30th Aug 2016 07:13
LONDON (Alliance News) - Insurance services provider Charles Taylor PLC announced higher pretax profit and revenue figures for the first half of 2016 compared to the same period in 2015, and said all businesses were performing in line with expectations.
Charles Taylor made a GBP5.3 million profit for the six months to the end of June, up from GBP5.2 million in its 2015 interim report, an increase of 1.9% year on year. Revenues were also higher, at GBP74.0 million, rising by 7% from GBP69.2 million.
The company announced a 3.15 pence per share interim dividend, raised from 3.00p in 2015.
Revenue grew across the Management, Adjusting and Insurance Support Services departments year-on-year. Profit doubled to GBBP1.6 million in the adjusting arm of the business from GBP800,000, although there was a dip in Insurance Support Services to GBP2.4 million from GBP2.6 million.
The company's cash balance also improved, with net cash at June 30, 2016 of GBP3.3 million from GBP1.8 million at the same date in 2015. However, Charles Taylor said its pension deficit had increased with the fall in corporate bond yields, with its retirement benefit obligation growing to GBP56.3 million from GBP39.6 million at the end of 2015.
The half year results excluded Charles Taylor's GBP29.8 million acquisition of medical assistance and travel claims services provider CEGA Group, which the company said had largely used up the proceeds of its March 2015 rights issue.
"The group has had a good start to 2016, with all our businesses performing in line with expectations," said David Marock, chief executive of the company.
"We have made excellent progress in delivering our growth strategy with numerous initiatives taken forward, including progressing our acquisition of CEGA, finalising a major software licence and master services agreement with Fadata, launching various new services and further strengthening our teams and operations" he added.
By Adam Clark; [email protected]
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