Charles Taylor plc announces good first half performance
12 September 2018
Charles Taylor performed well in the first half of 2018, delivering strong revenue growth. Adjusted profit before tax also increased, although at a slower rate than revenue as we build our teams to service recent contract wins.
Our investments are achieving results:
- Our claims management businesses, in which we have been investing over the last two years, continued to grow strongly. Our Adjusting Services business increased revenue while continuing its trend of margin improvement. CEGA grew its revenue and profit contribution to the Group following recent business wins from leading UK insurers. Our other TPA businesses also continued to win new business, including wins as a direct result of our recent TPA-related acquisitions.
- Charles Taylor InsureTech is gaining traction as a global insurance technology provider. It has won substantial global insurance technology contracts and has acquired an insurance-focused technology consultancy and software provider. This was funded by a share placing which was significantly oversubscribed.
We are confident that our growth strategy offers shareholders the greatest potential for continued long-term growth in the Group’s share price, along with rising income over time. We anticipate that our full year performance will be in line with the Board’s expectations.
David Marock, Group Chief Executive Officer said:
“Charles Taylor has delivered strong revenue growth combined with a solid increase in adjusted profit before tax - after the investments we have made to deliver our growth strategy. These initiatives are showing great promise with our Insurance Support Services business winning high-profile business and our Adjusting Services business showing steady progress in its ambition to increase profits and margin. Underpinning this performance is Management Services, which provides a solid core to our business with deep, long-lasting client relationships and steady, reliable growth.”
Read the full half year results announcement here