FY17 PBT (Norm) was broadly in line at £191.5m/EPS 58.5p. The 34.0p dividend was slightly better than we forecast. The story has always been about FY19 and beyond, when US Speciality comes on line as a profit stream, but (new) headwinds in FX and IFRS15 will act as a drag on revenue. JLT is also to embark on a Transformation Programme to cut costs by £40m by 2020. The strategy to create a global specialist broker makes sense/offers upside - but it’s all about delivery given
28 Feb 2018
FY17 one step forward, 2018….
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FY17 one step forward, 2018….
Jardine Lloyd Thompson Group (JLT:LON) | 0 0 0.6% | Mkt Cap: 2,861m
- Published:
28 Feb 2018 -
Author:
Joanna Parsons -
Pages:
3
FY17 PBT (Norm) was broadly in line at £191.5m/EPS 58.5p. The 34.0p dividend was slightly better than we forecast. The story has always been about FY19 and beyond, when US Speciality comes on line as a profit stream, but (new) headwinds in FX and IFRS15 will act as a drag on revenue. JLT is also to embark on a Transformation Programme to cut costs by £40m by 2020. The strategy to create a global specialist broker makes sense/offers upside - but it’s all about delivery given