1 Jul 2008 07:00
For immediate releaseCharles Taylor Consulting plc1 July 2008 Pre-close trading update Property consolidation
Pre-close trading update
CTC provides the following pre-close trading update, prior to entering the close period for its interim results to 30 June 2008 which will be announced on 29 August 2008.
Since the last update issued on 9 May 2008 the company has continued to trade in line with management's expectations and all the factors to which it drew attention then continue to apply. Although the world economic situation has continued to deteriorate management believes that the company's operations should remain relatively unaffected by it due to the breadth and diversity of the range of services it provides to the world's insurance markets.
Property consolidation
The company has been working for some time on a plan to consolidate its London operations into as few locations as possible whilst best serving client needs on the one hand and controlling costs on the other. The move of the adjusting staff into 88 Leadenhall Street was the first move and the benefits of being much closer to the heart of the London insurance market are already apparent. The decision of the Standard P&I Club to acquire the building in which the company's head office is located and redevelop it will enable all operations other than adjusting to consolidate into the redeveloped building in the last quarter of 2009. The results of this will be to see substantial savings on property costs from 2010 onwards and to provide the infrastructure to support the company's growth agenda. One-off costs will be provided for in the 2008 accounts being principally dilapidations of ‚£0.5m, asset write-offs of ‚£0.2m and other one-off property related costs of ‚£0.4m.
For further information, please contact:
John Rowe, Chief Executive020 3320 2200john.rowe@ctcplc.comNOTES TO EDITORS
1. CTC provides management and insurance-related services to both buyers of insurance and insurance companies. The group's activities are subject to the insurance cycle, albeit in different ways. Further information on the group can be found at www.charlestaylorconsulting.com.
2. CTC intends to announce its interim results for the six months ending 30 June 2008 on 29 August 2008.
3. This statement is based on information sourced from management accounts. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
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