JTC PLC (JTC) said it expects full-year results to be in line with management guidance and consensus expectations after the business performed well during the second half of the year.
Helped by “good momentum” in the final quarter and earlier acquisitions, £17.9m of new business was won by the Jersey-based provider of fund, corporate and private client services during 2020, up by a fifth compared to the previous year.
Underlying profit margins were said to have been stable in the second half of the year, within previous guidance.
“Planned organisational changes within the fund services practice of the Institutional Client Services division were made, although the pace of implementation continues to be affected by travel restrictions,” said the company, which was promoted to the FTSE 250 index last month.
Acquisitions of Sanne’s private client business and US fund administration business NESF were both said to now be “fully integrated” on the group's tech platform, while the acquisition of the stand-alone RBC Cees business that was announced in December, awaits final regulatory approval.
“The outlook for further inorganic growth remains positive, with a well-developed pipeline of opportunities that support JTC's strategy to strengthen and deepen its global footprint and service offering,” JTC said.
Chief executive Nigel Le Quesne said: “As we have seen in several instances over the last 30 years, JTC is a highly resilient business that is able to adapt and grow on a consistent basis even during periods of challenging external conditions.”
He added that the outlook “remains positive and we see good opportunities for organic and inorganic growth in key geographies and service lines”.