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JTC PLC on Tuesday lifted its dividend, encouraged by annual revenue and profit growth, with acquisitions helping to boost its performance.
The Jersey-based fund manager recorded a jump in pretax profit to £27.8 million in 2021 from £11.2 million in 2020.
This was on revenue growth of 28% to £147.5 million from £115.1 million.
JTC attributed this to ‘strong’ net organic growth of 9.6%, supported by new business wins that totalled £20.9 million in 2021. This reflects a 17% increase from £17.9 million in 2020.
Growth also was supported by inorganic growth of 19% through mergers and acquisitions, JTC added.
As a result, JTC lifted its dividend for the year by 14% to 7.67 pence per share from 6.75p for 2020.
The company said that it has made a ‘positive’ start to 2022 and remains ‘well-invested’ to deliver continued growth and operational improvements.
It maintained its medium-term guidance of net organic revenue growth of 8% to 10% per year and an underlying earnings before interest, tax, depreciation, and amortisation margin of 33% to 38%.
JTC also noted that its mergers and acquisitions pipeline is ‘healthy’ and said a ‘disciplined approach’ will continue with a particular focus on the US, UK, Ireland and mainland Europe.
‘2021 saw JTC execute on its inorganic growth strategy with seven high-quality acquisitions completed in the year - the most we have ever achieved in a single calendar year,’ Chief Executive Nigel Le Quesne said.
‘Looking ahead, while much of the focus will be on improving and integrating what we have, we also remain of the view that the sector is primed for consolidation and that our proven approach to identifying, securing and integrating high-quality acquisitions is a key part of creating long-term value for JTC and our stakeholders.’
JTC shares were trading 4.0% lower at 779.00 pence each in London on Tuesday morning.
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