17th Sep 2019 11:50
(Alliance News) - JTC PLC on Tuesday said it turned to profit in the first half of 2019, thanks to reduced expenses and double-digit revenue growth, prompting a big increase in payout.
The administration services provider said it swung to a pretax profit of GBP9.1 million in the six months to the end of June, compared to the GBP9.2 million loss reported for the same period a year earlier. Staff expenses were reduced to GBP22.0 million from GBP31.0 million year-on-year, while rental costs fell to GBP544,000 from GBP2.2 million.
Revenue grew by a third to GBP46.6 million from GBP35.3 million, reflecting a combination of net organic growth of 8.2% and growth from acquisitions of 24%.
JTC declared an interim dividend of 1.7 pence a share, up 70% from 1.0p paid a year prior.
"We have carried the momentum from our strong first set of full year results into the first half of 2019," said Chief Executive Nigel Le Quesne.
He added: "Looking ahead, there are a number of structural growth opportunities in our sector, which we believe the group is well positioned to take advantage of."
The company said its primary focus for the reminder of the year is to ensure that the quality of client service is maintained, and to do this the business continues to invest in its infrastructure and people.
JTC shares were trading 2.5% lower on Tuesday in London at 392.00 pence each.
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