Financial Highlights
• Total revenue up 13% to £1,104.1m
• Strong organic revenue growth of 6%
• Underlying PBT up 3% to £183.0m
• Reported PBT up 3% to £159.7m
• Underlying diluted EPS up 3% to 56.1p
• Reported diluted EPS up 3% to 47.8p
• Underlying profit margin down 110 basis points to 17.8%
• Increased total dividend of 28.9p up 6.3%
Operational and Strategic Highlights
• Established Specialty insurance brokerage in USA
o £5.2m net expenses in year as expected
o Underlying Group PBT up 6% excluding these expenses
• Ongoing investment to deliver sustainable long term earnings growth
o 8 new acquisitions made for a total consideration of £63m, including Hayward Aviation for £27m
o 950 new joiners take total employee numbers above 10,000
• Continued successful integration of JLT Re and Towers Watson Re
• Created one of the world's leading Specialty businesses through the merger of JLT Specialty and Lloyd & Partners
• Concluded Business Transformation Programme with higher than projected recurring savings of £16m for total one-off costs of£17m
• 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.''
