JTC grows profit, revenues

JTC has announced 24.8% higher revenues and a 22.6% increase in profits the first half of 2021 compared to the same period last year.

The financial results of the professional services business show £67 million (US$91.5 million) in revenue and £21.9 million (US$29.9 million) in profit as of 30 June.

The company said annualised new business wins totalled a record £10.3 million (US$14.1 million), an increase of 19.8% compared to the first half of 2020.

JTC also disclosed that it won its largest-ever mandate during the period, an engagement worth about £2.5 million (US$3.4 million) per year to provide services to a major global financial institution.

In April, the group secured £65.9 million (US$90 million) from investors through a successful equity fund raise.

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And in July, the company awarded £20 million (US$27.3 million) of JTC shares to all employees globally in recognition of strong financial performance since listing in 2018.

JTC is listed on the London Stock Exchange and a member of the FTSE 250 Index.

The company said in the past 24 years its shared ownership model has created more than £350 million (US$478 million) of value for employee-owners.

JTC recently acquired employer solutions business RBC cees, and specialist depositary, anti-money laundering, and environmental, social and governance services business INDOS Financial.

Last week the group announced the acquisition of Segue Partners, a US fund services business.

And together with its first half-year’s financial results, JTC announced the acquisition of Ballybunion Capital, an Irish Management Company (ManCo) and fund services business based in Dublin.

Nigel Le Quesne, chief executive officer of JTC PLC, said the core business performed strongly despite the ongoing market challenges.

“It was particularly pleasing to see margin improvement in the ICS [institutional client services] division, continued strong performance from the PCS [private client services] division and a strong flow of new business wins, including our largest ever single mandate.”

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