JTC Plc (JTCPF), on Wednesday, issued a trading update in advance of its full year results for the year ended 31 December 2024, and said it expects to deliver full year results in line with market expectations.
The year 2024 marks the commencement of the company's Cosmos era business plan, during which the organization aims to achieve a twofold increase in revenue and underlying EBITDA relative to the figures reported in 2023 - revenue of £257.4 million; underlying EBITDA of £85.9 million - within a four-year period.
The guidance for net organic revenue growth per annum has been revised upward from a range of 8% to 10% during the Galaxy era to a target of exceeding 10% for the Cosmos era. This goal has been successfully achieved in 2024, bolstered by a record performance in new business acquisitions, which registered a year-on-year increase of 15.9%, rising to £35.7 million from £30.8 million in the previous year. The United States played a pivotal role in driving this performance across both divisions, underscoring its considerable growth potential for the Group.
The Group's underlying EBITDA margin is projected to remain within the guidance range of 33% - 38%, reflecting the ongoing commitment to investment in organic growth. As of the period's end, leverage, excluding the Citi Trust transaction, is expected to fall at the lower end of the guidance range of 1.5x to 2.0x underlying EBITDA. Additionally, cash conversion is anticipated to be at the upper limit of the guidance range, between 85% and 90%.
Further, the Board expects the Group to deliver full-year results in line with market expectations, after allowing for the impact of the later-than-expected FFP completion and FX headwinds.
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