Willis Group Holdings Limited reported strong results for the quarter ended March 31, 2007. Net income for the quarter was $169 million compared with $140 million in Q1, 2006, a 21 percent increase. Earnings per diluted share increased 25 percent to $1.10 in the first quarter 2007 from $0.88 a year ago.
Total reported revenues for the quarter were $739 million compared with $671 million for the same period last year, an increase of 10 percent. The effect of foreign currency translation increased reported revenues by 3 percent.
Willis’ high profile Chairman and CEO Joe Plumeri commented: “Our results by every measure show we are off to a solid start in 2007, and we once again delivered good organic revenue growth despite a softening market. We continue to execute on our shaping sure future strategy creating new opportunities for growth as well as cost efficiencies. Our confidence in the Company is clearly demonstrated by the $457 million buyback of stock in the first quarter.”
For the rest of the year Willis expects to “continue to grow organic revenue and expand adjusted operating margin modestly.” However “in the next few years,” Willis said it “expects to deliver breakout financial performance. Specifically, by the full year 2010, the Company has set financial targets of salaries and benefits expense as a percentage of total revenues to be below 54 percent, adjusted operating margin of 28 percent or better and industry leading organic revenue growth.”
The full report may be obtained on the Company’s web site at: www.willis.com.
Willis will conduct a conference call to discuss first quarter 2007 results today, April 26, 2007, at 8:00 a.m. ET. To participate in the live teleconference, please dial (888) 566-5771 (Domestic) +1 (210) 839-8503 (International) with a passcode of “Willis.”
The live audio web cast (whitewall be listen-only) may be accessed at. This call will be available by replay starting at approximately 10:00 a.m., Eastern Time, and ending May 10, 2007 at 11:00 p.m. Eastern Time, by calling (866) 508-6479 (domestic) or +1 (203) 369-1901 (international) with no passcode, or by accessing the web site.