14th Mar 2018 09:43
Charles Taylor, which provides professional services to the insurance industry, posted statutory pretax profit of
However, on an adjusted basis, which strips out items such as non-recurring costs and amortisation of acquired intangible assets, pretax profit rose by 3.5% to
Charles Taylor's revenue rose by 25% year-on-year to
The company has upped its final dividend to
Revenue in the Management Services segment rose 6.6% to
Operating profit in Management Services increased 17% to
The discrepancy between increased revenue and declining profit in Insurance Support Services was due to a rise in expenses to
The year 2018 has begun well for Charles Taylor, it said, and it expects to perform in line with market expectations during the year.
Chief Executive David Marock said: "Charles Taylor achieved a solid overall financial performance in 2017. We delivered significant revenue growth combined with steady growth in adjusted profits before tax and good growth in earnings. Investments have been made both to take forward our key strategic initiatives, whilst also improving the group's underlying performance.
"We are very positive about the long-term prospects for Charles Taylor. We are taking forward numerous growth initiatives and our investments are delivering good results overall. We are confident that our strategy will deliver further growth, increased profit and deliver greater shareholder value."
Shares in Charles Taylor were down 2.1% on Wednesday at a price of 274.75p each.
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