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JTC reports wider losses as IPO costs weigh

Tuesday, 18th September 2018
JTC reported Tuesday a wider loss before tax as costs related to the company's IPO offset a strong uptick in revenues amid 'good' net organic growth and contributions from acquisitions made last year.

For the six months to 30 June, reported pre-tax losses came in at £9.2m, compared with a loss of £1.1m a year earlier, while revenue jumped 25.2% to £35.3m.

The steeper losses, which were in line with management's expectations, was attributed to non-underlying costs totalling £16.3m.

Profit before tax for the first half was £7.4m, when the impact of non-underlying items was stripped out.

'We have continued to strengthen the senior management team as part of an ongoing drive to improve performance in all our key jurisdictions and service lines and this, coupled with our ongoing investment in improving processes and technologies, makes us confident in the ability of the Group to deliver on the expectations we set ourselves at the time of listing and in meeting the Board's expectations for the full year,' said Nigel Le Quesne, Chief Executive Officer of JTC.

At 10:38am: (LON:JTC) JTC PLC share price was -1.5p at 403.5p

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