Jardine Lloyd Thompson profit up 12%, helped by weaker pound

Jardine Lloyd Thompson posted a 12% rise in underlying first-half pre-tax profit on Thursday as it benefited from a weaker pound.

In the six months to the end of June, underlying pre-tax profit rose to £100.1m on revenue of £689.9m, up 11%. The company achieved organic revenue growth of 3% compared to 1% in the same period a year ago, reflecting strong business retention and new client wins.

Jardine said foreign exchange has continued to have a positive impact following the depreciation of the pound since the EU referendum in June last year.

The risk and insurance businesses, which represented nearly 78% of global turnover, grew revenues by 12%, or 3% at constant currency, to £540.8m. Meanwhile, revenues in the employee benefits business were up 8%, or 2% at constant currency, to £149.1m.

The US specialty business more than doubled headline revenues to £35.2m for the period, with the results including the first contribution from Construction Risk Partners, which was acquired at the end of January.

Chief executive Dominic Burke said: "JLT delivered a good financial performance in the first half of 2017. We have entered the second half with many of our businesses showing increasing momentum and we remain confident that we will deliver full year organic revenue growth more in line with historical rates, generating sustained year-on-year financial progress."

Jardine said it has entered the second half with many of its businesses showing increasing momentum and remains confident that it will deliver full-year organic revenue growth more in line with historical rates, generating sustained year-on-year financial progress.

At 0935 BST, the shares were up 0.8% to 1,185p.