JTC ups dividend as annual profit rises

JTC increased its dividend and was upbeat about the outlook as the asset manager reported a 24% increase in underlying annual profit.

Underlying pretax profit rose to £24.9m in the year to the end of December from £20.1m a year earlier as underlying revenue increased 28% to £147.5m. Statutory pretax profit rose 147% to £27.8m.

JTC increased its dividend by 13.6% to 7.67p a share and said it made a positive start to 2022 with all its acquisitions on track and more in the pipeline.

The FTSE 250 group has been buying up smaller asset managers and made seven acquisitions in 2021 while notching up 9.6% growth excluding acquisitions. JTC said it made a positive start to 2022 and expected further growth and operational improvements.

Nigel Le Quesne, JTC's chief executive, said: "We once again delivered performance in-line with market expectations and medium-term guidance. Looking ahead, while much of the focus will be on improving and integrating what we have, we also remain of the view that the sector is primed for consolidation and that our proven approach to identifying, securing and integrating high quality acquisitions is a key part of creating long-term value."