1st Jul 2010 07:00
FOR IMMEDIATE RELEASE
1 JULY 2010
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 results for the six months to 30 June 2010, which will be announced in late August 2010.
Overall trading continues to be in line with the trends indicated in the Company's Interim Management Statement issued on 19 May.
There has been a continued good performance from our Insurance Companies Run-off business (where there are large minority interests) and from our Adjusting Services businesses. However, as indicated previously, this has been offset by the necessity to increase personnel costs in our Management Services business, because of the continued increase in Standard Club tonnage, and a slow start from the newly created Charles Taylor Insurance Services ("CTIS").
During the second half we will seek to mitigate the impact of the additional costs in the Management Services business and to improve revenue and contract profitability at CTIS. Additionally, the new Signal management fee arrangement, which is expected to benefit performance, comes into place from the fourth quarter.
For further information, please contact
John Rowe, Chief Executive020 3320 [email protected]
George Fitzsimons, Finance Director
020 3320 [email protected] TO EDITORS
1. Charles Taylor Consulting is a leading provider of insurance services. We manage mutual insurance companies, advise insurers on complex insurance losses and provide administration and consultancy services to insurers and insureds worldwide. We also own 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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