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22 Jul 2021 | 09:19

JTC delivers 'continued resilient performance' in H1

(Sharecast News) - Professional services business JTC Group said on Thursday that it had delivered a "continued resilient performance" in the six months ended 30 June, putting the company on course for a full-year trading performance in line with market expectations. JTC stated that despite ongoing macro-economic uncertainty as a result of the Covid-19 pandemic, it had "performed well" during the first half, with "good momentum" in new business wins, particularly in the latter part of the second quarter, with wins of £10.3m for the period, up from £8.6m a year earlier.

The FTSE 250-listed firm added that this momentum had continued into the second half and that it now expects to deliver full-year results in line with both management guidance and market expectations.

Cash conversion during the period was "strong" and exceeded medium-term guidance of 85-90%, while net debt at 30 June was slashed from £75.8m at the start of the year to £23.6m as of 30 June.

JTC also maintained its medium-term guidance metrics of 8-10% net organic revenue growth, an underlying earnings margin of 33-38%, net debt of 1.5x to 2.0x underlying EBITDA and cash conversion of 85-90%.

Chief executive Nigel Le Quesne 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."

As of 0915 BST, JTC shares were up 1.30% at 624.0p.
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