17th Sep 2024 10:40
(Alliance News) - JTC PLC on Tuesday said its interim profit has surged by nearly 70%, as the company celebrates new business wins and four completed acquisitions.
The Jersey-based professional services company said its pretax profit for the six-month period ended June 30 was GBP19.9 million, up 67% on-year from GBP11.9 million. Revenue was up 21% to GBP147.1 million from GBP121.5 million.
JTC declared an interim dividend per share of 4.30 pence each, up 23% on-year from 3.50p.
The company celebrated "record" new business wins of GBP18.8 million, up 29% on-year from GBP14.6 million. It said it expects to deliver full year results in line with management guidance and current market expectations.
Shore Capital said the current consensus involved underlying earnings before interest, taxation, depreciation and amortisation of GBP106 million and adjusted basic earnings per share of 42.80 pence. Shore forecasted an Ebitda of GBP104 million and earnings per share of 44.40p.
JTC's underlying Ebitda for the six-month period was GBP49.1 million, up 22% on-year from GBP40.2 million. Its underlying EPS rose 9.4% to 19.87p from 18.16p
Shares in JTC were down 8.1% at 1,042.00 pence each in London on Tuesday morning.
Chief Executive Officer Nigel Le Quesne said: "We have made a strong start to the Cosmos era, with record new business wins, organic growth above our upgraded guidance at a stable margin even as we continue to invest in growth.
"A particular highlight has been our mergers & acquisitions activity, with four acquisitions announced or completed during the period. Post period end, we were pleased to announce the acquisition of Buck as an addition to our Employer Solutions business and the significant acquisition from Citibank of Citi Trust, its global trust company business. This is a transformational deal for the group and the PCS division, cementing JTC as one of the world's largest independent trust company businesses."
By Emily Parsons, Alliance News reporter
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