Lloyd Thompson in 28% surge

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SHARES in Lloyd Thompson, the highly regarded insurance broker, rose 15p to 222p yesterday as it reported a 28 per cent rise in full-year pre-tax profits to pounds 14.4m.

It achieved this result on brokerage income that rose from pounds 29.7m to pounds 36.5m in the year to 30 June. Tight expense control enabled Lloyd Thompson to cut its expense/income ratio from 81 to 76 per cent.

Peter Lloyd, the chairman, said the strong brokerage growth came from the high rate of acquisition of new business from new and existing clients. The three main areas of marine, non-marine and reinsurance all contributed.

The company said it had also been able to retain much of its existing business.

Mr Lloyd said: 'Whilst the next two years will present challenges different to those experienced by us in the recent past, we are confident that our teamwork and our determination will enable the group to continue to develop.'

Robert Tomkinson, a non-executive director, has become deputy chairman.

Fully-diluted earnings per share rose by 25 per cent to 12.36p. A final dividend of 3.95p increases the total by 24 per cent to 5.6p a share.