Jersey-based JT Group has published its ‘Progress Report’ for 2020, in which it revealed that it had recorded an almost 13% year-on-year drop in revenues for the twelve-month period ended 31 December 2020. The company reported total turnover of GBP169.6 million (USD239 million) for FY 2020, down from GBP194.9 million in the previous fiscal year, and attributed the decline to the strategic decision to cease its ‘Voice Trading’ business – which reduced turnover by GBP41 million. It noted, however, that this reduction had been partially offset by strong growth in its ‘International’ operations, ‘particularly within IoT’, while the company also said it had seen moderate growth in the Channel Islands.
Despite the reduction in revenues, JT Group reported an 8% annual increase in gross profit, which rose to GBP99 million ‘due to a reduction in low margin Voice Trading products replaced by growth in higher margin products’. Operating profit, meanwhile, totalled GBP6.4 million in the year under review, broadly unchanged from GBP6.5 million in FY 2019, with JT Group noting that the increase in gross profit had been offset by an increase in operating expenses. However, the company reported a net loss of GBP4.1 million for the year ending 31 December 2020, compared to a net profit of GBP1.5 million a year earlier.
JT Group’s capital expenditure during 2020 totalled GBP18 million, down marginally from GBP20 million y-o-y, with the company noting that as part of its response to the COVID-19 pandemic, non-essential spend had been delayed.