JLT's profit margin hit by US build-out
JLT's first half profit margin declined from 19.7% last year to 17.3% as it made a net trading loss of £12.6m on its US specialty business. The broker said this was in line with expectations.
JLT USA generated revenues of $11.4m but lost $19.4m as it invests in a 150 strong team across 12 locations. JLT which decided to build the business from scratch is expecting the business to become
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