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