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03 Apr 2019 | 08:51

JTC posts narrower losses in maiden full-year results

JTC reported narrower annual losses as revenue rose by nearly a third driven by strong performance in its institutional client and private client services divisions.

For 2018, pre-tax losses narrowed to £2.1m from £3.6m and revenue increased by 29.3% to £77.3m. The company said £9.7m annualised value of new business was won in 2018 from existing and new clients. Underlying earnings (EBITDA) rose by 65.3% to £23.8m, though statutory EBIT for the year was £0.6m, a decrease of 90.7% from 2017.

The plunge in statutory EBIT was blamed a one-off costs including a 13.2m capital distribution payment to all staff following the IPO, acquisition and integration costs of £4.3m and IPO costs of £1m. The company recommended a final dividend of 2.0p per share in line with expectations. The company said it would continue to target an underlying EBITDA margin in the range 30 - 35%. 'We continue to target organic growth, net of attrition, in the range 8-10% at a Group level. This growth will be supplemented by further new strategic and opportunistic acquisitions in the foreseeable future bringing additional diversification and greater capability to the Group,' the company said.

At 8:51am: (LON:JTC) JTC PLC share price was +19p at 319p

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