Charles Taylor Regulatory News (CTR)

29 Jan 2007 07:01

Charles Taylor Consulting PLC29 January 2007 Trading Update Charles Taylor Consulting plc is pleased to announce that trading for the periodended 31st December 2006 was in line with management's expectations. Mutual Management Division The Mutual Management division has performed well with a significant growth inrevenue and two new management contracts have been signed in relation to themanagement of mutuals for Care Homes and Activity Centres. Managementactivities relating to the Standard and Signal Mutuals also produced a goodfinancial performance. In addition, substantial groundwork was completed inrelation to the Local Authorities Mutual and other projects within the UK PublicSector. Services Division Margins have improved overall as a result of better productivity and whilst theEnergy revenue remained broadly in line with that of 2005, Aviation, Marine andNon Marine all saw increased turnover. With a view to further improving the quality and coherence of client service aswell as improving the overall efficiency of the division, it is intended tocombine all of the Group's loss adjusting operations under one brand andmanagement structure during the first half of the financial year. Run Off Division LCL made three acquisitions during the year and continues to examine a number ofopportunities to expand further. During the year a minority interest in one ofits insurance subsidiaries was sold with a view to enhancing and acceleratingthe cash realisation of that company's tax losses. CTC expects to enjoy bothsignificant cash inflows from this sale and to achieve substantial cash flowbenefit from the utilisation of its share of the company's tax losses. The preliminary results will be announced on Wednesday 28th March. This information is provided by RNS The company news service from the London Stock Exchange