JTC has announced its first set of results as a London-listed company, reflecting a strong performance over the first six months of 2018.
The results, announced to the market on Tuesday 18th September, show that overall Group revenue increased by £7.1m (25.2%) to £35.3m and that underlying profits rose by £3.1m (56%) to £8.6m compared to the same period last year, with the firm’s Institutional Client Services and Private Client Services divisions both being “on target”.
This growth was achieved through a mixture of net organic growth and the anticipated positive contribution of the two acquisitions made during 2017 – New Amsterdam Cititrust in the Netherlands and the Bank of America Merrill Lynch International Trust and Wealth Structuring business in the US, Cayman Islands, Geneva, Isle of Man and Singapore.
Highlights from JTC’s first set of interim results as a listed company include:
· Revenue up 25.2% to £35.3m, reflecting a combination of good net organic (8%) and acquisitions (17%) growth
· Underlying profit from operating activities up 56% to £8.6m
· Strong performance by both Institutional Client Services (15.3% increase in total revenue) and Private Client Services Divisions (40.7% increase in total revenue)
· Strong enquiry pipeline of £25.8m, up 5.3%
Noting recent enhancements to the firm’s senior management team, continued investment in IT systems, and agreements to acquire both Minerva and Van Doorn since June 2018, the results also acknowledge JTC’s strong positioning in the market to broaden its proposition and global network, and to take advantage of further consolidation opportunities in the global fund, corporate and trust administration industry.
Commenting that the results are in line with expectations and consistent with the firm’s view at the time of listing on the London Stock Exchange in March this year, Nigel Le Quesne, Chief Executive Officer of JTC PLC, said:
“We are very pleased with the performance of the Group in the first half of the year and delighted with our successful listing during the period. We continue to see positive organic growth in both our Institutional and Private Client Divisions with a healthy ongoing pipeline from new and existing clients.
“As well as good progress with integrating the businesses acquired in 2017 we have also made two further acquisitions, post period end, with the recent Van Doorn (Netherlands) and Minerva (Jersey, London, Geneva, Dubai, Mauritius and Singapore) businesses, which are progressing well.
“In addition to these, we have several other potential targets where we are engaged in negotiations. We have continued to strengthen the senior management team as part of an ongoing drive to improve performance in all our key jurisdictions and service lines and this, coupled with our ongoing investment in improving processes and technologies, makes us confident in the ability of the Group to deliver on the expectations we set ourselves at the time of listing and in meeting the Board’s expectations for the full year.”
The full set of interim results for the six months ending 30 June 2018 are available here.