JTC H1 Pre-tax Profit Declines, Underlying Profit Improves; Confirms Outlook

JTC

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(RTTNews) - JTC PLC (JTCPF, JTC.L), a fund and wealth service provider, on Tuesday reported lower first-half pre-tax profit, driven mainly by employee incentive plan distributions. However, underlying profit and revenue improved.

Looking forward, the full-year expectations remains unchanged and in line with management guidance, as stated by the firm.

Also, JTC affirmed to deliver their Cosmos era business plan ahead of schedule, before the end of 2027. The change is attributable to high level of recurring income, organic growth and new business wins, and an increasing contribution from recent acquisitions. The firm targets revenue of over 500 million pounds and underlying EBITDA of more than 170 million pounds.

For the six-month period, profit before tax declined to 10.16 million pounds from 19.94 million pounds a year ago.

Profit for the period declined 62.6 percent to 6.92 million pounds from 18.49 million pounds a year ago. On a per share basis, earnings fell to 4.07 pence from 11.32 pence a year ago.

The decline was mainly backed by 11.8 million pounds charge for the Employee Incentive Plan share awards.

However, underlying profit for the period improved 10 percent to 35.42 million pounds from 32.21 million pounds in the prior year.

Underlying basic earnings per share improved 7.1 percent to 21.28 pence from 19.87 pence in the last year.

Underlying EBITDA grew 15.1 percent to 56.55 million pounds from 49.15 million pounds in the prior year.

Revenue grew 17.3 percent to 172.62 million pounds from 147.11 million pounds a year ago. Constant currency revenue growth was 18.4 percent.

In addition, the board declared a 16.3 percent improved interim dividend of 5.0 pence per share, compared to 4.3 pence per share last year. The dividend is payable on October 24 to shareholders on the register on the record date of September 26.

In the London Stock Exchange, the stocks were trading 0.30 percent higher at 13.36 pounds.