Financial Highlights
Total revenue up 15% to £559.6m
Organic revenue growth of 6%
Underlying PBT up 15% to £107.4m
Reported PBT up 16% to £98.4m
Interim dividend increased by 5% to 10.6p
Operational and Strategic Highlights
Strong organic revenue growth
Strong growth in Asia, Latin America, and International Employee Benefits
Good progress in the integration of Towers Watson Re
Continuing challenges due to decline in the insurance and reinsurance rating environment and adverse foreign exchange movements
Continuing to invest in the business through acquisitions in Hong Kong, Brazil and the UK, and a start-up venture in Argentina
Business Transformation Programme on track to deliver £12m recurring savings for 2014
Dominic Burke, Chief Executive, commented:
'We are confident that we can deliver year-on-year financial progress, but we are more cautious over the outlook for the remainder of the year given the marked decline in the insurance and reinsurance rating environment over the last quarter and the continued strength of sterling.
The strong organic revenue growth we achieved in the period, despite these challenges, demonstrates the success of our strategy of focusing on our areas of specialisation and higher growth economies.'
