LONDON (Alliance News) - Jardine Lloyd Thompson Group PLC - which is in the process of being taken over by US insurance provider Marsh & McLennan Cos Inc - on Tuesday said its annual underlying profit and revenue increased.
Under London Stock Exchange regulations, JLT has to update the market on key financial items despite shareholders approving the GBP4.3 billion takeover by Marsh & McLennan, which is expected to be completed in the spring.
In 2018, JLT said its pretax profit fell sharply to GBP88.1 million from GBP177.1 million in 2017 due to GBP145.4 million exceptional costs reflecting transaction-related costs, regulatory-related costs and global transformation programme restructuring charges.
Excluding exceptional items, the company's - which provides insurance, reinsurance and employee benefits-related advice - profit increased 26% to GBP233.6 million.
JLT said its trading profit increased 21% year-on-year to GBP108.6 million, driven by organic revenue growth and its global transformation programme. Its Global Specialty unit saw a 25% growth in profit, with Global Reinsurance increasing 10% and Global Employee Benefits jumping 8%.
The company's total revenue increased 5.1% to GBP1.44 billion from GBP1.37 billion in 2017.
JLT said all of its divisions delivered organic revenue growth year on year, with 7% in Global Specialty and 7% in UK Employee Benefits.
JLT ended 2018 with net debt of GBP535 million compared to GBP506 million at the end of 2017.
Shares in Jardine Lloyd Thompson were flat Tuesday morning at 1,906.00 pence each. Under the offer, Jardine Lloyd Thompson shareholders will receive 1,915.00 pence in cash.
