Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £76.4m in the first half of 2011, up 9% on the £70m it made in the same period last year.
The broking group’s revenues were up 9% to £411.3m from £377.8m. Of this, £408.7m is fees and commission (H1 2010: £375.6) with the remainder coming from investment income.
The company’s retail broking business saw the biggest revenue boost during the first half. It rose 18% (14% on an organic basis) to £156.3m. London market revenue grew 4% (3% organic) to £171m. This put total risk and insurance revenue up 10% (8% organic) to £327.3m.
JLT posted a slump in profit after tax to £53.6m in H1 2011 from £58.6m in H1 2010. But the company said this was because a one-off tax credit of £10.3m boosted the H1 2010 after-tax result.
"Our emphasis on being a client first organisation is clearly serving us well, as demonstrated by our strong organic growth record,” said JLT chief executive Dominic Burke in a statement.
While profits and revenues were up, one off expenses associated with JLT’s cost-cutting programme have increased to £24m from the previously-announced £19m. However, JLT also expects the cost savings derived from the programme to increase to £20m a year from £16m.
The cost cutting programme, which is seeing JLT streamline its back-office processes, is scheduled to be complete by 30 June next year.
JLT H1 2011 results in £m (compared with H1 2010)
- Total revenue: 411.3 (377.8)
- Profit before tax: 76.4 (70)
- Profit after tax: 53.6 (58.6)
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
