(Alliance News) - JTC PLC on Tuesday upped its annual dividend in 2020 as the company was able to meet its net organic revenue growth target.
For 2020, the fund manager recorded pretax profit of GBP11.2 million, down 36% from GBP17.6 million in 2019.
Revenue, however, improved 16% to GBP115.1 million from GBP99.3 million - with Institutional Client Services revenue growing 18% and Private Client Services up 14%. .
Staff costs rose 23% to GBP57.4 million, operating costs increased 17% to GBP20.9 million and credit impairment losses were 85% higher at GBP2.4 million.
JTC upped its annual dividend to 6.75 pence from 5.3p in 2019.
Chief Executive Nigel Le Quesne said: "We are particularly pleased with our results for 2020 as they have been achieved despite the challenges of the global pandemic. If there was a year that tested our people, our culture, and the resilience of our business model, it was 2020.
"The rise in revenue was achieved by a balanced combination of net organic growth and growth by acquisition, with strong contributions from both Institutional Clients Services and Private Client Services. Based on our 33-year track record, our scale, our diversification, our infrastructure and our people, we believe that JTC is well equipped to continue to succeed and grow both now and in the future."
JTC noted it was able to deliver growth within its medium-term guidance of 8% to 10% net organic revenue growth.
The fund manager maintained its medium-term outlook, noting it remains well invested and expects to continue to deliver "operational improvement and take advantage of further consolidation opportunities".
"The current financial year has started well with momentum in new business wins and the group is trading in line with management guidance expectations," JTC added.
Shares in JTC were 0.2% lower in London on Tuesday morning at 640.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Jtc Plc (JTC)