JTC shares surge on bullish update, bolt-on acquisition

(Sharecast News) - JTC shares jumped 13% on Thursday after the professional services business reported a record first half for new business wins and announced the acquisition of trust and estate planning services firm Kleinwort Hambros Trust (KHT). The company, which offers fund, corporate and private client services, hailed a "resilient and sector-leading performance" in the first half of 2025, with net organic revenues up 10%.

New business wins totalled a record £19.5m, up from £18.8m the year before, with win rates above 50% and the new business pipeline up 10% since the start of the year.

Since the period-end, JTC announced the acquisition of Citi's global fiduciary and trust administration services business, formerly known as Citi Trust, which the company said on Thursday is expected to deliver within group margins by 2026 - 12 months earlier than expected.

In a separate announcement, JTC said its acquisition of KHT, from Swiss bank Union Bancaire Privée, is "highly complementary to JTC's existing private client services offering", strengthening its trust presence in the Channel Islands, adding a UK trust business for the first time.

Following the Citi Trust and KHT acquisitions, JTC's net debt equates to 2.2 times underlying EBITDA, though the company said it was prepared to accept leverage of up to 2.5x "for a short period, given the highly cash generative nature of the business".

The deals "further cement our position as the world's leading independent trust company and the partner of choice for banking institutions", said chief executive Nigel Le Quesne.

The stock was up 13% at 929p by 1107 BST.