Jardine Lloyd Thompson Group PLC Interim Management Statement (2834W)
April 26 2016 - 02:00AM
UK Regulatory
TIDMJLT
RNS Number : 2834W
Jardine Lloyd Thompson Group PLC
26 April 2016
26 April 2016
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 2016 financial year. This statement covers the period from
1 January 2016 through 25 April 2016.
Trading Environment and Performance
Risk and Insurance:
The Group made a good start to the year in the overall trading
performance of both our insurance and reinsurance businesses. This
was despite external challenges that contributed to a difficult
trading environment, including insurance and reinsurance rating
pressure, lacklustre economic growth, and weak energy and commodity
prices. Our US Specialty build-out continued to gain strength and
the number of professionals employed in the business grew in line
with our plans.
Employee Benefits:
We continue to see good growth in our international Employee
Benefits businesses overall, while the programme to improve UK
Employee Benefits' profitability in 2016 made significant progress.
Most of the restructuring of the UK business is now complete and
will finish in the second half of the year. As announced on 1
March, it is anticipated that the restructure will deliver
annualised savings of approximately GBP14 million in 2017, with
GBP9 million of that benefit realised in the second half of 2016,
when the substantial portion of annual profits will be
delivered.
Financial Position
The Group remains well-funded and its financial position,
including cash flow, continues to be strong. Although foreign
exchange rates are currently favourable to the Group's overall
performance, it is too early to determine the impact for the full
year.
Exceptional Items
For 2016, the Group now anticipates total exceptional costs of
GBP34 million, reflecting the GBP22 million litigation provision
announced on 8 April and the GBP12 million restructuring cost for
UK Employee Benefits disclosed previously at our 1 March results
announcement.
Outlook
We believe that the Group remains on track to achieve its
business and financial objectives in 2016, despite the headwinds
which are now anticipated to persist through the year. Further
updates and a revised outlook will be provided at our half-year
results announcement on 26 July.
- ENDS -
Enquiries:
Jardine Lloyd Thompson Group plc
Charlie Rozes, Group Finance Director (0)207-558-3929
Paul Dransfield, Investor Relations (0)207-528-4933
Brunswick Group
Tom Burns / Dania Saidam (0)207-404-5959
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
TSTPGUBUCUPQGRA
(END) Dow Jones Newswires
April 26, 2016 02:00 ET (06:00 GMT)
Jardine Lloyd Thompson (LSE:JLT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Jardine Lloyd Thompson (LSE:JLT)
Historical Stock Chart
From Mar 2023 to Mar 2024