JLT Posts $104.4 Million H1 Profit

The UK’s Jardine Lloyd Thompson Group plc announced good results for the six months ended June 30, 2007, notably a 12.4 percent rise in “underlying profit before tax” of £51.1 million ($104.4 million).

Fees and commissions rose 0.5 percent to £244.7 million ($495 million), while overall “profit before tax” rose 63.3 percent to £76.6 million ($155 million).

Other “highlights” cited in the report include the following:
— Marginal increase in Group turnover despite challenging trading conditions, 3 percent ahead at constant rates of exchange
— Underlying trading profit up 10 percent, reflecting cost savings
— Trading margin improved to 17 percent, up 2 percent
— Good results from Risk & Insurance with a trading margin of 21 percent, up 2 percent
— Employee Benefits turnover up 5 percent with a trading margin of 17 percent, up 1 percent

However, Chief Executive Dominic Burke noted: “After a positive first half performance, we anticipate that the results in the second half will be impacted by the deteriorating market conditions and the weaker US dollar.

“However, we still expect JLT to show overall progress in its financial performance in 2007 compared to 2006. We will continue to build on the foundations we have laid and our clear strategy to build revenues through greater international collaboration, better penetration and growth through bolt-on acquisitions.”
T
he full report is available on the Group’s web site at: www.jltgroup.com, as well as a replay of the web cast presentation to investors and analysts.