JLT Employee Benefits has said it will deliver positive revenue growth this year after a major corporate restructure.
In the first six months of this year, its international business saw a revenue growth of 5% to £619.4m, according to its interim report published on 26 July.
The company said its restructuring project, which aims to create a flatter and more client-centric service, is on track with around £2m of savings already made. Restructuring costs have directly amounted to around £10.2m in the first half of this year.
JLT expects a total of £9m to be saved in 2016 and around £14m next year, which is predicted to be achieved with a 15% trading profit margin by the end of 2017.
However, its UK and Ireland arm is still recovering from a dip in revenue after the government banned commission-related revenues in 2013. It estimates around £5m of business was lost due to the ban.
British and Irish revenues were slightly hampered by a "muted demand" for non-obligatory services. Total revenue for January to June 2016 was £74.9m, compared to £85m in the same period last year.
This has dragged down the company's overall organic revenue growth, which is at 1% internationally, or 4% if UK and Irish figures are excluded.
Group chief executive Dominic Burke said its improved collaboration would lead to annual growth despite the economic challenges.
He said: "We are seeing significant financial benefit from collaboration between our speciality operations around the world, which is helping sustain momentum and drive organic revenue growth across the business.
"Economic and industry conditions remain challenging; nevertheless, we remain confident about the group's ability to deliver year-on-year financial progress."
The group's total pension liabilities have increased by £60m, after the drop in value of bond yields.
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