JTC posts double-digit H1 revenue growth

(Sharecast News) - Fund administrator JTC reported a 17.3% year-on-year increase in interim revenues to £172.6m on Tuesday, driven by strong organic growth and record new business wins. JTC said underlying earnings had risen 15.1% to £56.5m in the six months ended 30 June, with a margin of 32.8%, while underlying basic earnings per share improved 7.1% to 21.3p. It also declared a 5.0p interim dividend, up 16.3% on the prior year.

However, net debt increased to £250.7m, reflecting acquisition activity and strategic investments, while reported profits sank 62.6% year-on-year to £6.9m, impacted by non-underlying items including share-based payments and integration costs.

The FTSE 250-listed group stated that its multi-year 'Cosmos Era' business plan was ahead of schedule, with full-year expectations unchanged. Post-period end, JTC completed the acquisition of Citi Trust and proposed a £20m deal for Kleinwort Hambros Trust Company, expected to complete in Q4 and be earnings accretive in 2026.

JTC also highlighted that full-year expectations remained unchanged, in line with management guidance.

CEO Nigel Le Quesne said: "We are pleased with the growth and momentum of the Group in the first half of 2025 - another record performance. Set against the backdrop of a challenging market, our highly diverse and international client base, paired with the benefit of our diversified and sustainable business model, is reaping rewards.

"The second half of our financial year has started well with good new business wins across both divisions and the announcement of our proposed acquisition of KHT. We remain confident that we will deliver the Cosmos era business plan ahead of schedule, before the end of 2027."

As of 0805 BST, JTC shares were up 2.11% at 1,358p.

Reporting by Iain Gilbert at Sharecast.com