JTC PLC (GB:JTC)
LSE:JTC
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JTC PLC
(LSE:JTC)
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Rating:60Neutral
Price Target:
1,381.00 p
▲(5.90% Upside)
Action:ReiteratedDate:05/07/26
The score is held back mainly by weakened profitability and higher leverage despite strong revenue growth and positive (but declining) free cash flow. Technicals are supportive with the stock trading above key moving averages and positive momentum, while valuation is constrained by a negative P/E and only a modest dividend yield.
Positive Factors
Revenue Growth
Consistent top-line growth from £115.1m (2020) to £381.9m (2025) reflects durable demand for outsourced fund, corporate and private client services. Recurring mandates and expanding client books support predictable revenue expansion and cross-sell opportunities over the medium term.
Negative Factors
Profitability Deterioration
Sharp deterioration in profitability and margins suggests rising costs or pricing pressure and indicates the firm struggles to turn revenue growth into sustainable earnings. Prolonged weak margins reduce retained earnings and limit capacity to fund investments or returns to shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Consistent top-line growth from £115.1m (2020) to £381.9m (2025) reflects durable demand for outsourced fund, corporate and private client services. Recurring mandates and expanding client books support predictable revenue expansion and cross-sell opportunities over the medium term.
Read all positive factors
JTC PLC (JTC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.23B
Dividend Yield1.03%
Average Volume (3M)872.15K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth25.07%
EPS GrowthN/A
CountryUK
Employees1,925
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)<0.01
Shares Outstanding172,386,500
10 Day Avg. Volume526,633
30 Day Avg. Volume872,146
Financial Highlights & Ratios
PEG Ratio-20.53
Price to Book (P/B)4.22
Price to Sales (P/S)5.65
P/FCF Ratio43.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.62
Revenue Forecast (FY)£458.44M
JTC PLC Business Overview & Revenue Model
Company Description
JTC PLC provides fund, corporate, and private wealth services to institutional and private clients worldwide. The company operates through two segments, Institutional Client Services and Private Client Services. It offers fund services in a range ...
How the Company Makes Money
JTC makes money primarily by charging recurring professional service fees for administering and supporting client structures. Its main revenue streams include: (1) Fund services fees: ongoing fees for fund administration and operational support fo...
JTC PLC Earnings Call Summary
Earnings Call Date:Sep 16, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 22, 2026
Earnings Call Sentiment Positive
JTC PLC demonstrated strong revenue and organic growth, successful acquisitions, and a robust new business pipeline, supported by a strong company culture and high staff retention. However, these achievements were partially offset by a decline in EBITDA margin due to regulatory challenges and investment costs. Despite the challenges, the overall outlook remains positive with confidence in achieving future growth targets.Positive Updates
Record Revenue and Organic Growth
Group revenue up 17.3% to GBP 172.6 million and EBITDA up 15.1%. Achieved net organic growth of 11%, exceeding guidance.
Negative Updates
Margin Decline
Underlying EBITDA margin dropped by 0.6 percentage points to 32.8%, influenced by increased compliance costs and investments in growth jurisdictions.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Revenue and Organic Growth
Group revenue up 17.3% to GBP 172.6 million and EBITDA up 15.1%. Achieved net organic growth of 11%, exceeding guidance.
Read all positive updates
Company Guidance
During the call, JTC PLC provided several metrics highlighting its strong performance and strategic initiatives. The group achieved an organic growth rate of 11% and reported a revenue increase of 17.3% for the first half of 2025, reaching GBP 172.6 million. Their EBITDA rose by 15.1% to GBP 56.5 million, with an underlying EBITDA margin of 32.8%. JTC recorded a significant GBP 19.5 million in new business wins, contributing to a robust total new business pipeline of GBP 60 million by the end of H1. The PCS division excelled with a net organic growth of 14.5%, while the ICS division posted a commendable growth of 9.2%. The company also noted a strong staff retention rate of 96%, bolstered by their unique shared ownership culture. Additionally, JTC announced a proposed interim dividend of 5p per share, reflecting a 16.3% increase. The company remains confident in achieving its 'Cosmos era' goal of doubling the business size by 2027, supported by strategic acquisitions like Citi Trust and Kleinwort Hambros Trust, and expects these acquisitions to be earnings accretive by 2026.JTC PLC Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 381.95M | 305.38M | 257.44M | 200.03M | 147.50M |
| Gross Profit | 342.77M | 174.80M | 149.68M | 117.30M | 84.82M |
| EBITDA | 104.70M | 47.13M | 67.09M | 65.18M | 49.27M |
| Net Income | 933.00K | -7.26M | 21.82M | 34.71M | 26.65M |
Balance Sheet | |||||
| Total Assets | 1.14B | 1.02B | 905.10M | 675.89M | 621.82M |
| Cash, Cash Equivalents and Short-Term Investments | 149.86M | 64.73M | 97.22M | 48.86M | 39.33M |
| Total Debt | 492.30M | 322.88M | 264.57M | 198.52M | 195.96M |
| Total Liabilities | 628.55M | 485.65M | 401.22M | 275.68M | 277.19M |
| Stockholders Equity | 510.86M | 533.94M | 503.88M | 400.22M | 344.63M |
Cash Flow | |||||
| Free Cash Flow | 49.88M | 69.12M | 75.14M | 44.84M | 24.86M |
| Operating Cash Flow | 56.49M | 78.69M | 81.29M | 53.31M | 28.86M |
| Investing Cash Flow | -113.09M | -89.11M | -121.23M | -25.54M | -190.34M |
| Financing Cash Flow | 122.35M | 3.61M | 91.17M | -24.75M | 169.48M |
JTC PLC Technical Analysis
Positive
1304.00
Price Trends
1301.42
Positive
1293.35
Positive
1210.77
Positive
Market Momentum
3.83
Negative
67.60
Neutral
88.08
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JTC, the sentiment is Positive. The current price of 1304 is below the 20-day moving average (MA) of 1306.35, above the 50-day MA of 1301.42, and above the 200-day MA of 1210.77, indicating a bullish trend. The MACD of 3.83 indicates Negative momentum. The RSI at 67.60 is Neutral, neither overbought nor oversold. The STOCH value of 88.08 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:JTC.
JTC PLC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £2.48B | 8.36 | 8.35% | 3.40% | 71.85% | ― | |
72 Outperform | £222.33M | 13.32 | 4.43% | 5.14% | 1.02% | -62.71% | |
72 Outperform | £1.10B | 9.52 | 23.86% | 3.11% | 7.13% | -1.52% | |
70 Outperform | £2.07B | 6.49 | 8.33% | 4.91% | 2.02% | 69.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | £2.08B | 10.20 | 50.49% | 2.43% | 17.97% | 25.51% | |
60 Neutral | £2.23B | -91.19 | 0.18% | 1.03% | 25.07% | ― |
* Financial Sector Average
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JTC PLC Corporate Events
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
JTC Publishes 2025 Annual Report and Sets Date for 2026 AGM
Neutral
Apr 20, 2026
JTC PLC has published its 2025 Annual Report and Accounts and the notice and proxy materials for its 2026 Annual General Meeting, making them available electronically to shareholders and via regulatory and company websites. The move formalises the...
Executive/Board Changes
JTC Director Erika Schraner Takes New Board Role at Wilmington
Positive
Apr 16, 2026
JTC PLC has announced that its Senior Independent Non-executive Director, Erika Schraner, has been appointed as a Non-executive Director and Chair of the Remuneration Committee at Wilmington plc, effective 28 April 2026. The cross-board role under...
Business Operations and StrategyExecutive/Board Changes
JTC aligns executives with shareholders via new performance and deferred share awards
Positive
Apr 13, 2026
JTC PLC has confirmed the vesting of its 2023 Performance Share Plan awards, delivering significant Ordinary Share allocations to key executives including CEO Nigel Le Quesne, CFO Martin Fotheringham, COO Wendy Holley and senior PDMR Iain Johns, a...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
JTC posts strong 2025 results as £2.7bn takeover advances
Positive
Apr 7, 2026
JTC PLC reported strong full-year 2025 results, with revenue up 25.1% to £381.9m, underlying EBITDA up 22.4% to £124.5m and a swing to a small statutory profit, driven by resilient organic growth and strategic acquisitions. Both Institut...
Business Operations and StrategyDelistings and Listing ChangesDividendsFinancial DisclosuresM&A TransactionsShareholder Meetings
JTC Posts Strong 2025 Results as £2.7bn Takeover Ushers in New Private-Era Strategy
Positive
Apr 7, 2026
JTC PLC reported a strong 2025 performance, with revenue up 25.1% to £381.9m, underlying EBITDA rising 22.4% and record new business wins of £43.5m, supported by resilient organic growth in both its Institutional Capital and Private Capi...
Business Operations and StrategyExecutive/Board Changes
JTC Reshapes Audit Committee Leadership as Long-Serving Director Steps Down
Neutral
Feb 26, 2026
JTC PLC has announced that Dermot Mathias has stepped down as Chair of its Audit Committee, effective 25 February 2026, and will not stand for re-election as an independent non-executive director at the annual general meeting in May. He will, howe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.