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Lane Clark & Peacock earns E2.6m profit

UK – UK actuarial consulting firm Lane Clark & Peacock made a profit of 1.8 million pounds (2.6 million euros) in the six months to the end of September, figures from its parent company show.

South Africa-based Alexander Forbes Ltd. said LCP made a “solid performance” with a 1.8 million-pound contribution to trading profit. In the four months to the end of September last year LCP made 900,000 pounds.

Revenue rose to 14.5 million pounds from eight million pounds. Alexander Forbes bought 60% of LCP in 2002.

Alexander Forbes’ new Investment Solutions business incurred a start-up trading loss of 600,000 due to a delay in obtaining regulatory approval.

“All approvals are now in place and portfolios are being actively marketed to clients,” it said. “The defined contribution administration business continues to attract new clients.”

Alexander Forbes’ total international profit fell two percent to 17.2 million pounds. And its total group profit slipped 10% in rand terms to 508 million rand, on revenue of 2.2 billion rand.

Chief executive Rael Gordon said: "Provided currency levels remain stable and given current trading conditions, we expect an improved second half performance with earnings for the full year broadly in line with the previous financial year.

“Whilst the environment remains challenging in a number of areas, there are a number of notable successes and exciting opportunities for Alexander Forbes.”

In September Investment Solutions launched a multi-manager platform in the UK, aimed at companies now offering both defined benefit and defined contribution schemes.

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