JTC profits rise on new business wins

Fund management services company JTC on Tuesday said annual profits rose by a third, driven by new business wins.

The firm, which provides services to fund, corporate and private-client managers, posted a pre-tax profit of £36m for the 12 months to December 31. Revenue increased 36% to £200m and new business wins rose 17.7% to a record £24.6m.

The group maintained medium-term guidance of net organic growth of 8 - 10% a year and an underlying core earnings margin of between 33 - 38% and cash conversion of 85 -90%.

"We expect to exceed our guidance for organic growth and maintain a healthy pipeline of acquisition opportunities," said chief executive Nigel Le Quesne.

Reporting by Frank Prenesti for Sharecast.com