JLT 2018 results show revenues up 5 percent as Marsh deal looms
JLT Group enjoyed strong growth and a much-improved underlying profit in 2018, which is likely to be its final year as a standalone company as its takeover by Marsh & McLennan Companies looms.
Because of the pending deal, which has been approved by shareholders, the company only provided a brief statement highlighting its performance last year instead of its usual announcement and subsequent presentation to investors and analysts.
The broker’s revenues reached £1.45 billion, a 5 percent increase on the year before; its organic revenues also increased by 5 percent. It noted that all its divisions grew year on year, its global specialty and UK employee benefits businesses both by 7 percent.
Its pre-tax profit for the year was £88.1 million, which it stressed was hit by £145.4 million of exceptional items relating mainly to the Marsh deal, regulatory costs and restructuring charges. It said its underlying profit was closer to £233.6 million, a 25 percent improvement on 2017.
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