JTC, the global provider of fund, corporate and private client services, has raised GBP65.9 million (US$91 million) from its first capital markets placing since listing on the London Stock Exchange in 2018.
The placing saw strong demand from institutional investors, the company said in a press release. For the financial year 2020 JTC reported a 15.9% increase in total revenue to GBP115.1 million (US$160 million) and a 9.4% rise in underlying earnings (EBITDA) to GBP38.7 million (US$53.8 million), representing an underlying EBITDA margin of 33.6%.
JTC said the raised funds will be used to fund a pipeline of near-term acquisition opportunities as well as to maintain a strong balance sheet. Over the last 10 years, JTC has made 23 acquisitions; 10 of those alone were announced since the business listed in 2018.
JTC placed a total of 10,626,078 shares at a price of 620p per share, a discount of 1.7% to the closing price on 29 April 2021.
Nigel Le Quesne, chief executive officer of JTC, said: “We are delighted to have completed our first placing since listing in 2018 and are grateful for the support shown by our investors, in particular our established holders.”
As JTC begins its latest five-year business plan, Le Quesne said, “the proceeds will allow the group to capitalise on a high quality pipeline of near-term acquisition opportunities with certainty of funding”.
He added that the strong results for 2020 were achieved despite the challenges of the global pandemic.
Related Videos
