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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jtc Plc | LSE:JTC | London | Ordinary Share | JE00BF4X3P53 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -11.00 | -1.30% | 833.00 | 832.00 | 834.00 | 834.00 | 829.00 | 830.00 | 12,782 | 12:42:10 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 257.52M | 21.82M | 0.1318 | 63.20 | 1.38B |
From Apr 2023 to Apr 2024
TIDMJTC
RNS Number : 8235W
JTC PLC
21 April 2023
21 April 2023
JTC PLC
(the "Company" and together with its subsidiaries "JTC" or the "Group")
Annual Financial Report and Notice of AGM
Further to the release of the Company's final results announcement on 11 April 2023, JTC announces that it has published its 2022 Annual Report and Accounts and Notice of 2023 Annual General Meeting. The following documents are being distributed or made available to shareholders electronically today, Friday 21 April 2023:
- 2022 Annual Report and Accounts - Notice of 2023 Annual General Meeting - Form of Proxy for the 2023 Annual General Meeting
In compliance with Listing Rule 9.6.1 copies of the above documents will be submitted to the National Storage Mechanism and will be available at its website once this process is complete: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Copies of the 2022 Annual Report and Accounts and the Notice of 2023 Annual General Meeting are available from the Registered Office of the Company (JTC House, 28 Esplanade, St. Helier, Jersey, JE2 3QA) and will shortly be available to view and download from the Company's website: www.jtcgroup.com/investor-relations/
Participation and Voting at the AGM
The Company's 2023 Annual General Meeting will be held at 9:30am on Tuesday 23 May 2023 at JTC House, 28 Esplanade, St. Helier, Jersey, JE2 3QA.
Shareholders are encouraged to appoint a proxy in order to vote on the matters being considered at 2023 Annual General Meeting. Shareholders may appoint a proxy via the CREST electronic proxy appointment service or by completing a Proxy Form to be lodged with Company's Registrar, Computershare Investor Services (Jersey) Limited, by post or electronically via the internet no later than 9.30am on 19 May 2023.
Shareholders are also encouraged to submit any questions they may have for the Board before the 2023 Annual General Meeting by emailing agm@jtcgroup.com by no later than 11 a.m. on 16 May 2023. Please include the Shareholder's name and Shareholder Reference Number (which can be found on the share certificate or proxy form) in your email. Answers to the questions on key themes will be published on the Company's website ( www.jtcgroup.com/investor-relations ) on 18 May 2023.
Information required under Disclosure Guidance and Transparency Rule 6.3.5
In accordance with DTR 6.3.5, additional information is set out in the appendices to this announcement. The information contained in the appendices, which is extracted from the 2022 Annual Report and Accounts, is included solely for the purposes of complying with DTR 6.3.5. The information should be read in conjunction with the Final Results Announcement, released on 11 April 2023. This announcement and the Final Results Announcement together constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text. This material is not a substitute for reading the full 2022 Annual Report and Accounts. Page numbers and notes in the following appendices refer to page numbers and notes in the 2022 Annual Report and Accounts.
For further information, please contact:
Miranda Lansdowne
JTC PLC
+44 1534 700 000
Miranda.Lansdowne@jtcgroup.com
Appendices
A - Principal and Emerging Risks and Uncertainties
B - Directors' responsibility statement
C - Dividend Declaration
Enquiries
JTC PLC +44 (0)1534 700 000
Miranda Lansdowne
Camarco +44 (0)20 3757 4985
Geoffrey Pelham-Lane
Georgia Edmonds
Sam Morris
About JTC
JTC is a publicly listed, global professional services business with deep expertise in fund, corporate and private client services. Every JTC person is an owner of the business and this fundamental part of our culture aligns us with the best interests of all our stakeholders. Our purpose is to maximize potential and our success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value.
www.jtcgroup.com
Forward Looking Statements
This announcement may contain forward looking statements. No forward looking statement is a guarantee of future performance and actual results or performance or other financial condition could differ materially from those contained in the forward looking statements. These forward looking statements can be identified by the fact they do not relate only to historical or current facts. They may contain words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "projected", "expect", "estimate", "intend", "plan", "goal", "believe", "achieve" or other words with similar meaning. By their nature forward looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of these influences and factors are outside of the Company's control. As a result, actual results may differ materially from the plans, goals and expectations contained in this announcement. Any forward looking statements made in this announcement speak only as of the date they are made. Except as required by the FCA or any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this announcement.
APPIX A - Principal and Emerging Risks and Uncertainties
The following description of the principal and emerging risks and uncertainties that the Company faces is extracted from the 2022 Annual Report and Accounts (pages 49 - 53):
JTC operates a Risk Register that aims to categorise its risks across six key (Level 1) risk types and 18 (Level 2) sub-risks. In reviewing these categories of risk, we have identified what we believe are the principal risks.
A principal risk is a risk or combination of risks we have assessed as having the capacity to seriously affect the performance, future prospects or reputation of the Group. These will include risks we consider could threaten our business model, future performance, solvency or liquidity.
In addition, as part of our horizon-scanning activities we also identify risks that are not yet considered to be principal risks, but we identify as emerging risks - those that may, in time, pose a threat to the Group's business model. We have outlined these at the end of the section, and they include employee wellbeing, third-party data compromise and the emerging global threat of climate change.
The Group's principal risks are periodically re-examined and reported by the Chief Risk Officer to the Governance and Risk Committee with an assessment on (i) their impact if they were to occur and (ii) the likelihood of occurrence, together with a description of the controls and mitigation in place to manage those controls and any actions deemed necessary by the risk owner to further reduce the assessed residual risk.
Hot Features
Premium
LEVEL 1 LEVEL 2
Primary, overarching risk elements, containing Represents the cohorts of specific risks JTC is Principal risk
SIX components exposed to
-------------------------------------------------- ---------------
1. STRATEGIC Acquisition P
-------------------------------------------------- ---------------
Competitor and client demand P
-------------------------------------------------- ---------------
Strategy P
-------------------------------------------------- ---------------
2. FINANCIAL Performance of business P
-------------------------------------------------- ---------------
Earnings (fx)
-------------------------------------------------- ---------------
Impairment
-------------------------------------------------- ---------------
Financing
-------------------------------------------------- ---------------
3. OPERATIONAL Client & process P
-------------------------------------------------- ---------------
Business continuity
-------------------------------------------------- ---------------
Data security P
-------------------------------------------------- ---------------
4. POLITICAL/REGULATORY Listing rules
-------------------------------------------------- ---------------
Political/regulation P
-------------------------------------------------- ---------------
Financial crime P
-------------------------------------------------- ---------------
5. LEGAL Litigation/contractual
-------------------------------------------------- ---------------
Fiduciary P
-------------------------------------------------- ---------------
6. HUMAN RESOURCES Adequate resources P
-------------------------------------------------- ---------------
Retention
-------------------------------------------------- ---------------
Key person
-------------------------------------------------- ---------------
Our principal risks are reported gross (before mitigating controls)
STRATEGIC RISK OPERATIONAL RISK LEGAL RISK
1 Acquisition 5 Client & Process 9 Fiduciary
2 Competitor & Client demand 3 Strategy 6 Data Security
FINANCIAL POLITICAL & REGULATORY RISK HUMAN RESOURCES RISK
4 Performance of Business 7 Political Regulation 10 Adequate Resources
8 Financial Crime
---------------------------- -----------------------
Principal Risks
The Group's current principal risks are the risks we are managing now that could stop us achieving our strategic objectives:
PRINCIPAL RISK (RISK POTENTIAL CAUSES KEY MITIGATION MEASURES TIMESCALE
OWNER)
1 ACQUISITION RISK This risk
(Group Chief Executive * Inadequate due diligence * Strict due-diligence process, including JTC will
Officer) subject-matter experts and third-party assessments by diminish
The risk that experienced external advisors over time
acquisitions do not * Economic misjudgement as each
achieve intended acquisition
objectives, give rise * Appropriate scrutiny and challenge from Group is
to ongoing or * Lack of strategic clarity Development Committee, Group Holdings Board and integrated,
previously Non-Executive Directors but current
unidentified strategic
liabilities, disrupt * Ineffective or delayed integration intentions
operations and divert * Established and tested integration strategy agreed are likely
senior management time prior to acquisition with robust post-acquisition to cause
and attention. * Unpredicted changes to external environment governance this risk
Inorganic growth in category to
2022 was limited to remain as a
the acquisition of New * Experienced management team principal
York Private Trust risk.
Company.
* Shared ownership to align interests and deferred
consideration
* Insurance run-off cover
* Vendor representations and warranties (backed by
insurance where appropriate)
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
2 COMPETITOR AND CLIENT This risk
DEMAND RISK * 'Black swan' events (e.g. pandemic) * Chief Commercial Officer appointed to Group Holdings is largely
(Group Chief Executive Board influenced
Officer) by external
The risk of failing to * Competitor actions factors and
anticipate client * Group Holdings Board responsibility for identifying is
demand or to innovate forthcoming requirements in respect of digital and therefore
in line with key * Political trends business systems investment and continually likely to
competitors, considering emerging threats due to market conditions, remain a
or advancing taking mitigating action as appropriate continuous
technology or * Economic conditions principal
regulatory/political risk.
change may lead to * Group Holdings Board responsibility for identifying
significant loss of * Market conditions and prioritising product innovation
potential
or existing business.
JTC operates in a * Regulatory changes * Commercial Enterprise Forum to assess, prioritise,
competitive and de-risk and commercialise opportunities
fast-paced global
market requiring a * Technological changes
responsive approach
to client demand and
behaviour, competitor
activity, innovation,
economic and
regulatory changes
and geopolitical
events.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
3 STRATEGY RISK Strategic
( Group Chief * Operation outside of risk appetite * Overarching strategy is set every three to five years risk is an
Executive Officer) and progress is periodically re-examined ongoing
The risk that risk for
inadequate strategic * Product or service failure any
decisions or failure * Strategy regularly reviewed and challenged by Board business
to execute the set and, as a listed entity, subject to investor and and
strategy has a * Senior management or leadership changes third-party scrutiny therefore
detrimental impact on is likely
Group operations, to remain
clients and market * Legal or regulatory challenges * Strategy drives annual business planning process and as a
confidence. performance-based targets continuous
Alternatively, the principal
Group's strategy * Lack of understanding of a new jurisdiction risk.
brings excessive risks * Risk-taking and aversion in pursuit of strategic
to the business or objectives is balanced through the setting and
does not sufficiently overseeing of the Group Risk Appetite
align to
changing market
conditions or client
requirements, such
that sustainable
growth, market share
or profitability is
affected.
The Group continues to
pursue its strategy of
organic and inorganic
growth with a
particular
focus on building our
presence in the United
States, Ireland,
Luxembourg and the UK.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
4 BUSINESS PERFORMANCE Business
RISK * Inadequate budgeting and forecasting * Budgets set annually and agreed with Divisional Heads, performance
(Group Chief Executive Jurisdictional Managing Directors and P&L account risk is an
Officer) owners ongoing
The risk that the * Unpredicted costs or losses risk for a
Group does not meet business,
its financial * Monthly reporting and KPIs that help monitor especially
forecasts or does not * Lack of information provided to brokers and analysts performance against performance assumptions and for a
achieve the provided targets. Active review by Group Holdings Board quoted
market guidance. together with PLC Board business.
JTC is listed on the This risk
London Stock Exchange is
and subject to market * CEO and CFO regular engagement with analysts to therefore
consensus expectations inform external market guidance likely to
that remain as a
can influence continuous
shareholder value. * Insurance cover for losses principal
risk.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
5 CLIENT AND PROCESS Client and
RISK * Failure to apply policies and follow procedures * Strict adherence to policy and procedures including process
(Group Divisional business acceptance and periodic reviews, with risk
Heads) appropriate escalation for higher-risk clients remains a
The risk of the Group * Failure to follow codes of conduct continuous
taking on the wrong principal
type of clients, or * Established Terms of Business, template customer risk for
the Group or the * Failure of managerial oversight agreements and Legal review of tailored agreements the
client's actions business.
during the client
life-cycle leads to * Failure to adequately train and develop employees * Regular staff training and awareness initiatives
losses, failed
strategic objectives,
reputational damage, * Failure to identify and remediate identified issues * Established reporting and escalation process with
poor customer service promptly review by boards and committees as appropriate
and employee
frustration and
potentially regulatory * Inadequate policies and procedures * Independent client and Compliance monitoring review
censure. The risk programme
of failing to clearly
define service
provision or fulfil a * Promoting a robust risk and compliance culture across
role expertly. The the Group
risk that lack
of relevant process or
incorrect, * Ensuring quality administration and compliance
inconsistent, or resource in each jurisdiction plus internal legal
untimely execution of counsel support as appropriate
processes or internal
change leads to a
material operational * Well established Recommendation for Signing process
error and the
consequential adverse
impact. * Three-lines model for assurance and controls
including Internal Audit ("IA")
* Well understood and defined Risk Escalation processes
* Accessible policy and procedure framework
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
6 DATA SECURITY RISK Data
(Group Chief Executive * Unauthorised data transfer * Defined and audited IT procedures security
Officer) risk
The risk of a security remains a
breach including * Malware * External security assessment conducted annually continuous
cyber-attacks by principal
destructive forces risk for
from both internal * Financial theft * System access controls including least privilege the
and external sources, access model business.
leading to loss of
confidentiality and * Denial-of-service attacks
integrity of data. * Dedicated Senior IT Security Manager and Team
The sophistication of
cyber threats is * Cyber phishing attacks
constantly evolving; * Training including compulsory online Security
criminals will seek to Awareness courses for all employees
exploit * Network service failures
changes in working
environments e.g. * Alignment to industry security standards
remote-working * Employee error
practices. A
substantial cyber * Review of data security procedures and controls as
event could * Malicious employee intent part of the annual ISAE 3402 Report
be detrimental to
JTC's clients as well
as erode market and * Security breach of client data or systems * Access to group systems and data is granted on a
regulator confidence. need-to-know basis and least privileged
* Industry-leading solutions for end-point management,
anti-virus, data loss prevention, Privilege Access
Management and secure email communications
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
7 POLITICAL/REGULATION Political
RISK * Geopolitical uncertainty * Specialist risk and compliance staff with the skills and
(Group Chief Executive needed to monitor and report on strategic outlook and regulation
Officer) the impact of change risk is
The risk that the JTC * Regional or global standards or requirements with expected to
business operating disproportionate impact remain a
model is adversely * Review by appropriate boards and committees, and continuous
affected by political scanning of horizon for potential changes principal
or regulatory * Political reaction to wide-scale data leaks and risk for
changes which affect associated negative press coverage the
the markets or * Comprehensive policies, procedures and processes in business.
services we offer operation within the Group that align to the
together with our * Balancing increased transparency requirements with appropriate regulatory regimes.
client base. increased data protection legislation
Risk of exposure to
regulatory sanction * Embed (and continue to promote) a robust risk and
and subsequent * Challenge and cost of measuring, monitoring and compliance culture across the Group from PLC Board
reputational damage demonstrating good conduct as well as meeting new down through the organisation.
given a failure requirements
to follow regulatory
laws, orders and codes * Ensuring appropriate compliance resource in each
of practice * Keeping pace with rapid regulatory change and jurisdiction
requirements. reporting requirements
As the regulatory
environment continues * Compliance monitoring programme in place
to develop, we expect
a continuing global
trend of * Training employees to be aware of changing
increased regulatory regulations
scrutiny and
intervention for all
regulated businesses * Involvement with trade associations and government
including trustee, bodies to understand direction and influence outcome
fund and corporate
service providers. The
Group is well
positioned to comply
with relevant
requirements and to be
able to operate in
this changing
regulatory
environment.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
8 FINANCIAL CRIME RISK Financial
(Group Divisional * Poor culture * Comprehensive policies, procedures and processes in crime risk
Heads) operation within the Group that are specifically is expected
The risk of the Group drafted for AML/CFT purposes to remain a
operating inadequate * Inadequate awareness training continuous
systems, procedures principal
and controls that fail * The hiring of capable employees in each jurisdiction risk for
to prevent * Poor Know Your Client processes that undertake the key person roles (e.g. Compliance the
the administration of Officer and Money Laundering Reporting Officer) business.
client structures that
are exposed to * Inadequate record keeping
financial crime. * Frequent mandatory staff training and awareness
(NOTE: Financial Crime initiatives and CPD requirements
Risk includes money * Deficient screening processes
laundering, terrorist
and proliferation * Compliance monitoring testing programme in place
financing, * Lack of a risk-based approach
sanctions, fraud,
bribery and corruption * Access to external consultants and databases to
and tax evasion * AML/CFT arrangements not tailored to business enable daily ongoing monitoring and in depth
risks). profile/characteristics enquiries on clients as appropriate
This is an area where
there is intense
regulatory attention * Procedural failures * Established Business Risk Assessment (BRA) process
and scrutiny. The which is subject to periodic Board review
Group is committed
to the highest * Failure to report suspicious activity on a timely
standards of ethical basis
behaviour and operates
in a manner designed
to deter and
prevent financial
crime risk. There is
focused oversight and
monitoring of
financial crime
risks, and adherence
to both internal
financial crime
policies and
regulatory
obligations.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
9 FIDUCIARY RISK Fiduciary
(Group Divisional * Breach of duty * Strict policies, procedures and processes in risk is an
Heads) operation within the Group (particularly risk endemic
The risk of breaching escalation and recommendation for signing policy) feature of
fiduciary duties, * Failure to act in accordance with constitutional JTC
including failing to documents or service agreement business
safeguard client * Qualified and experienced staff operating within operations
assets, can '4-eyes' control parameter and is
be harmful to the * Failing to exercise reasonable care, skill and expected to
Group's reputation and diligence remain
could become subject * Continuous training programme and CPD requirement a
to high-value continuous
litigation. There * Failure to declare interests of manage conflicts principal
is also the risk in * JTC does not provide legal or tax advice to its risk.
failing to clearly clients
define the Group's * Making impartial judgements
role in providing
services to a * Significant insurance cover
client structure or
service vehicle or a
failure to fulfil the
role expertly.
JTC operates a
comprehensive set of
controls to prevent
risk materialising in
relation to
its fiduciary duties.
A change in the market
conditions causing
lower valuations of
higher-risk
investments, could
change risk exposures
and fiduciaries may
begin to experience
increased
regulatory scrutiny
and litigation with
regard to
responsibilities.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
10 ADEQUATE RESOURCES Adequate
RISK * Uncompetitive remuneration * Dedicated in-house human-resource recruitment resourcing
(Group Chief Operating capability with detailed understanding of business risk is
Officer) needs and local market environment expected to
The risk of failure to * Unappealing working environment and inadequate be a
attract or retain the support continuous
best people with the * Recruitment strategy to enhance and bolster teams, principal
right capabilities succession planning and employee value proposition risk.
across * Lack of adequate succession planning
all levels and
jurisdictions. * JTC ensures that the remuneration package is
The repercussions of * Failure to invest in appropriate and timely talent competitive in the marketplace and benchmarks with
the global pandemic development peer group
have significantly
altered the workplace
and the * Failure to identify roles most important to achieving * Management monitoring of capacity and work loads
employment market in strategic aims
many jurisdictions.
Remote-working * Shared ownership scheme embedded across the business
practices initiated * Failure to identify the required skills for key roles
during early lockdown
measures have been * JTC encourages a strong management culture where
embraced into * Insufficient focus on attitude and motivation and talent management and people development is a core
business-as-usual alignment with JTC's vision and values focus
flexible working
arrangements utilising
the Group's existing * Pre-employment screening
strong technology
capabilities.
Regretted attrition is * Internal and PLC Remuneration committee
carefully monitored in
view of changes in
employee attitudes, * Staff access to Academy (Training), Gateway
skills (International Transfers) and wellbeing programs
shortages and
inflationary pressures
that have the * Flexible working arrangements
potential to be
disruptive to the
Group's
workforce.
JTC continues to focus
on employee
satisfaction
(launching an employee
survey during 2022),
succession planning
and personal
development, including
supporting
professional
qualifications.
----------------------- ------------------------------------------------------------ ------------------------------------------------------------- ------------
EMERGING TOPICS AND RISKS
As standard procedure, we consider topics or risks on an ongoing basis that may have unpredictable and uncontrollable outcomes directly or indirectly (via our clients) on the Group that we do not yet consider to be principal risks, but may, over time, pose a threat to our business model. Some of these topics or risks may be interconnected and remain under review over a sustained multi-year period whereas others may be short-lived.
Global Macroeconomic
Global macroeconomic developments and geopolitical tensions heightened by the conflict in Ukraine, high inflation, higher interest rates, the energy crisis, supply chain shortages and the risk of a global economic downturn all point to a greater fragility that has the potential to slow investment and global growth. Whilst the Group is unable to control these risks we remain vigilant to their impact and react accordingly e.g. to attract and retain talent in a competitive employment market beset by wage inflation.
Environment and Social
There is an increase in stakeholder expectations around the provision of services to sensitive sectors, fair and balanced disclosures relating to environmental targets and scrutiny around greenwashing set amongst a fragmentation in the pace and scale of ESG regulation around the world which adds complexity in managing a global business. Whilst this scenario poses business opportunities for the Group, there are risks if the Group is required to align to new fragmented regulations quickly. We seek to manage these risks through our existing Group ESG Framework and the appointment in 2022 of our first Chief Sustainability Officer.
Regulatory Developments
Regulatory scrutiny and intervention remains a continuing feature in the markets where we are regulated. With many regulatory regimes subject to assessment by international standard setters, there remains a continual introduction of new regulations and regulatory powers that are considered necessary to meet the assessment standards causing an inevitable increase in the cost of compliance.
Failure of a jurisdiction to achieve an acceptable assessment rating can be detrimental to businesses operating in those jurisdictions.
Additionally, during 2022, measures aimed at improving corporate transparency were countered by a European Court judgement reinforcing an individual's right to privacy creating ongoing uncertainty in this area.
The Group seeks to mitigate these risks by proactive horizon scanning, actively engaging, where appropriate, with regulatory consultations, providing thought leadership to regulators/legislators and operating to the highest regulatory standards.
Data and Digital
Regulatory requirements and client expectations relating to data management and quality, including data protection and privacy, data sovereignty, the use of Artificial Intelligence (AI) and the ethical use of data are increasing. In some cases, regulation is also becoming more fragmented and complex, requiring more resources to ensure ongoing compliance.
Data protection risks are already recognised as a principal risk but remain on the increase driven by highly organised and sophisticated threat actors, with developments such as ransomware as a service.
We seek to mitigate these risks by ensuring our data protection standards are aligned to international standards and stakeholder expectations including specialist data protection systems and personnel, business continuity and incident response plans.
APPENDIX B - Directors' responsibility statement
The following directors' responsibility statement is extracted from the 2022 Annual Report and Accounts (page 97):
The directors also confirm that, to the best of their knowledge, the financial statements are prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole; and the Strategic report contains a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face. In addition, each of the directors considers that the Annual Report and financial statements, taken as a whole, is fair, balanced and understandable, and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Approved by the Board on 6 April 2023 and signed on its behalf by:
MIRANDA LANSDOWNE
JOINT COMPANY SECRETARY
JTC (JERSEY) LIMITED, COMPANY SECRETARY
APPENDIX C - Dividend Declaration
The financial statements set out the results of the Group for the financial year ended 31 December 2022 and are shown on pages 103 to 141 of the 2022 Annual Report and Accounts. A final dividend of 6.88 pence per ordinary share is recommended by the Directors. Subject to approval at the 2023 Annual General Meeting, the dividend will be paid on 30 June 2023 to Shareholders who are on the Register of Members at the close on business on 2 June 2023. The shares will become ex-dividend on 1 June 2023. An interim dividend of 3.1 pence per ordinary share was paid on 21 October 2022.
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