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LR revenues unaffected by challenging market

LR revenues unaffected by challenging market
Lloyd’s Register (LR) booked revenues of GBP1.04bn, a 0.9% increase versus GBP1.03bn in the year previous.

LR made further gains on favourable currency exchange rates, amounting to a total of 4.1%, which were not factored into the overall results. Operating cashflow was GBP61m ($91m), versus GBP57m in 2014.

LR sold off its rail business to Ricardo plc during the period, as well as concluding the acquisition of LR Senergy 15 months earlier than originally anticipated. The group opened a new Group Technology Centre on the University of Southampton campus.

“Our profits help to fund the Lloyd’s Register Foundation, enabling it to continue to make the best possible contribution to help tackle society’s challenges of the future,” said LR chairman Thomas Thune Andersen. “In 2014/15, our donations to the Lloyd’s Register Foundation were GBP11.5m.”

Taking over as ceo from Richard Sadler, outgoing cfo Alastair Marsh said: “Thanks to Richard’s leadership over the past eight years, our business is in good shape, despite turbulent market conditions. It is vitally important that our business continues to evolve and I am delighted to have been given the opportunity to lead LR through what promises to be exciting and challenging times ahead”. 

TAGS: Regulation