JLT posts strong results despite challenges
Jardine Lloyd Thompson Group (JLT) posted strong results for 2013 but also warned that the environment in which it is operating is becoming increasingly challenging.
The broker’s revenues were £979.2m last year, an 11 percent increase on the year before. Its underlying profit margin improved by 70 basis points to 18.9 percent and its total dividend was 267.2 pence, an increase of 6.7 percent.
The company was keen to highlight that its organic revenue growth had increased to 8.5 percent from the 7 percent reported in each of the previous three years. It also said its businesses in Asia and Latin America had performed exceptionally well as had its reinsurance and employee benefits businesses.
The broker made 10 acquisitions last year for a total consideration of £200 million and 1,500 new staff joined the firm taking its total employee numbers to over 9,100. It also said its Business Transformation Programme was on track to deliver £12m of recurring savings for 2014.
“We are pleased to deliver another strong set of results, building on the progress and momentum of previous years, as we continue to execute our clearly defined strategy,” said Dominic Burke, chief executive of JLT.
“Although the external operating and competitive environment remains challenging, JLT's distinctive culture, clear strategy and expanding platform give us real confidence in our ability to deliver year-on-year financial progress."
