JTC, a global provider of fund, corporate and private client services, has seen its pre-tax profits fall by 36 percent from £17.6 million to £11.2 million.

However, in its full year results, the firm stated that - excluding certain acquisition-related expenses - it reported an 8 percent increase in underlying profits to £21.4 million.

For the year ended 31 December 2020, revenues were up 16 percent from £99.3 million to £115.1 million. This came from net organic growth (7.9 percent) and inorganic growth of 8 percent.

Underlying EBITDA increased 9.4 percent to £38.7 million from £35.4 million in 2019.