Global professional services leader, JTC, has today granted a total of 4,748,909 awards over ordinary shares of £0.01 each in the Company, amounting to c. £50m in value, to all eligible current permanent Group employees, excluding the Executive Directors, under its Employee Incentive Plan (the “EIP”). This follows the successful delivery of the company’s ‘Galaxy Era’ business plan, which saw it double in size as benchmarked against its 2020 performance and was achieved by the end of 2023, two years ahead of schedule. Since listing on the London Stock Exchange in March 2018, the Group has quadrupled in size.
Shared ownership has been at the heart of JTC’s culture for the past 26 years, making all employees owners of the business and contributing to the company’s financial success, industry-leading employee retention and attractiveness as an acquiror. The programme has been widely commended and is the subject of a current Harvard Business School MBA case study.
The EIP, following in the footsteps of predecessor schemes, aims to recognise and reward long-term performance throughout the entire Group. This alignment of employees’ and shareholders’ interests is closely tied to the Company’s multi-year business plans, known as eras. The Galaxy era EIP Awards will be satisfied by the transfer of existing Ordinary Shares held by the JTC PLC Employee Benefit Trust (the “EBT”) to each participant. As such, this granting of shares under the EIP is non-dilutive to the existing shareholders of the Group.
The Galaxy award is the fourth in JTC’s history, since its shared ownership model was established by CEO Nigel Le Quesne in 1998, when he set up the Company’s first EBT and seeded it with half of his own equity held at the time. Since then, the total value created for employee-owners of the business has grown to c. £400m, with much of that still held by JTC’s current employees globally.
Nigel Le Quesne, CEO of JTC, commented:
“I am delighted that the hard work and commitment to client service excellence of our people has resulted in a shared ownership award for all our c. 1,800 employee-owners globally, in recognition of their successful delivery of our Galaxy era business plan, in which they doubled the size of the Group in just three years. Our commitment to shared ownership aligns the interests of our people, our wider shareholder base, our clients and other stakeholders and has already energised the business in this first year of our Cosmos era.”
