Marsh EMEA underlying revenue down 2%
The UK and London market dragged Marsh’s Europe Middle East and Africa down to a 2% fall in underlying revenue.
President and chief executive John Doyle said: “In the international division results were mixed around the world.
“The UK had a challenging start to the year. The economy there and in the London market challenges persisted for us and brought down the overall growth of EMEA and our international operation.”
|MARSH||2018 ($) millions||2017||Underlying revenue|
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions, transfers among businesses, changes in estimate methodology and the impact of the new revenue standard (Marsh, accounts)
However, the rest of the divisions performed well with overall underlying revenue up 2%.
The overall group, which includes consulting and reinsurance, posted consolidated revenue of $4.0 billion, up 14%, or 4% on an underlying basis, compared with the first quarter of 2017.
Operating income was $908 million, an increase of 21% from the prior year.
“We are pleased with our performance in the first quarter,” said group boss Dan Glaser
“We are off to a good start to the year and are well positioned to deliver underlying revenue growth in the 3-5% range, margin expansion and strong growth in earnings per share in 2018.”