Charles Taylor reports adjusted profit before tax up at the Half Year 2017
06 September 2017
Charles Taylor performed steadily in the first half of 2017, continuing its record of strong revenue growth. Adjusted profits before tax and earnings have increased, although at a lower rate than revenue. This was largely due to our ongoing programme of investing in the Group to expand our service offering for our clients globally and to deliver long-term growth in profits for shareholders.
These investments are focused on the four key strategic initiatives, identified in the 2016 Annual Report: these are to build Charles Taylor InsureTech, to develop global medical claims and assistance capabilities, to extend our Third Party Administration (TPA) services and to develop our turnkey managing agency to be second syndicate ready.
Within Adjusting Services, we have also invested to diversify into more profitable, less volatile income streams with lower working capital requirements, while building capabilities and driving underlying performance of our existing business lines.
These initiatives are progressing well with 2017 highlights to date including:
- Developing within Charles Taylor InsureTech the ground-breaking TIDE delegated underwriting authority management solution.
- Securing multiple new UK client contracts for CEGA, the Group’s medical claims and assistance business, including one major mainstream UK insurance brand.
- Launching a market-challenger medical underwriting technology proposition and securing its first client.
- Investing in a funding round for Fadata to enable a strategic investment in a German-based digital insurance technology specialist and to support further business growth and the lead times to win new business.
- Securing new client contracts for Charles Taylor TPA in the UK and US.
- Acquiring Metro Risk Management, a US West Coast-based TPA specialising in US Longshore and State Act workers’ compensation claims.
- Acquiring Criterion Adjusters (Criterion), a strongly-performing loss adjusting business focused on the UK high net worth insurance sectors.
- Reshaping energy adjusting teams in London, Singapore and Houston, and addressing several smaller underperforming offices, in response to the current market environment.
to read the full results announcement.