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JLT H1 profit falls YOY on restructuring costs

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JLT H1 profit falls YOY on restructuring costs

Jardine Lloyd Thompson Group Plc reportedfirst-half profit attributable to owners of the parent of £33.3 million, downfrom £73.9 million in the year-ago period.

EPS for the period stood at 15.1 pence,compared to 33.6 pence a year earlier.

Income from fees and commissions for the firsthalf rose on a yearly basis to £617.6 million from £590.1 million.

Restructuring costs amounted to £10.2 million,compared to £6.7 million a year earlier, in respect of the restructuring of itsU.K. and Ireland employee benefits business. JLT said the restructuring remainson track and is expected to deliver benefits in 2016 of £9 million and £14million on an annualized basis in 2017. The group expects a total charge ofapproximately £12 million for full year 2016 in relation to the restructuring.

The group booked a charge of £22 million as anexceptional item in the second quarter following a with Willis regarding certainemployment-related disputes involving a fine arts, jewelry and specie teamhired by JLT in 2015. The group also booked a £1.4 million loss on the disposalof a business in Indonesia.

The group's board declared an interim dividendof 11.6 pence per share, compared to 11.1 pence a year ago. The interimdividend will be paid on Oct. 3 to shareholders on the register Sept. 2.

In addition, JLT appointed Adam Keswick anonexecutive director and deputy chairman, effective Sept. 1. Keswick, who iscurrently based in Hong Kong, will undertake a new group role based in Londonbeginning Aug. 1, while remaining a director of Jardine Matheson Holdings Ltd.and certain other group companies.