18th Sep 2018 11:37
LONDON (Alliance News) - JTC PLC on Tuesday reported a widened interim loss, despite a sharp rise in revenue, after listing in March as it declared an interim dividend for the first time.
The provider of administration services to fund, corporate, and private clients' pretax loss widened to GBP9.2 million from GBP1.1 million.
JTC said the increase was primarily down to the rise in finance costs related to its pre-initial public offering capital structure and changes made at the time of the IPO.
This included a rise in staff costs to GBP31.0 million from GBP15.2 million, accounting for a GBP13.4 million capital redistribution following the IPO.
The company's revenue increased 25% to GBP35.3 million, driven by organic growth and from the Merrill Lynch International Trust & Wealth Structuring and New Amsterdam Cititrust acquisitions.
JTC's enquiry pipeline increased to GBP25.8 million from GBP24.5 million.
The company declared an interim dividend per share of 1.0 pence after not paying one the year before.
Looking ahead, the company remains confident of meeting the expectations it set out for itself at its March listing. JTC believes the outlook for the industry is "positive"
Chief Executive Nigel Le Quesne said: "We are very pleased with the performance of the group in the first half of the year and delighted with our successful listing during the period. We continue to see positive organic growth in both our Institutional and Private Client divisions with a healthy ongoing pipeline from new and existing clients.
"As well as good progress with integrating the businesses acquired in 2017 we have also made two further acquisitions, post period end, with Van Doorn and Minerva, which are progressing well."
"In addition to these, we have several other potential targets where we are engaged in negotiations," Le Quesne added.
Shares in JTC were up 0.7% Tuesday at 408.00 pence each.
Related Shares:
Jtc Plc