JTC PLC on Tuesday reported a fall in profit amid higher staff costs, but the company hailed its ability to ‘grow consistently’, meeting a strategic aim two years earlier than planned.
The Jersey-based professional services business reported that revenue in 2023 climbed 29% to £257.4 million from £200.0 million a year earlier.
Chief Executive Officer Nigel Le Quesne said: ‘2023 was another exceptional year for JTC and will go down as a milestone in our history with the achievement of our Galaxy era goal to once again double the size of the group. Our ability to grow consistently is a fundamental feature of the business that has been refined over 36 years and we remain dedicated to the culture, approach and discipline that have enabled it.’
However, pretax profit fell 33% to £24.3 million from £35.9 million. Staff costs increased 25% to £131.9 million from £105.8 million, while other operating expenses increased 26% to £44.9 million from £35.6 million.
Further, JTC reported ‘other losses’ of £9.9 million for 2023, compared to gains of £14.2 million for 2022.
On the back of the results, JTC proposed a final dividend of 7.67 pence per share, a rise of 11% from 6.88p a year prior. This brought the total payout for 2023 to 11.17p, up 12% from 9.98p the year prior.
‘Having achieved our Galaxy era strategic objective to double the size of the business in 2023, two years earlier than planned, we start 2024 with strong growth momentum towards our new Cosmos era goal to double the size of the business again,’ said CEO Le Quesne.
He added: ‘I have no doubt that this success will continue, and we look forward to delivering further strong profitable growth in 2024 and beyond.’
JTC said it is now entering its ‘Cosmos era’ where it plans to ‘double the size of the group’ again. It noted it would be the third time in a decade it has doubled in size, having grown in its Odyssey business plan, which ran from its initial public offering in March 2018 to the end of 2020. It had floated at 290p per share.
JTC shares rose 4.0% to 857.00 pence each on Tuesday morning in London.
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