Institutional and private client services provider JTC, which has a particularly strong funds presence in Guernsey, announced its first set of results as a London-listed company, reflecting a strong performance over the first six months of 2018.
The results show that overall group revenue increased by £7.1 million (25.2%) to £35.3 million and that underlying profits rose by £3.1 million (56%) to £8.6 million year-on-year, with the firm's institutional client and private client divisions both being 'on target'.
This growth was achieved through a mixture of net organic growth, enhancements to the firm's senior management team, continued investment in IT systems and the anticipated positive contribution of the two acquisitions made during 2017, as well as agreements for two more acquisitions since June 2018.
The results also acknowledge JTC's strong positioning in the market to broaden its proposition and global network, and to take advantage of further consolidation opportunities in the global fund, corporate and trust administration industry.
JTC Chief Executive Officer Nigel Le Quesne said the results were in line with expectations and consistent with the firm's view at the time of listing on the London Stock Exchange in March this year.
"We are very pleased with the performance of the group in the first half of the year and delighted with our successful listing during the period. We continue to see positive organic growth in both our institutional and private client divisions with a healthy ongoing pipeline from new and existing clients," he said.
"We have several other potential targets where we are engaged in negotiations. We have continued to strengthen the senior management team as part of an ongoing drive to improve performance in all our key jurisdictions and service lines and this, coupled with our ongoing investment in improving processes and technologies, makes us confident in the ability of the Group to deliver on the expectations we set ourselves at the time of listing and in meeting the board's expectations for the full year."
The full set of interim results for the six months ending 30 June 2018 are available here.
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.