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1 Jul 2009 07:00
For immediate release- 1 July 2009
Charles Taylor Consulting plc
Trading Update
Charles Taylor Consulting plc ("the Company") provides the following trading update, prior to entering the close period for its interim results to 30 June 2009 which will be announced on 28 August 2009.
Since the last update issued on 8 May 2009, the Company has continued to trade in line with management's expectations.
The Adjusting division is performing well, with workloads relating to existing instructions high and the Company's overall market share of new instructions strong. The integration of ASG, the specialist aviation asset management consultancy acquired in May, is proceeding satisfactorily.
The performance of the Management division continues to be impacted by the effect of lower US payrolls on Signal's revenue. However, Signal's income levels now appear stable and the Standard Club is performing as expected. On 9 June 2009, the Court of Appeal ruled in the case of RMP v The London Borough of Brent that local authorities could not participate in an insurance mutual under their existing statutory powers. This ruling is not expected to affect the short-term performance of the Management division, although the Company is reviewing the future growth prospects for public sector mutuals.
The Insurance Support Services division was created from the combination of the Company's existing London market run-off services business with the Axiom business acquired in May and the initial focus of the division has been on integration and new business generation. The integration is progressing as planned. The performance of the Company's owned insurance run-off companies is broadly in line with expectations.
The breadth and diversity of the Company's services to global insurance markets continues to be a source of strength and stability despite the outlook for the world economy remaining uncertain.
For further information, please contact
John Rowe, Chief Executive020 3320 2200john.rowe@ctcplc.com
George Fitzsimons, Finance Director
020 3320 2263george.fitzsimons@ctcplc.comNOTES TO EDITORS
1. CTC serves global insurance markets. It provides services to mutual and captive insurers, commercial insurers (whether still underwriting or closed to new business) and insured ship owners, and also owns life and non-life insurance companies which are closed to new business. Further information on the Group can be found at www.charlestaylorconsulting.com.
2. This statement is based on information sourced from management accounts.
3. 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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