JTC reports growth and resilience in interim results

JTC has announced further growth in the first half of 2020 in its interim results, published today (15 September).

The results show that JTC, which is headquartered in Jersey and listed on the Main Market of the London Stock Exchange (LSE), grew revenue in the first six months of 2020 by 15.2% period-on-period to stand at £53.7m. This reflects a combination of net organic growth of 10.1% and growth from acquisitions of 5.1%.

Additionally, there is a reported increase in earnings (adjusted underlying EBITDA) of 11.2% to £17.9m (up from £16.1m in the first half of 2019).

Strong performances by both the Institutional Client Services (ICS) and Private Client Services (PCS) divisions were also noted in the figures, with ICS reporting a 19.6% increase in gross revenue to £30.3m and PCS a 10.0% increase to £23.4m.

The results clearly underline the resilient business-model which JTC has maintained over three decades and which has stood firm in this unprecedented year of 2020.

Amongst the strategic highlights for the period were the acquisition of Sanne’s private client business in Jersey (completed 1 July 2020), and also technology-enabled fund administration business NES Financial (NESF) in the US (completed 29 April 2020). JTC also acquired a small bolt-on in the UK (Registrar Services) and established a presence in Ireland on a greenfield basis with a new office in Dublin (Corporate Services).

Nigel Le Quesne, Chief Executive Officer of JTC PLC, said:

“In the first half of 2020 we all faced extreme challenges at very short notice. At JTC our priorities were the safety of our people, uninterrupted service for our clients and maintaining the long-term performance of the Group. The strong results delivered in H1 are testament to the highly resilient nature of our business, the outstanding quality of our people and the loyalty of our client base.

“Based on our more than 30 years’ experience, our outlook remains positive. We will continue to focus on the smooth integration of the Sanne private client and NESF businesses while simultaneously working to grow the Group through client service excellence, improving operational efficiencies and making even greater use of technology. We will also remain open to acquisition opportunities that fit our disciplined approach to inorganic growth.”

View the results presentation here