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Professional services business JTC reported a jump in first-half profit as momentum in new business wins bolstered revenue.
For the six months ended 30 June 2021, pre-tax profit rose 254.8% to £36.8 million year-on-year as revenue was up 24.8% to £67.0 million.
'The core business performed strongly despite the ongoing market challenges and it was particularly pleasing to see margin improvement in the ICS division, continued strong performance from the PCS division and a strong flow of new business wins, including our largest ever single mandate,' the company said.
The interim dividend was raised to 2.6 pence per share, from 2.4 pence last year.
'The momentum seen in Q2 for new business won has continued into early H2 and the Board expects to deliver full year results in line with management guidance and market expectations,' the company said.
In a separate announcement, JTC said it had acquired Ballybunion Capital, a boutique asset manager based in Ireland.
The transaction, subject to change of control and final regulatory approvals, is expected to completed by year end.
'Ballybunion will substantially enhance JTC's fund services presence in Ireland, providing ManCo and governance services for Irish domiciled funds, giving access to new clients and providing a platform from which to drive future growth in the strategically important Irish funds services market,' the company said.