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21 Sep 2021 | 07:34

JTC H1 profit up 23% as new business increases

(Sharecast News) - JTC posted a 23% increase in first-half underlying profit and said it expected annual results in line with guidance and expectations as the company secured more business. Underlying earnings before interest, tax, depreciation and amortisation rose to £21.9m in the six months to the end of June from £17.9m a year earlier as revenue increased 25% to £67m.

Reported pretax profit more than tripled to £36.8m from £10.4m, the fund management services group said. JTC increased its interim dividend to 2.6p a share from 2.4p.

New business wins were £10.3m, up from £8.6m a year earlier and included the company's biggest single mandate worth £2.5m a year.

"The momentum seen in Q2 for new business won has continued into early H2 and the board expects to deliver full-year results in line with management guidance and market expectations," JTC said.

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