Financial Highlights
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Total revenue up 13% to £1,104.1m
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Strong organic revenue growth of 6%
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Underlying PBT up 3% to £183.0m
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Reported PBT up 3% to £159.7m
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Underlying diluted EPS up 3% to 56.1p
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Reported diluted EPS up 3% to 47.8p
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Underlying profit margin down 110 basis points to 17.8%
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Increased total dividend of 28.9p up 6.3%
Operational and Strategic Highlights
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Established Specialty insurance brokerage in USA
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£5.2m net expenses in year as expected
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Underlying Group PBT up 6% excluding these expenses
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Ongoing investment to deliver sustainable long term earnings growth
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8 new acquisitions made for a total consideration of £63m, including Hayward Aviation for £27m
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950 new joiners take total employee numbers above 10,000
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Continued successful integration of JLT Re and Towers Watson Re
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Created one of the world’s leading Specialty businesses through the merger of JLT Specialty and
Lloyd & Partners
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Concluded Business Transformation Programme with higher than projected recurring savings of £16m for total one-off costs of £17m
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Sale of French associate Siaci St Honoré in 2015 expected to generate cash receipt of approximately £82m
Dominic Burke, Chief Executive, commented:
“We are pleased to deliver another strong set of results, building on the progress and momentum of recent years. During the year we took a series of actions and strategic decisions, including the establishment of a Specialty insurance broking business in the US and the merger of JLT Specialty and Lloyd & Partners, that we believe will prove to be pivotal in terms of shaping our long term growth prospects. Despite a challenging insurance rating environment, we are confident in JLT’s revenue growth momentum and in our strategy of continuing to invest to deliver sustainable long term earnings growth.’’
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