Willis net income doubles

Willis Group Holdings' net income for 2003 almost doubled, reaching $414m compared with income of $210m during 2002.Willis said fourth quarter results revealed that net income of $118m for the three months ending 31 December 2003, was the same figure as for the comparable period in 2002.Operating income for the fourth quarter was slightly down on the 2002 figures, reaching $192m, compared with $197m for the comparable period the year before.Operating income for the year, however, showed a 48% increase when compared with 2002, reaching $620m said Willis.The company also said it had reduced its total long-term debt to $370m, a 35% reduction when compared with the 2002 figure of $567m. During the fourth quarter, Willis said it repaid the outstanding $78m bank term loan and cancelled the facility, putting in its place a $450m bank credit facility and a $150m line of credit.Willis chairman and chief executive Joe Plumeri said: "Willis is in great shape. This is our 16th consecutive quarter of record earnings. We raised the dividend again and refinanced our debt on investment grade terms - all within six years of the 1998-leveraged buy-out."He added: "We are confident in the outlook for future growth at Willis, and reaffirm our long-term goal to grow adjusted net income per diluted share by 15% or better each year."

Willis results