Jardine Lloyd Thompson Group (JLT) enjoyed solid results during 2013, while moves within the company have paved the way for further American development.
Total revenue increased by 11 percent in 2013 up to £979.2 million—or 12 percent at constant rates of exchange (CRE), comprising 8.5 percent organic growth and 4 percent from acquisitions, offset by foreign exchange and investment income movements.
Underlying trading profit increased by 16 percent to £185.4 million, or 17 percent at CRE, while the underlying trading margin increased from 18.2 percent to 18.9 percent, notwithstanding continued investment from across the group.
The tax charge was £41.8 million, or £46.8 million on an underlying basis. The underlying effective tax rate for 2013 was 26 percent, which was unchanged on 2012.
Profit after tax and non-controlling interests was £102.0 million, up from £102.2 million in 2012, and reported diluted earnings per share was 46.4p, down from 46.5p in 2012. Underlying profit after tax and non-controlling interests increased by 13 percent to £119.8 million and underlying diluted earnings per share increased by 13 percent to 54.5p.
Dominic Burke, chief executive of JLT, commented: “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. 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.’’
In addition, Mike Methley will take over as chairman of JLT Canada and JLT insurance management—as of 1 April 2014. Combining these roles with Methley’s existing role as CEO of the group’s Latin American business provides a significant opportunity to further develop collaboration and capabilities across the Americas.
After eight years as group CEO, Dominic Burke is taking a short break from the beginning of May until the end of June. During this period Mark Drummond Brady will assume the role of acting CEO. Drummond is the international chairman of risk & insurance, a main board director and has been with JLT since 1987.
