3rd Apr 2019 13:46
LONDON (Alliance News) - JTC PLC said Chief Executive Officer Nigel Le Quesne and Chief Operating Officer Wendy Holley bought shares in the fund management firm in two separate transactions on Wednesday.
Earlier on Wednesday, JTC reported a "strong" set of maiden results since its listing in early 2018 with a narrowed loss and increasing revenue on strong organic growth and a boost from acquisitions.
Le Quesne bought 65,000 shares at 319.85 pence each, worth a total of GBP207,903. Meanwhile, Holley acquired 6,189 shares at 319.90p each, totalling GBP19,799.
Shares in JTC were 12% higher at 335.00p on Wednesday.
The acquisitions followed JTC reporting that its pretax loss narrowed to GBP2.1 million from GBP3.6 million in 2017.
The company's revenue saw a 29% spike in 2018 to GBP77.3 million from GBP59.8 million the year before.
"We are pleased with our first full year results since listing and in particular to have built on the positive momentum from the first half of the year and delivered on the key objectives we set out at the time of IPO," said Chief Executive Nigel Le Quesne.
JTC's staff costs increased 58% in 2018 to GBP50.7 million with underlying item costs multiplying to GBP19.1 million.
JTC said its revenue growth was driven by organic revenue growth of 8.7% and a 21% boost from its Bank of America Merrill Lynch International Trust & Wealth Structuring business and New Amsterdam Cititrust acquisitions made in 2017.
JTC's Institutional Client Services division saw a 20% rise in revenue to GBP43.4 million due to a "good performance" from its "established" asset classes, in particular real estate and private equity.
The company's Private Client Services unit reported a 43% increase in revenue to GBP33.9 million. JTS said the increase was largely down to the Bank of America Merrill Lynch business acquisition.
Le Quesne continued: "The businesses we acquired in 2017 were fully integrated into the group and good progress was made with integrating the two businesses acquired in 2018, Van Doorn and Minerva. We continue to manage an active pipeline of acquisition opportunities in what we see as a market that is still ripe for further consolidation."
JTC proposed a final dividend of 2.0 pence per share, along with a 1.0p interim dividend, gives the fund manager a total dividend for 2018 of 3.0p.
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