8th Apr 2025 09:32
(Alliance News) - JTC PLC on Tuesday outlined ambitious growth plans after reporting increased revenue and a higher dividend for 2024.
The Jersey-based professional services company reported a pretax loss of GBP7.4 million for 2024, against the prior year's GBP24.3 million profit.
This included a GBP36.4 million non-cash expense for employee incentive plan share awards, plus higher M&A integration charges and a step-up in depreciation costs over the year.
On an underlying basis, pretax profit rose 17% to GBP47.4 million from GBP40.5 million.
Underlying earnings before interest, tax, depreciation and amortisation increased 18% to GBP101.7 million from GBP85.9 million at a broadly unchanged Ebitda margin of just over 33%.
Revenue rose 19% to GBP305.4 million in 2024 from GBP257.4 million a year prior, driven by net organic growth of 11%, which was down from 20% in 2023. New business wins climbed 16% to a record GBP35.7 million from GBP30.8 million.
In response, shares in JTC were 4.7% lower at 768.00 pence each in London on Tuesday morning.
JTC said the Institutional Client Services division "performed well" with net organic growth of 9.9% and revenue of GBP180.9 million while the Private Client Services division saw "outstanding" net organic growth of 14.0% with revenue breaking the GBP100 million barrier for the first time at GBP124.5 million. The latter was driven by particularly strong growth in the US, Cayman and Jersey.
By geography, UK sales rose 6.0% to GBP135.9 million while US revenue leapt 49% to GBP96.5 million.
The company said it has made a good start to the new financial year, with strong organic growth trends set to continue, supported by a robust pipeline of new business opportunities across both divisions.
The firm said it is on track to deliver on its 'Cosmos era' strategic objective to double the size of the business again by 2027 compared with 2023.
JTC is aiming to achieve GBP500 million plus of revenue and GBP170 million plus of underlying Ebitda before or by the end of 2027.
"On the basis that the Cosmos plan is achieved, it will be the third time we have doubled the size of the business since our IPO in 2018," commented Chief Executive Nigel Le Quesne.
The firm declared a final dividend of 8.24 pence per share, up from 7.67p a year ago, resulting in a 2024 dividend of 12.54p, up 12% from 11.17p in 2023.
By Jeremy Cutler, Alliance News reporter
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