Revenues climb by three per cent
JLT Group saw turnover rise by 3% in 2007 to £473m, with pre-tax profits up 5% for the year to £95m.
Dominic Burke, Chief Executive, said: "I am very pleased to report a good set of results against a challenging backdrop. These results are a testimony to the hard work done over the past two years to reshape JLT and ensure that we have a good balance of earnings between the different businesses across the Group. We believe we now have the right strategy, structure and culture. We have great confidence in our ability to deliver profitable growth in 2008."
The results were despite the challenging insurance market conditions and weak dollar which continued to prevail through 2007.
In the UK and Europe, turnover increased 16% to £60.0 million with a “good recovery” shown in the second half of the year as anticipated at the time of the interim results.
The trading margin for the year was 17% compared to 20% in 2006.
The London Market businesses reported turnover of £193.5 million, down 2% or 1% at constant rates of exchange.
This reflected general insurance market conditions and dollar weakness which impacted revenues and trading profits by £2.3m compared to 2006, JLT said.
The trading margin for our London market businesses improved from 12% to 14%.
