JTC H1 profit up 23% as new business increases
JTC
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16:40 19/04/24
JTC posted a 23% increase in first-half underlying profit and said it expected annual results in line with guidance and expectations as the company secured more business.
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Underlying earnings before interest, tax, depreciation and amortisation rose to £21.9m in the six months to the end of June from £17.9m a year earlier as revenue increased 25% to £67m.
Reported pretax profit more than tripled to £36.8m from £10.4m, the fund management services group said. JTC increased its interim dividend to 2.6p a share from 2.4p.
New business wins were £10.3m, up from £8.6m a year earlier and included the company's biggest single mandate worth £2.5m a year.
"The momentum seen in Q2 for new business won has continued into early H2 and the board expects to deliver full-year results in line with management guidance and market expectations," JTC said.