“The COVID-19 pandemic did not have a material adverse impact to our financial results for the first quarter of fiscal 2020; however, we expect that the impact of COVID-19 on general economic activity could negatively impact our revenue and operating results for the remainder of 2020.”
That was the assertion made by Willis Towers Watson when the brokerage withdrew its full-year 2020 guidance due to the uncertainties brought about by the coronavirus crisis.
The company, which will soon become part of the Aon family, said it will re-assess at a future date whether it may be able to provide guidance once it has a clearer understanding of the depth, duration, and geographic reach of the pandemic.
“We cannot predict how long this situation will last and we’re focussed on maintaining a strong balance sheet, liquidity, and financial flexibility,” stated the Irish-domiciled, London-headquartered business which services clients in more than 140 countries.
Meanwhile net income attributable to Willis Towers Watson for the first quarter grew 6% from the US$287 million (around £228 million) posted in the same period in 2019 to US$305 million (around £242 million) this time around.