JARDINE Lloyd Thompson (JLT) has seen double-digit growth in 2009 revenue and profits as the Lloyd’s of London listed insurer said it will avoid making any large acquisitions.
Revenue for the group climbed to £612.9m, marking a 14 per cent increase on 2008 when income came in at £536.1m. Likewise, profits before tax reached £102m rising 10 per cent from 2008 when it made £92.8m.
Chief executive Dominic Burke said that after stripping out currency and costs of acquisitions, JLT saw organic revenue growth of five per cent with the company “outperforming its US competitors”.
Despite continued growth, JLT ruled out the possibility of undergoing a major acquisition but said that it would look at making strategic bolt-on acquisitions where necessary.
“We will only look at an acquisition where there is an added value and where it drives the business forward. We are not interested in doing a transformational acquisition because JLT does not need to do one,” said Burke.
In 2009, JLT acquired a number of companies, including employee benefits business HSBC Actuaries and Consultants, which it bought in December for £27.2m.