JTC revenues rise by 16% despite pandemic challenges

Monday 19 April 2021

Jersey-based JTC saw revenues increase by 15.9% in 2020, which it described as a strong performance.

For the year ended 31 December 2020, the Esplanade-headquartered, and London Stock Exchange listed public company, reported a rise in revenue to £115.1 million and a 9.4% increase in underlying EBITDA to £38.7 million, representing an EBITDA margin of 33.6%.

The company said that the rise in revenue was achieved from a combination of net organic growth and growth from acquisitions, of 7.9% and 8.0% respectively.

It added that the results were in line with its medium-term market guidance of 8% - 10% net organic revenue growth and a 33% - 38% underlying EBITDA margin, which management considered represented “appropriate indicators of sustainable high performance in the company’s sector”.

JTC announced: “The performance was strong across both divisions of the group. Institutional Clients Services reported revenue up 17.8% and Private Client Services reported revenue up 13.7%. 

“JTC’s new business wins increased by 20.1% and its new business pipeline was up by 49.7%, supporting a positive outlook for 2021. The total dividend per share for 2020 is 6.75 pence, an increase of 27.4% compared with the previous year.

Nigel Le Quesne, Chief Executive Officer of JTC, said: “We are particularly pleased with our results for 2020 as they have been achieved despite the challenges of the global pandemic.

“If there was a year that tested our people, our culture, and the resilience of our business model, it was 2020. I would therefore like to thank and congratulate our global team for managing to deliver both strong revenue and profit growth through this period of significant adversity. 

“The rise in revenue was achieved by a balanced combination of net organic growth and growth by acquisition, with strong contributions from both Institutional Clients Services and Private Client Services.

“Based on our 33-year track record, our scale, our diversification, our infrastructure and our people, we believe that JTC is well equipped to continue to succeed and grow both now and in the future."