22nd Apr 2020 11:42
(Alliance News) - JTC PLC on Wednesday reported a swing to annual profit on reduced costs, and maintained its medium-term outlook.
The professional services firm recorded a pretax profit of GBP17.6 million for 2019, compared to a GBP2.1 million loss in 2018.
JTC recorded a one-off GBP13.2 million charge in 2018 related to the firm's initial public offering in London.
Revenue was 29% higher year on year in 2019 to GBP99.3 million. The company's Institutional Clients unit saw revenue rise 26% to GBP54.8 million, while Private Client Services revenue grew 31% to GBP44.5 million.
JTC upped its interim dividend to 5.3 pence from 3.0p the year before.
Chief Executive Nigel Le Quesne said: "2019 has seen another strong set of results maintaining our 32 year record of revenue and profit growth. In particular, we have seen good revenue growth, further margin improvement and record new business wins in both divisions. We have maintained our disciplined approach to acquisitions with Exequtive Partners in 2019 and the Sanne private client business and NES Financial (US fund services) in the first quarter of 2020."
Looking ahead, JTC expects continued positive growth. In the medium-term, the company is guiding for net organic growth of 8% to 10%, with an underlying Ebitda margin between 33% and 38%.
Shares in JTC were 3.9% higher in London on Wednesday at 426.00 pence each.
By Paul McGowan; [email protected]
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