LONDON (ShareCast) - (Sharecast News) - Fund manager JTC revealed on Tuesday that both revenues and profits had grown in the six months ended 30 June, with the group's ICS division being the "star performer" throughout the period.
JTC said first-half revenues had risen 38.8% to £93.0m, leading to a 46.7% increase in underlying operating profits to £20.2m and a 49% improvement in underlying pre-tax profits to £16.9m.

Underlying earnings were up 40.1% at £30.7m, with EBITDA margins rising 0.3 percentage points to 33% on an underlying basis, while earnings per share were green 35.3% on an underlying basis to 16.23p.

However, on a reported basis, EBITDA margins contracted 2.5 percentage points to 27.2%, pre-tax profits slumped 42.9% to £21.0m and earnings per share tumbled 52.2% to £14.21m.

The FTSE 250-listed firm highlighted that it had delivered an "outstanding performance" and improved margins in its ICS division, with good growth and new business wins, while high performances were said to have continued in its PCS division, with solid margins and good new business wins.

JTC added that momentum seen in 2021 had continued into 2022, with the board now confident that it will deliver revenues and underlying EBITDA ahead of market expectations, as well as net organic growth above guidance range, more than offsetting higher interest costs and cost inflation.

As of 0840 BST, JTC shares were up 2.10% at 785.15p.







Reporting by Iain Gilbert at Sharecast.com

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