LONDON (Alliance News) - Charles Taylor PLC Thursday said it is performing in line with its expectations but said earnings could be hurt if the pound continues to strengthen.
In a statement, the insurance professional services provider said its performance between January 1 and May 7 was "satisfactory."
Within professional services, the management services business, which provides end-to-end management of mutual insurance companies, delivered a "good" performance, with the mutual insurance companies managed by the company also performing well.
The adjusting services business, which focuses on adjusting larger and more complex commercial losses, had a "slightly slower" start to the year as a result of currency movements, but Charles Taylor said the business continues to receive a wide range of "new high quality instructions throughout its global office network."
The insurance support services business, which provides stand-alone professional and technical services, had a "strong start" to the year and has seen an improvement in the pipeline of potential new business, according to Charles Taylor.
Meanwhile, the company's owned insurance companies continue to run off satisfactorily.
"Charles Taylor has performed steadily over the period. We are making good progress with our growth initiatives and continue to extend the sources of profitable income available to the group by investing in new staff and services," David Marock, Chief Executive, said in a statement.
"Already this year we have bedded in OPOL, our new mutual association client, appointed new senior loss adjusters, launched various products and services throughout the group and secured new clients for our insurance support services business," Marock said.
The CEO said the initiatives demonstrate Charles Taylor's commitment to growing revenue in its professional services business.
Charles Taylor shares were Thursday quoted at 255.00 pence, down 3.8%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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