FX.co ★ JTC Plc H1 Profit Climbs; Sees FY24 Results In Line With Current Market Expectations

JTC Plc (JTCPF), a leading provider of fund, corporate, and private client services, announced on Tuesday a significant increase in its first-half profit before tax, which surged 67% to £19.9 million, compared to £11.9 million from the same period last year.

Earnings per share also saw substantial growth, amounting to 11.41 pence, a 50% rise from last year's 7.61 pence.

The company reported an underlying profit before tax of £23.1 million, up from £19.7 million the previous year. Correspondingly, underlying earnings per share increased to 19.87 pence from 18.16 pence recorded last year.

EBITDA rose by 27.3% year-on-year to £46.4 million. The underlying EBITDA experienced an upward shift of 22.3%, reaching £49.1 million, which resulted in an underlying EBITDA margin of 33.4%, compared to 33.1% last year.

Revenue saw a significant increase of 21.1%, totalling £147.1 million, compared to £121.5 million the previous year, driven by a net organic growth of 12.5%, surpassing medium-term guidance.

Additionally, the Board declared an interim dividend of 4.3p per share, marking a 22.9% increment from last year. The dividend is scheduled to be paid on October 25, to shareholders recorded as of the close of business on September 27.

Looking forward, JTC indicated that momentum has been sustained through 2024, and the Group expects to meet full-year results in alignment with management guidance and current market expectations.

JTC emphasized that all medium-term guidance metrics have either been maintained or exceeded as the company enters the Cosmos era. The projected net organic revenue growth stands at over 10% per annum, with an underlying EBITDA margin forecasted between 33% and 38%.

The company also highlighted an upward revision in medium-term guidance to over 10% for the Cosmos era, following a 'purple patch' of unparalleled organic growth in 2023.