13th Sep 2022 08:53
(Alliance News) - JTC PLC on Tuesday reported a double-digit rise in interim revenue despite suffering a fall in interim profit due to increased staff costs, as it eyes full-year revenue to top expectations.
JTC is a Jersey, UK-based fund management company.
Shares were up 3.5% at 796.00 pence each on Tuesday morning in London.
For the six months that ended on June 30, JTC reported a 39% rise in revenue to GBP93.0 million from GBP67.0 million a year earlier, reflecting continued strong net organic growth of 9.5%, which was "very close to the top of the firm's medium-term guidance range of 8% to 10%," it said.
Pretax profit, however, fell 43% to GBP21.0 million from GBP36.8 million, as staff costs rose by 52% to GBP51.7 million from GBP34.1 million a year earlier.
JTC hailed its Institutional Client Services division's half-year performance, saying revenue jumped 60% to GBP63.5 million from GBP39.8 million a year earlier.
Earnings before interest, tax, depreciation and amortisation increased by 27% to GBP25.3 million from GBP19.9 million.
Chief Executive Officer Nigel Le Quesne said: "JTC's exceptional resilience and entrepreneurial growth capabilities have been reflected in a strong financial performance, meeting all our guidance metrics, including a substantial reduction in leverage. The ICS division was the star performer, with excellent growth and continued margin progression."
JTC declared an interim dividend of 3.1 pence per share, up 19% from 2.6p a year prior.
Looking ahead, JTC said it is confident to deliver full-year results ahead of market expectations. It also expects 2022 net organic growth to be above guidance range.
By Xindi Wei; [email protected]
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