JTC reports first half year growth

Nigel Le Quesne, chief executive, JTC

Fund and corporate services firm JTC grew its revenue by 32% to £46.6 million (US$58.25 million) in the first six months of 2019 compared to the same period last year.

The results reflect a combination of net organic growth of 8.2% and growth from acquisitions of 23.8%, the Jersey-headquartered group said.

JTC reported an increase in earnings of 35.2% to £14.3 million (US$17.9 million) and in its underlying profit margin to 30.6%, up from 29.9% during the same period in 2018.

The company, which is listed on the Main Market of the London Stock Exchange, highlighted the strong performance by its Institutional Client Services and Private Client Services divisions. Institutional Client Services reported a 27.6% increase in gross revenue to £25.4 million (US$31.7 million) and Private Client Services saw a 37.7% increase to £21.2 million (US$26.5 million).

Chief Executive Officer Nigel Le Quesne said JTC had maintained the momentum from its strong first set of full year results into the first half of 2019. “We saw good growth in revenue and our underlying earnings compared to the same period last year. Pleasingly, both our institutional and private client services divisions have performed well as we continue to take a balanced approach to servicing the market, whilst the integration of the businesses acquired is progressing as planned,” he said.

“Overall, the group is trading in line with expectations and we are confident that this momentum will be carried into the second half of the year.”

JTC has had a presence in the Cayman Islands since 2013, offering global fund administration services. Earlier this year, the group obtained a trust licence from the Cayman Islands Monetary Authority.

Support local journalism. Subscribe to the all-access pass for the Cayman Compass.

Subscribe now