JTC shares were down 2.9% to 787p in early morning trading on Tuesday, following the fund management services firm’s pre-tax profit climb of 147.2% to £27.8 million from £11.2 million.
The company reported a 28.2% increase in revenue to £147.5 million compared to £115.1 million last year as a result of strong net organic growth of 9.6% and inorganic growth of 18.6%.
JTC saw its EBITDA fall 23.8% to £26.6 million against £34.9 million, along with an EBITDA margin decline of 12.3% to 18% compared to 30.3% in 2021.
The group reported a 57.2% drop in operating profit to £9 million from £21 million, and its earnings per share saw a hike of 127.2% to 20.4p against 9p.
The company highlighted the continued integration of its seven acquisitions in 2021, and confirmed a net organic revenue growth of 8-10% per year in its medium-term guidance for 2022.
“2021 saw JTC execute on its inorganic growth strategy with seven high quality acquisitions completed in the year – the most we have ever achieved in a single calendar year,” said JTC CEO Nigel Le Quesne.
“The quality businesses in Segue, SALI and EFS, also supported our strategic push into the US.”
“Looking ahead, while much of the focus will be on improving and integrating what we have, we also remain of the view that the sector is primed for consolidation and that our proven approach to identifying, securing and integrating high quality acquisitions is a key part of creating long-term value for JTC and our stakeholders.”
The company announced a dividend per share of 7.6p compared to 6.7p, representing a 0.9p increase for 2021.