Jardine Lloyd Thompson Group PLC Interim Management Statement (0139M)
May 01 2015 - 6:04AM
UK Regulatory
TIDMJLT
RNS Number : 0139M
Jardine Lloyd Thompson Group PLC
01 May 2015
1(st) May 2015
Jardine Lloyd Thompson Group plc
Interim Management Statement
Jardine Lloyd Thompson Group plc ("JLT" or "the Group"), one of
the world's leading suppliers of insurance, reinsurance and
employee benefits related advice, brokerage and associated
services, is holding its Annual General Meeting at 12:00 noon BST
today at which the following comments will be made available
regarding trading performance, financial position and the outlook
for the financial year. This statement covers the period from 1(st)
January 2015 to 30(th) April 2015.
Trading Performance
Despite the challenging insurance rating environment, the Group
has made a positive start to the year with the overall trading
performance in line with our expectations across all of our
businesses.
During the first part of the year we have seen continued good
progress with the build-out of the Group's US Specialty business,
the creation of which was announced in late August 2014. Today the
business has some 130 leading industry professionals operating out
of 8 offices in key locations across the US. As previously advised,
it is expected that JLT USA will generate revenues of $50 million
and a net trading loss of $35 million in 2015.
As highlighted at the time of the Group's 2014 preliminary
results announcement in March of this year, the Group is expecting
the phasing of its trading profit to be relatively even across the
two halves of the year. This is for a combination of reasons,
including the timing of recent acquisitions, our changing business
mix, the phasing of a number of significant accounts and the impact
of our investment in the US.
Financial Position
The Group is well funded and its financial position continues to
be strong, with investment and acquisitions financed from operating
cash flows and committed borrowing facilities. On 13th February
2015, the Group announced that Ardian has agreed to buy JLT's 26.2%
stake in Milestone, the holding company of Siaci St Honoré, JLT's
French associate. The proposed transaction will create an
approximate exceptional gain for JLT of GBP18 million in 2015, with
the net proceeds of approximately GBP78 million being payable in
cash and used to repay borrowings. The transaction is expected to
complete in May 2015.
Outlook
Despite a challenging insurance rating environment, we remain
confident in JLT's revenue growth momentum and in our strategy of
continuing to invest to deliver sustainable long-term earnings
growth.
- ENDS -
Enquiries:
Jardine Lloyd Thompson Group plc
Dominic Burke, Chief Executive 020 7528 4948
Mike Reynolds, Finance Director 020 7528 4375
Paul Dransfield, Corporate Communications 020 7528 4933
Brunswick Group
Tom Burns / Dania Saidam 020 7404 5959
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world's leading providers
of insurance, reinsurance and employee benefits related advice,
brokerage and associated services. JLT's client proposition is
built upon its deep specialist knowledge, client advocacy, tailored
advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in
39 territories with more than 10,000 employees. Supported by the
JLT International Network, it offers risk management and employee
benefit solutions in 135 countries.
Forward-Looking Statements
This announcement may contain "forward-looking statements"
regarding the financial position, business strategy or plans for
future operations of the Group. By their nature, forward-looking
statements involve risk and uncertainty, relating to facts that are
beyond the company's ability to control, such as future market
conditions. Any such statements in this announcement speak only as
at the date of this announcement. The company does not assume any
obligation to, and does not intend to, revise or update these
forward looking statements except as required pursuant to
applicable law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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