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WILLIS CORROON GROUP REPORTS RESULTSFOR THE FIRST NINE MONTHS OF 1992

 NASHVILLE, Tenn., Nov. 18 ~PRNewswire~ -- London-based Willis Corroon Group (ADRs traded on the New York Stock Exchange, ticker symbol WCG) today released its results for the first nine months of 1992.
 Highlights are as follows:
 1992 1992 1991 Change
 US$(a) Pounds Sterling
 $764.0m Brokerage and fee revenue 429.2m 415.0m 3 pct.
 $108.4m Profit before tax 60.9m 89.0m -32 pct.
 16.7 cts. Earnings per share 9.4p 14.1p -33 pct.
 (a) For convenience, sterling figures have been translated into US dollars at the period-end rate of 1 pound equals $1.78.
 Roger Elliott, executive chairman, and Richard Miller, chief executive, issued the following statement:
 "The Group has continued in the third quarter of 1992 to build on the organizational changes and investments made to maximize the potential of the 1990 merger. This process inevitably gives rise to expenses ahead of the revenue and cost savings it will generate; the effect of this on our results is made worse by external factors adverse not only to our business but also to that of clients and competitors.
 "On an underlying basis, brokerage and fee revenue is broadly the same as in the same period last year. This measurement leaves out the many new operations started or acquired in continental Europe, North America and the United Kingdom in the last 18 months. These are generating business for the Group, revenues from which will appear increasingly in our results in 1993 and beyond. Within operations that have been in the Group for longer, encouraging growth from new accounts has been offset by continuing declines in premiums in the USA and by the effects of recession in the UK.
 "Expenses grew at 3 percent on an underlying basis for the nine months with a further decline on a quarterly basis. Our goal remains to eliminate underlying expense growth.
 "Speculation persists about changes in US premium levels in response to lower interest rates and underwriters' losses arising from Hurricane Andrew and other events. For the moment, rates remain depressed and, coupled with the normal seasonal pattern of our business, mean that in the last quarter of this year we are likely at best to break even.
 "Our objective remains -- providing the best possible service to clients and growth to generate a satisfactory return to our shareholders regardless of the difficulties of the business environment. We continue to make progress through 1992 towards achieving that objective."
 WILLIS CORROON GROUP plc
 Group Profit and Loss Account
 for the nine months ended Sept. 30, 1992
 1992 1992 1991
 US$(m)(b) Pounds Sterling(m)
 812.6 Turnover 456.5 452.8
 70.8 Interest and investment income 39.8 52.0
 883.4 Operating revenue 496.3 504.8
 (746.0) Operating expenses (419.1) (388.5)
 (29.9) Underwriting claims (16.8) (28.4)
 107.5 Operating profit 60.4 87.9
 Share of profit of associated
 8.0 undertakings 4.5 4.2
 (7.1) Interest payable (4.0) (3.1)
 Profit on ordinary activities
 108.4 before taxation 60.9 89.0
 (38.8) Tax on profit on ord. activs. (21.8) (31.9)
 Profit on ordinary activities
 69.6 after taxation 39.1 57.1
 (0.2) Minority interests (0.1) (0.2)
 69.4 Profit for the period 39.0 56.9
 16.7 cts. Earnings per share 9.4 pence 14.1 pence
 17.6 cts. Dividends per share 9.9 pence 9.9 pence
 Average number of shares in
 issue (millions) 415 404
 (b) The results for the nine months ended Sept. 30, 1992, have been translated into US dollars at the period-end rate of 1 pound equals US$1.78. No adjustments have been made to restate the results to comply with US generally accepted accounting principles.
 NOTES
 (1) Segmental Analysis
 1992 9 months ended Sept. 30 1992 1991
 US$(m) Pounds Sterling(m)
 Operating Revenue
 819.3 Broking activities 460.3 457.9
 64.1 Underwriting activities 36.0 46.9
 883.4 Total 496.3 504.8
 Operating Profit
 92.4 Broking activities 51.9 83.5
 15.1 Underwriting activities 8.5 4.4
 107.5 Total 60.4 87.9
 (2) Dividends Per Share
 The directors have declared a fourth interim dividend of 3.3 pence per share which will be paid on Jan. 4, 1993, to shareholders registered at the close of business on Dec. 10, 1992. A scrip dividend alternative is being offered in respect of the fourth interim dividend. Details of the offer will be included in the nine months' report.
 Holders of the company's American Depositary Receipts (ADRs) will receive the dividend after it has been converted into US dollars by the Depositary, Morgan Guaranty Trust Company of New York. Payments to ADR holders whose residence (for tax purposes) is in the United States will include a refund of the associated UK tax credit in respect of the dividend. The payment will be subject to UK withholding tax (currently equal to 15 percent of the gross dividend) and will be sent to ADR holders by the Depositary on Jan. 11, 1993. Holders of the company's ADRs will continue to have access to a dividend reinvestment plan operated by the depositary.
 (3) Accounting Presentation
 The results for the nine months ended Sept. 30, 1992, which are unaudited and do not comprise full accounts, have been prepared on the basis of the accounting policies set out in the 1991 Annual Report.
 Statutory accounts for the year ended Dec. 31, 1991, upon which the auditors have given an unqualified report, have been delivered to the Registrar of Companies.
 Copies of this release are available from the company's registered office, Ten Trinity Square, London EC3P 3AX. Shareholders will be sent a copy of the Group's nine months' report, which will also be available from the company's registered office, on Nov. 23.
 -0- 11~18~92
 ~CONTACT: Peter Stevens, 071-481-7045, or John Robins, 071-488-8457, both in the London office; or Mary Fairchild in the Nashville office, 615-872-3044, all of Willis Corroon~
 (WCG)


CO: Willis Corroon Group, plc ST: Tennessee IN: INS SU: ERN DIV

BN-EA -- AT001 -- 2197 11~18~92 09:20 EST
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Date:Nov 18, 1992
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