General Insurance Article - Jardine Lloyd Thompson Group announces 2015 interim results


Dominic Burke, Chief Executive, commented: We are pleased with the Group’s underlying growth momentum and with the strong progress we are making in building out our US Specialty operations, creating a powerful platform for future growth for the whole Group. As anticipated, however, the cost of the US expansion is weighing against our short-term profitability. A one-off structural shift away from commissions within the UK employee
benefits market is having an impact on our UK Employee Benefits margin and the Group’s profit for the year. We remain confident that our full year organic revenue growth will be in line with the previous year. As we look forward, the business is well-positioned to deliver sustainable earnings growth.

 Jardine Lloyd Thompson Group plc
 Unaudited Interim Results for the six months ended 30th June 2015 Jardine Lloyd Thompson Group plc announces interim results for the six months ended 30th June 2015.
  
 Financial Highlights
     
  1.   Total revenue up 6% to £591.6m
    2.  
  2.   Organic revenue growth of 2%
    3.  
  3.   Reported PBT increased 3% to £101.5m
    4.  
  4.   Underlying PBT decreased by 10% to £96.3m, impacted by cost of US investment
    5.  
  5.   Reported diluted EPS up 11% to 33.6p
    6.  
  6.   Underlying diluted EPS down 10% to 30.2p
    7.  
  7.   Underlying profit margin decreased to 17.3% from 19.7%, impacted by cost of US investment
    8.  
  8.   Increased interim dividend of 11.1p up 4.7%
 Operational and Strategic Highlights
     
  1.   Organic revenue growth in the period of 2%, lower than recent years as a result of:
    2.  
  2.   Shift in phasing of revenues and trading profit between the two halves of the year
    3.  
  3.   Reduction in commission payments within UK Employee Benefits
    4.  
  4.   Ongoing challenging rating environment
    5.  
  5.   Full year organic revenue growth anticipated to be in line with previous year
    6.  
  6.   Encouraging progress with build-out of US Specialty business
    7.  
  7.   Acquired 5 new businesses and continued to invest in talent – 530 new colleagues joined the
    8.  
  8.   Group in the period
    9.  
  9.   Disposed of stake in Siaci St Honoré for £80.2m
       

 To download the full results please click on the document below

 

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