JLT trading “in line with expectations”

Jardine Lloyd Thompson (JLT) is trading in line with expectations, it said in an interim management statement released today.

JLT chief executive Dominic Burke said: “As we enter the final quarter of the year, we remain optimistic about the prospects for the group as we continue to build a balanced business around our chosen areas of specialism.”

The statement, covering the period from1st July to 8th November 2010, said organic growth across the group was encouraging and JLT remained on track to make financial progress for the year as a whole.

It added: “Our risk and insurance business is performing well although the insurance rating environment remains soft in most classes, with the exception of offshore energy where shortage of capacity is restricting opportunities. Employee benefits is delivering a solid trading performance and the integration of the businesses acquired in late 2009 and early 2010 is now nearing completion. Thistle Insurance Services, the Group's recently formed non-advisory underwriting and facilities distribution business, is making good progress.”

The statement also said: “Significant investment in people and teams continues at pace throughout the Group. Investment in IT infrastructure improvements also continues alongside our business transformation programme.”

With regard to the broker’s financial position, the statement said it had low net debt and extensive committed borrowing facilities.

It concluded: “Despite challenging trading conditions, JLT continues to build on the investments made across the group and remains on track to achieve its strategic and financial objectives for the year.”