Slide 1: JTC Full Year Results 2024
JTC FULL YEAR RESULTS 2024
Slide 2: Agenda
Agenda CEO HIGHLIGHTS FINANCIAL REVIEW 1 CEO HIGHLIGHTS 4 FINANCIAL REVIEW BUSINESS REVIEW 15 BUSINESS REVIEW 16 M& A INSIGHTS 19 SUMMARY & OUTLOOK 20 Q& A 21 APPENDICES SUMMARY & OUTLOOK APPENDICES JTC FULL YEAR RESULTS 2024
Slide 3: Our CEO
Our CEO 1 CEO HIGHLIGHTS FINANCIAL REVIEW “We were delighted to be able to make an award of “2 024 marked the first year c.£50m to all of our employee BUSINESS REVIEW of our Cosmos Era business owners as a reward for their plan and we are pleased achievements and delivery to report an accelerated of
Slide 4: CEO Highlights
CEO Highlights 2 CEO HIGHLIGHTS Galaxy era award ast Start £50m £450m+ value created to the Cosmos era FINANCIAL REVIEW for employee-owners since 1998 BUSINESS REVIEW Group Highlights – Group revenue up 18.6% – Underlying EBITDA up 18.4% FA S T S TA R T – Underlying EBITDA Margin 33.3% 37th SUMMARY
Slide 5: CEO Financial Highlights
CEO Financial Highlights 3 CEO HIGHLIGHTS REVENUE UNDERLYING EBITDA UNDERLYING EBITDA MARGIN NET ORGANIC GROWTH £305.4m £101.7m 33.3% 11.3% FINANCIAL REVIEW +18.6% 2023: £257.4M +18.4% 2023: £85.9M -0.1pp 2023: 33.4% -8.6pp 2023: 19.9% BUSINESS REVIEW NEW BUSINESS WINS LTM WIN RATE LIFETIME VALUE WO
Slide 6: Financial Review
CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW SUMMARY & OUTLOOK APPENDICES 4 Financial Review JTC FULL YEAR RESULTS 2024
Slide 7: Our CFO
Our CFO 5 CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW “C ontinuing our growth momentum into the Cosmos era.” MARTIN FOTHERINGHAM, CHIEF FINANCIAL OFFICER SUMMARY & OUTLOOK APPENDICES JTC FULL YEAR RESULTS 2024
Slide 8: Financial Highlights
Financial Highlights “B etter than or within 6 guidance range for all CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 KPIs.” REPORTED UNDERLYING HIGHLIGHTS 2024 2024 2023 CHANGE – Revenue increased by 18.6% (constant currency growth of 20.2%): Revenue (£m) 305.4 305.4 257.4 +18.6% FINANCIAL REVIE
Slide 9: Revenue Bridge
Revenue Bridge “A nother year of impressive 7 revenue growth.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 HIGHLIGHTS – Revenue growth on a constant currency basis was 20.2%. FINANCIAL REVIEW £254.1M* £1.1M £2.7M £7.6M £21.8M £16.9M £24.0M £305.4M – Gross new organic revenue of £38.7m (2023:
Slide 10: Net Organic Growth
Net Organic Growth “Achieving our increased 8 target of +10%.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 PLC P Pricing R I C I N GGrowth NET ORGANIC GROWTH ROLLING THREE-YEAR AVERAGE FOR 2024 ONWARDS, +10% GUIDANCE RANGE GROWTH 2021 2022 2023 2024 HIGHLIGHTS 25% Pricing – Net organic growth
Slide 11: Revenue by Geography
Revenue by Geography “T he US continues to 9 excel and demonstrate CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 strategic value.” REVENUE GROWTH (£M) HIGHLIGHTS NET ORGANIC GROWTH* REPORTED AS PER FINANCIAL STATEMENTS – Positive organic growth recorded in all regions. 2024 2023 +/- % PLC – US
Slide 12: Underlying EBITDA Margin
Underlying EBITDA Margin “Achieving a consistent 10 margin alongside increased CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 growth.” PLC UNDERLYING EBITDA % 33% – 38% GUIDANCE RANGE HIGHLIGHTS 2021 2022 2023 2024 – Underlying EBITDA margin consistent with 2023 45% although a slight drop to 33.
Slide 13: Underlying Cash Conversion
Underlying Cash Conversion “A nother excellent year for 11 cash conversion.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 HIGHLIGHTS UNDERLYING CASH CONVERSION % ACQUISITION NORMALISATION 85% – 90% GUIDANCE RANGE – Excellent underlying cash conversion of 98% (2023: 106%). FINANCIAL REVIEW 106%
Slide 14: Net Debt and Leverage
Net Debt and Leverage “E xpected increase in 12 leverage in order to CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 capitalise on M&A.” Net Debt HIGHLIGHTS – Underlying net debt increased by £59m. – Strong cash conversion resulted in a reduction to FINANCIAL REVIEW £15.6M net debt of £22.7m befo
Slide 15: Return On Invested Capital (ROIC)
Return On Invested Capital (ROIC) “Improved returns despite M&A outf lows.” 13 CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 PLC ROIC 2024 Acquisition Outflow HIGHLIGHTS 2021 2022 2023 2024 ROW 14% £42.7M – Post-tax ROIC of 12.6%, significantly above cost 53% of capital and an improvement on 20
Slide 16: Post-IPO Era Progression
Post-IPO Era Progression “A reputation of delivering against guidance.” 14 CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 Net Organic Growth % Underlying EBITDA Margin HIGHLIGHTS NET ORGANIC GROWTH % UNDERLYING EBITDA MARGIN % – Growth momentum in the Galaxy era led to an ROLLING THREE-YEAR AV
Slide 17: Business Review
15 CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW SUMMARY & OUTLOOK APPENDICES Business Review JTC FULL YEAR RESULTS 2024
Slide 18: M&A Environment
M&A Environment 16 CEO HIGHLIGHTS Global M&A Volume ($tn) Source: Dealogic as at 12/31/24 6.1 H2 FINANCIAL REVIEW H1 3.0 Global M&A market rebound muted 4.6 4.3 2.5 3.9 4.1 3.7 3.7 3.7 1.8 3.5 3.9 2.2 1.8 2.1 2.6 1.5 3.2 1.9 BUSINESS REVIEW 1.8 3.0 “Higher for longer” interest rates, with sellers’ p
Slide 19: Citi Trust Effect
Citi Trust Effect 17 CEO HIGHLIGHTS ACQUISITI O N CRITERIA CIT I T RUST EFFEC T ON JTC – “Ensure 2+2=5” – JTC the world’s “leading global – Price discipline Trust Company Business (TCB)” FINANCIAL REVIEW – Improve team USA – Cements JTC as the largest independent in US market – Strengthen or DLE EAS
Slide 20: Divisional Review
Divisional Review 18 CEO HIGHLIGHTS FINANCIAL REVIEW PCS DIVISION ICS DIVISION Another excellent year of growth Kate Beauchamp welcomed as and strong results new Divisional Head of ICS • Revenue +32.3%, breaking the £100m • Revenue +10.8% BUSINESS REVIEW barrier for the first time • Underlying EBITD
Slide 21: Summary & Outlook
Summary & Outlook 19 CEO HIGHLIGHTS 2025+ Key Takeaways – A fast start to the Cosmos era FINANCIAL REVIEW – Record new business wins, with strong net – A strong start to the year organic growth – Expect trend of strong organic – Accelerated M&A activity – six deals growth to continue – Transformatio
Slide 22: Q&A Thank you
SUMMARY & 20 CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW OUTLOOK APPENDICES Q&A Thank you JTC FULL YEAR RESULTS 2024
Slide 23: Appendices
21 CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW SUMMARY & OUTLOOK APPENDICES Appendices JTC FULL YEAR RESULTS 2024
Slide 24: The Presenters
The Presenters 22 CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW Nigel Le Quesne Martin Iain Johns Kate Beauchamp CHIEF EXECUTIVE OFFICER (PLC) Fotheringham GROUP HEAD OF PRIVATE GROUP HEAD OF INSTITUTIONAL SUMMARY & OUTLOOK CLIENT SERVICES CLIENT SERVICES Nigel has been the key figure in GROUP CHI
Slide 25: About Us
About Us 23 CEO HIGHLIGHTS 37 FINANCIAL REVIEW Listed on FTSE c.410 250 Established Global 1987 Years Platform Billion USD Group AUA Revenue + BUSINESS REVIEW P rofit Growth Harvard Award Business Winning SUMMARY & OUTLOOK c. 2,300 Every Employee School Client Service People An Owner Case Study Exce
Slide 26: Leading Together
Leading Together 24 CEO HIGHLIGHTS SENIOR LEADERSHIP TEAM Nigel Le Quesne Martin Fotheringham Wendy Holley Iain Johns Kate Beauchamp Richard Ingle FINANCIAL REVIEW GROUP CHIEF FINANCIAL C H I EF O P ER AT I N G GROUP HEAD GROUP HEAD OF CHIEF RISK OFFICER CHIEF EXECUTIVE OFFICER (PLC) OFFICER O F P R
Slide 27: JTC Overview
JTC Overview 25 CEO HIGHLIGHTS Institutional Client Private Client Services Services (ICS) Division (PCS) Division FINANCIAL REVIEW We provide fund, corporate and We provide trust, corporate and banking banking services to institutional services for global wealth management clients, primarily fund m
Slide 28: The JTC Investment Case
The JTC Investment Case 26 CEO HIGHLIGHTS 130+ years EXPERIENCE OF SENIOR TEAM 14.4% 24.8% FINANCIAL REVIEW NET ORGANIC 37 years GROW TH* REVENUE CAGR L AST 10 YRS Experienced and entrepreneurial 13.2% of growth management team INORGANIC Demand created Designed GROW TH* by long-term for growth, mark
Slide 29: Financial Performance
Financial Performance 27 CEO HIGHLIGHTS LONG HISTORY OF GROWTH AND PROFITABILITY AT HIGH MARGINS 37 years of revenue and profit growth since inception REVENUE UNDERLYING EBITDA EBITDA % FINANCIAL REVIEW 400 50% 350 45% 40% 300 35% 250 BUSINESS REVIEW £MILLIONS 30% 200 25% 150 20% 15% 100 10% 50 5% S
Slide 30: Exceptional resilience
Exceptional resilience 28 CEO HIGHLIGHTS OVER 37 YEARS AND COUNTING Key MSCI World Index Revenue Underlying EBITDA RESILIENT GROWTH 130+ years EXPERIENCE OF SENIOR TEAM Black Asian Y2K/Popping of Global Russian Russian invasion 310.0 14.4% Monday financial the tech bubble financial invasion of of Uk
Slide 31: Global Reach
Global Reach 29 CEO HIGHLIGHTS c.2,300 Scotland Isle of Man Ireland (x2) England London (x2) PEOPLE FINANCIAL REVIEW Bristol Fareham 37 Netherlands Germany United States Luxembourg Austin Austria Boston Jersey Delaware Guernsey OFFICES BUSINESS REVIEW Miami Switzerland (x2) New York San Jose 20 Abu
Slide 32: Blue-chip Global Client Base
Blue-chip Global Client Base 30 CEO HIGHLIGHTS FINANCIAL REVIEW 20% BUSINESS REVIEW O F F TS E 10 0 CO M PA N I E S 8 of the 10 SUMMARY & OUTLOOK L A RG E S T G LO BA L I N V E S T M EN T BA N K S c. 20 clients APPENDICES W H O FE AT U R E W I T H I N T H E FO RT U N E 5 0 0 JTC FULL YEAR RESULTS 20
Slide 33: Competitor Landscape
Competitor Landscape 31 CEO HIGHLIGHTS THE MARKET CAN BE SEGMENTED THROUGH END-MARKET SERVICES, GEOGRAPHICAL COVERAGE AND SIZE KEY PUBLIC PE-OWNED CITCO FINANCIAL REVIEW PRIVATELY OWNED TMF GLOBAL CUSTODY CSC BANKS IQ-EQ BANKS/ WEALTH APEX MANAGERS SS&C ALTS VISTRA BUSINESS REVIEW GEOGRAPHICAL COVER
Slide 34: Macro Market Trends: Institutional Client Services
Macro Market Trends 32 CEO HIGHLIGHTS INSTITUTIONAL CLIENT SERVICES 2025–2028 EST. CAGRS Global Fund Administration Market Size for Closed Ended Funds $17bn (2028f) +12% +8% +8% +10% FINANCIAL REVIEW US EU RoW Overall REGULATORY COMPLEXITY OUTSOURCING Americas Europe RoW Ongoing growth in global reg
Slide 35: Macro Market Trends: Private Client Services
Macro Market Trends 33 CEO HIGHLIGHTS PRIVATE CLIENT SERVICES Increasing number of global HNWI expected between 2024 to 2028 (’000) Structural growth drivers THE ONGOING GROWTH IN GLOBAL WEALTH CONTINUES TO FUEL DEMAND Wealth creation FOR PRIVATE CLIENT SERVICES In 2024 the number of HNWIs globally
Slide 36: Our Sustainability Journey
Our Sustainability Journey 34 CEO HIGHLIGHTS PRESENT NEXT 12–18 MONTHS BEYOND Climate & Transition Risk Energy efficiency, waste and Ensure compliance with 50% reduction in Scope 1 Carbon Emissions carbon reduction practices anticipated forthcoming and 2 emissions by 2040 regulation, including ISSB
Slide 37: Technology Enabled
Technology Enabled 35 CEO HIGHLIGHTS We are a people business that is increasingly enhanced and enabled by technology. We use technology across the Group in three ways. Firstly, to create new and enhanced service offerings for our clients; secondly, to generate efficiencies by improving the speed, a
Slide 38: CFO Appendix
36 CEO HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW SUMMARY & OUTLOOK APPENDICES CFO Appendix JTC FULL YEAR RESULTS 2024
Slide 39: Group Balance Sheet
Group Balance Sheet “S trong balance sheet with 37 no goodwill impairments.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 HIGHLIGHTS 31.12.2024 31.12.2023 +/(-) Non-current assets £M £M £M – Goodwill comprises 58% (2023: 58%) of our Property, plant and equipment & right-of-use assets 57.7 49.7
Slide 40: Group Cash Flow
Group Cash Flow “O rganic activities remain 38 highly cash generative.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 HIGHLIGHTS 2024 2023 £M £M – Underlying cash generated of £99.3m Cash generated from operations 83.7 84.7 (2023: £91.2m). FINANCIAL REVIEW Income taxes paid (5.0) (3.4) – Underl
Slide 41: Cash Conversion & Leverage Reconciliation
Cash Conversion & “E xcellent cash conversion 39 supporting leverage.” Leverage Reconciliation CEO HIGHLIGHTS HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 – Leverage within guidance range and supported by excellent cash conversion of 98% (2023: 106%). FINANCIAL REVIEW Cash conversion – Bank levera
Slide 42: Effective Tax Rate
Effective Tax Rate “L ower ETR in 2024 in line 40 with prior guidance.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 HIGHLIGHTS 2021 2022 2023 2024 – Effective tax rate reduced below previous 9.6% 12% average. In immediate term, expected to remain 10.5% at lower level due to: FINANCIAL REVIEW
Slide 43: PCS Division
PCS Division “E xcellent financial 41 performance.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 Revenueand Revenue andUnderlying Underlying EBITDA EBITDA UnderlyingEBITDA Underlying EBITDAMargin Margin%(%) HIGHLIGHTS REVENUE UNDERLYING EBITDA UNDERLYING EBITDA MARGIN % REVENUE UNDERLYING EBIT
Slide 44: ICS Division
ICS Division “R einvestment in people and 42 infrastructure.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 Revenueand Revenue and Underlying Underlying EBITDA EBITDA UnderlyingEBITDA Underlying EBITDAMargin Margin%(%) HIGHLIGHTS REVENUE UNDERLYING EBITDA UNDERLYING EBITDA MARGIN % REVENUE UNDE
Slide 45: Client Attrition and Retention
Client Attrition and Retention “Consistent retention of non- 43 end of life revenue.” CEO HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024 HIGHLIGHTS Client Attrition Retention of Non-End of Life Revenue – Attrition lower due to decrease in clients reaching natural end of life and driven by: PLC END O
Slide 46: Important Notice
Important Notice 44 CEO HIGHLIGHTS This presentation should be read in conjunction with the RNS announcement published by JTC PLC (“JTC” or “the Company”) on 8 April 2025. FINANCIAL REVIEW The information, statements and opinions set out in this presentation and subsequent discussion do not constitu
Slide 47: Thank you
JTC FULL YEAR RESULTS 2024 Thank you