18 Feb 2015 07:00
Date: 18 February 2015
On behalf of: Charles Taylor plc ("Charles Taylor", the "Group" or the "Company")
Embargoed until: 0700hrs
Charles Taylor plc
Trading Update
Charles Taylor is pleased to announce that the Group's revenues and adjusted earnings are now expected to be ahead of management's previous expectations. This improvement is due primarily to Adjusting Services performing better than expected in December 2014.
Professional Services
It is expected that Management Services will deliver a strong performance and Insurance Support Services will make a meaningful contribution to the 2014 results. The global claims environment, however, remained benign throughout 2014; hence Adjusting Services' operating profit is still expected to be down year on year.
Owned Insurance Companies
This business is expected to perform satisfactorily for the year.
A non-trading matter
In common with many companies with defined benefit pension schemes, the company's retirement benefit obligations are expected to increase year on year due to a notable fall over the period in the corporate bond yields used to calculate pension scheme liabilities under IAS 19.
The final results remain subject to audit and any adjustments that may arise during that process.
For further information: | |
Charles Taylor plc | |
David Marock, Group Chief Executive Officer | |
Mark Keogh, Group Chief Financial Officer Mike Lord, Group Communications Director
| Via Redleaf Polhill |
Redleaf Polhill | ct@redleafpr.com |
Rebecca Sanders-Hewett Charlie Geller David Ison
| 020 7382 4730 |
Notes to editors
Charles Taylor plc is a leading provider of professional services to clients across the global insurance market. The Group has been providing insurance-related services since 1884 and today employs over 1,000 staff in 61 offices spread across 26 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.
The Group offers services, principally on a fee-based model and operates through three Professional Services businesses - Management, Adjusting and Insurance Support Services. Charles Taylor also owns insurers, creating value through undertaking select acquisitions and achieving operational efficiencies.
Further information is available at www.ctplc.com
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.