JLT warns market conditions worse than expected as it unveils half year results
JLT this morning reported pre-tax profit of £76.6m (2006: restated £46.9m) on a slightly increased turnover of £244.7m. This includes an exceptional gain of £29.7m arising on the completion of the merger of French associate SIACI with Assurances et Conseils Saint-Honoré, partly offset by exceptional restructuring costs of £4.1 million.
Underlying trading profit before exceptional items was £40.4m, 10% ahead of the same period in 2006 or 18% at constant rates of exchange. The underlying trading margin improved to 17% from 15% in the
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