JTC plc reports £10.4 million of pre-tax profit in the fiscal first half

JTC plc reports £10.4 million of pre-tax profit in the fiscal first half
Written by:
Wajeeh Khan
15th September, 10:29
Updated: 15th September, 10:31
  • JTC plc reports £10.4 million of pre-tax profit in the fiscal first half.
  • The financial services provider says revenue jumped 15% in H1.
  • The company declares 2.4 pence per share of interim dividend.

JTC plc (LON: JTC) said on Tuesday that its pre-tax profit in the first six months of the current fiscal year came in higher on a year over year basis. The company highlighted that its performance broadly matched what its management had expected. JTC did not upwardly revise guidance for the medium-term on the back of its hawkish profit in the fiscal first half.

Shares of the company were reported about 4% up in premarket trading on Tuesday. JTC plc is now exchanging hands at 467 pence per share. In comparison, it had tanked to as low as 310 pence per share in March when the impact of COVID-19 was at its peak. Learn more about how to choose winning stocks.

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JTC’s revenue jumps 15% in the fiscal first half

The financial services provider posted £10.4 million of pre-tax profit in the first half versus £9.0 million in the comparable period of 2019. In terms of EBITDA (earnings before interest, taxes, depreciation, and amortisation, JTC recorded £16.7 million as compared to a lower £15.7 million in the same period last year. In April, JTC was reported in talks to acquire NES Financial.

At £53.7 million, the Jersey-based company’s revenue saw a 15% annualised growth in the fiscal first half. According to JTC, the jump in revenue was attributed to the organic growth of 10.1% in the first six months of fiscal 2020. A 5.1% growth, it added, ascribed to acquisitions also contributed to the increase in its half-year revenue.

JTC declares 2.4 pence per share of interim dividend

JTC’s board declared 2.4 pence per share of interim dividend on Tuesday. In comparison, the board had declared 1.7 pence per share of dividend last year in the fiscal first half. In related news from the UK, Ocado Group plc posted a 52% annualised growth in third-quarter revenue on Tuesday.

CEO Nigel Le Quesne expressed confidence that the company showed resilience amidst COVID-19 crisis that has so far infected more than 370 thousand people in the United Kingdom and caused over 41 thousand deaths. Based on the experience of over 30 years, the CEO said, JTC’s outlook remained positive.

At the start of 2020, JTC plc was trading at 410 pence per share. In comparison, it recorded an annual gain of a little under 10% in the stock market in 2019. At the time of writing, it is valued at £572 million and has a price to earnings ratio of 30.41.

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