JTC announced a 28.2% increase in total revenue to £147.5 million and a 25% rise in underlying earnings with EBITDA of £48.4 million for the company’s financial year ending 31 Dec. 2021.
The fund and corporate services provider’s Institutional Client Services and Private Client Services divisions have both contributed to the balanced performance, according to a JTC press release.
Institutional Client Services reported revenue up 43.6% to £92.7 million and Private Client Services reported revenue up 8.4% to £54.8 million.
The London Stock Exchange-listed public company attributed the rise in revenue to strong demand for its services and growth from acquisitions of 9.6% and 18.6%, respectively.
The results were in line with the Jersey-headquartered company’s medium-term market guidance of 8%-10% net organic revenue growth and a 33%-38% underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) margin, which JTC’s management said it considers appropriate indicators of sustainable high performance in the sector
JTC’s record new business wins of £20.9 million included the group’s largest single mandate so far, with an annual value of approximately £2.5 million, which JTC expects to start delivering revenue from the second half of 2022.
The total dividend per share for 2021 is 7.67 pence, an increase of 0.92 pence compared with the previous year.
Nigel Le Quesne, chief executive officer of JTC, said the performance was in line with market expectations and medium-term guidance.
Last year saw the group make seven acquisitions which, among others, supported a strategic push into the United States.
The company made a £20 million shared-ownership distribution in July of last year to reflect the growth of the company since its IPO in 2018 until the end of 2020.
Le Quesne said, “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 for JTC and our stakeholders.”
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