JLT maintains track record

Tough markets in the UK and Europe have been little help, but underlying pre-tax profit still leapt 10 per cent to £161.7m. At the core risk and insurance division, revenue in Asia grew 13 per cent, while pushing construction, oil & gas and mining business in countries like Brazil, Peru, Chile and Colombia generated growth of 22 per cent in Latin America. And management has launched another assault on costs, this time saving £12m over the next two years from back office functions in Asia and Latin America, and setting up new hubs there. But it’s investing as well. Last year, Jardine employed an extra 500 staff and acquired another 350 from acquisitions, yet still managed to cut staff costs as a percentage of revenue and nudge underlying trading margins up to 18.2 per cent. That said, any rate increases have been "patchy" and Mr Burke sees no reason why things should improve given the level of excess capacity.

Broker Investec expects pre-tax profit of £176.5m in 2013, giving EPS of 56.7p (up from £156.8m and 48.6p last year).