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Lloyd's Register's Group review 2015 highlights continued strong performance

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Oilfield Technology,

Chairman Thomas Thune Andersen reports that, while not immune to current global challenges, LR’s strong performance has continued from last year with turnover totalling £1.04 billion. Currency headwinds affected our performance: using constant currency exchange rates, turnover grew by 4.1% but due to the strengthening of sterling against other currencies, at actual exchange rates turnover for the year was 0.9% higher.

Andersen says: “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. In 2014/15, our donations to the Lloyd’s Register Foundation were £11.5 million.”

Highlights of LR’s year 2014/15 include the opening of the new Group Technology Centre on the University of Southampton campus, the sale of its rail business to Ricardo plc, and concluding the acquisition of LR Senergy 15 months earlier than originally anticipated.

Success and succession

The review also marks the end of Richard Sadler’s time as LR’s CEO. In his last annual statement Sadler says: “It has been a great honour to serve as CEO of LR – it is a unique organisation... I am very proud to be succeeded by Alastair Marsh – and very proud of what we have achieved together.

“When I was appointed in 2007, I made a public commitment that I would serve as CEO for five years. After eight years in the role I believe it is now time to step down to pursue new challenges. It has been a great honour to serve as CEO of LR – it is a unique organisation with a great staff, history, purpose and a set of values of which I am immensely proud.”

And the review includes Alastair Marsh’s last report as Chief Financial Officer. Looking forward to his new role as CEO, Marsh says: “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”.

Adapted from a press release by Louise Mulhall

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