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Charles Taylor Pleased With Interims As Revenue Grows, Loss Narrows

Wed, 11th Sep 2019 10:18

(Alliance News) - Insurance services firm Charles Taylor PLC on Wednesday said it has started 2019 well, as it registered a narrowed loss for the first half.

The company's pretax loss for the six months to June 30 was GBP2.1 million, improved from GBP2.5 million a year before, with adjusted pretax profit climbing 26% to GBP7.3 million.

Charles Taylor reported revenue of GBP141.7 million for the period, up 15% from a year before.

Charles Taylor has handed shareholders a 5% increase to the interim dividend, which will be 3.65 pence per share.

Looking segmentally, the Claims Services business had a "strong" half, growing revenue and operating profit and improving margins. Insurance Management also did well, though revenue did fall due to a syndicate being put into run-off.

Lastly, InsureTech is establishing an "excellent reputation", Charles Taylor said, with revenue growing "strongly" and operating losses narrowing.

Chief Executive David Marock commented: "Charles Taylor performed well in first half 2019. We are successfully executing our strategy to grow the business. Our focus on expanding our Claims Services and InsureTech businesses was achieved through new clients wins and solid organic growth with Claims Services delivering an improved margin, and InsureTech delivering a close to break-even operating result.

"While revenue from Insurance Management were marginally down, we delivered an increase in profit. Together this resulted in strong growth in the group's revenue, adjusted earnings before interest, tax, depreciation, and amortisation, and adjusted profit before tax."

Shares were 2.2% lower on Wednesday morning in London at 225.00p apiece.

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