Jardine Lloyd Thompson Group (JLT) saw its revenues grow 3% during the first half of 2018, the firm revealed in its interim results today.
The broking group’s total revenues grew to £713.5 million (around NZ$1.378 billion) in the six months ending June 30, with the board declaring an increased interim dividend of 12.7p per share for the period.
Reported profit before tax decreased by 9% to £89.4 million (NZ$172.7 million), which JLT said reflected the “exceptional costs” of its global transformation programme.
Organic revenue grew at 4% overall, with 4% growth in specialty, 6% in reinsurance, and 4% in employee benefits. US specialty delivered 17% organic revenue growth and is on track to move into profit in 2019, according to the firm.
Group chief executive Dominic Burke described the results as representing a “robust trading performance.”
JLT’s Global Transformation Programme delivered benefits of £6.1 million (NZ$11.78 million) during the period and remains on track to deliver annualised benefits of £40 million (NZ$77.3 million) by 2020 for a one-off cost of £45 million (NZ$86.9 million), the company said.
It additionally saw new business wins in reinsurance across the UK, European and US markets alongside the launch of its economic capital modelling software, ANSER.
A new leadership and management structure in specialty was described as driving closer co-ordination and increasing global opportunities.
“The strategic initiatives we are implementing are already generating tangible benefits for our clients and for the Group,” Burke commented. “We are trading with real momentum as we move into the second half and we expect to report continued strong organic revenue growth and further financial progress for the full year.”
