JTC said revenues rose 25.1% to £381.9m in FY25, while underlying earnings increased 22.4% to £124.5m. Net organic growth came to 8.5% year-on-year and new business wins were up 21.8% at a record £43.5m.

The FTSE 250-listed group stated underlying EBITDA margins had softened from 33.3% to 32.6%, with cash conversion dropping from 98% to 87%, and leverage moving up to 2.2x underlying EBITDA following its acquisitions of Citi's global fiduciary and trust administration arm and Kleinwort Hambros. It also highlighted that net debt had surged 106.1% to £313m.

As a result, JTC slashed its total dividend from 12.54p to 5.0p.

Looking ahead, chief executive Nigel Le Quesne noted that while it continues to face macroeconomic headwinds and geopolitical challenges, including recent conflict escalation in the Middle East, the resilience of JTC's business model "has been proven over decades and remains clear".

As of 0830 BST, JTC shares were down 0.15% at 1,302p.





Reporting by Iain Gilbert at Sharecast.com

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