JTC grows as takeover nears

JTC reported higher revenue, stronger profits and record new business wins in 2025, as the professional services group moved closer to its planned £2.7 billion takeover by Permira. The company said it delivered resilient results despite difficult market conditions, while also completing two major acquisitions and preparing for a shift from public to private ownership.

The group has spent years expanding both organically and through acquisitions, building its position in trust, corporate and fund services. For readers unfamiliar with the sector, these are the kinds of back-office and administrative services that help wealthy families, companies and investment funds manage assets, meet legal requirements and operate across different countries. JTC's latest results suggest that demand for those services remained solid in 2025, even as the wider economy stayed uncertain.

Revenue and profits rise in 2025

For the year ended 31 December 2025, JTC said revenue rose 25.1% to £381.9 million, up from £305.4 million a year earlier. Pretax profit came in at £8.4 million, compared with a loss of £7.4 million in 2024.

Underlying EBITDA increased 22.4% to £124.5 million, while the EBITDA margin stayed broadly stable at 32.6%. Cash conversion was 87%, and leverage rose to 2.2 times underlying EBITDA, which the company said was expected after two acquisitions during the year.

JTC also reported record new business wins of £43.5 million, up 21.8% from the previous year. Earnings per share were 0.56 pence, compared with a loss per share of 4.44 pence in 2024.

Taken together, the figures point to a business that is still growing, but in a more complicated environment than in earlier years. Revenue rose strongly, but part of that growth came from acquisitions rather than purely from existing operations. The company's organic growth of 8.5% is still solid, especially for a mature professional services group, and the return to pretax profit may reassure investors that JTC is still able to turn expansion into earnings. At the same time, the fall in the dividend shows that the company is now operating with the takeover in mind rather than focusing only on near-term shareholder payouts.

Both divisions deliver growth

The company said both of its main divisions recorded organic growth during the year. Its Institutional Capital Services division generated revenue of £211.1 million, with net organic growth of 9.0%, despite what JTC described as a challenging market environment.

The Private Capital Services division reported revenue of £170.8 million and net organic growth of 7.9%. JTC said this performance was supported by particularly strong growth in the US and Caribbean.

The group also completed two acquisitions in 2025: Citi's global fiduciary and trust administration business, formerly known as Citi Trust, and Kleinwort Hambros Trust Company and its subsidiaries from Union Bancaire Privée. JTC said both businesses are being integrated into the group.

Focus turns to Permira deal and next phase

JTC is now moving toward a new phase as it prepares to leave the stock market. In November 2025, the company agreed to a recommended cash acquisition by Permira at £13.40 per share, giving it an enterprise value of about £2.7 billion. Shareholders approved the deal in January 2026.

The company said regulatory approvals are still being sought and that, based on current expectations, the transaction is due to complete in the third quarter of 2026, subject to the remaining conditions being met.

JTC also said it sees the current stage of its "Cosmos" growth plan as largely complete and is preparing to enter a new phase called "Genesis" under private ownership. While the company said it expects to continue growing through organic expansion and acquisitions, it also announced no final dividend as the takeover approaches. Total dividend for 2025 was 5 pence per share, down from 12.54 pence in 2024.

The move into private ownership is likely to shape how these results are viewed. As a listed company, JTC had to balance long-term expansion with the pressure to deliver regular returns to shareholders. Under private ownership, it may have more freedom to invest over a longer period, especially in acquisitions and integration. Supporters of the deal may argue that this could help JTC keep growing in a sector where size matters more and more. Critics, however, may note that private equity ownership often brings pressure to deliver strong returns within a defined time frame.

For now, JTC's 2025 results show a company in transition: still growing, still winning new business and still expanding its international footprint, but also preparing for a major ownership change.