Jardine Lloyd Thompson (JLT) has reported a small rise in pre-tax profits for the six months ended 30 June 2004.
The group reported pre-tax profits up 3.1% from £66.1m in the first half of 2003, to £68.1m for the first half of 2004, before exceptional items and goodwill amortisation.
Turnover went up 8%, said the group, from £225.1m to £243.1m. The dividend was unchanged at 8.5p.
For JLT's risk and insurance operations, revenue increased by 10% to £202.9m and its trading margin reduced 30%.
JLT said the underlying business remained strong with continued investment in people and acquisitions. It pointed to revenue growth from the UK and Australian retail businesses and its US speciality retail business.
“Looking to the second half of the year, JLT will continue to manage the challenges of the weak dollar and softening insurance market together with our preparations in the UK for FSA regulation next year," the company said.
“Against this background, we remain confident about JLT's trading prospects. Looking out to 2005 and beyond, we anticipate good growth from our major strategic initiatives including our specialist business in the US and our UK employee benefits operation.”
JLT also announced the acquisition of Heath Lambert's insurance and reinsurance business in Latin America. JLT will initially pay $47m in cash, with the possibility of further payments depending on performance, capped at $96m.
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