Just 1 month ago we announced our results for the first 6 months of 2001. They demonstrated a continuation of the strong growth that we had achieved in prior years. Our turnover was up by 26%, partly resulting from those acquisitions I have just referenced. Our profits before tax had also increased by 18%, and we maintained our unbroken record since 1987 of increasing the dividends of every single reporting period thereafter.
TWST: Can we look at the organic side and how you see that developing over the next couple of years? What would be the key points on the agenda there?
Mr. Carter: Ever since we formed JLT in 1997 we have experienced an organic growth of between 4% and 8% a year, so that the growth in the first half of this year which, I just referenced, is only partly due to those acquisitions. We are now in a very hard insurance market and in our opinion we have been in it long enough to produce an estimate of the benefit value that is produced in brokerage, which is about 4% of our turnover growth. Some people think it should be higher, but we believe that the fact that we can deliver our overall level of turnover and profit growth with only a 4% benefit from the hard market indicates how profitable the underlying business is.
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