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Revenue up, profits down as Charles Taylor expands

Specialist loss adjuster Charles Taylor’s total revenue increased at a faster rate than its profits in the six months to June as the company expanded to service new customers.

The UK-based company’s half-year results show revenue increased to £123.4 million ($225.56 million) in the six months to June, compared to £102.3 million ($187 million) in the previous corresponding period. It recorded an adjusted profit before tax of £8.5 million ($15.54 million), up from only £7.8 million ($14.26 million) in 2017.

Charles Taylor’s Australian offices are in Brisbane, Sydney, Melbourne and Perth.

The Insurance Support business recorded reduced operating profit alongside strong revenue growth, because of the strategic investments made to grow the business, the company says.

CEGA, Charles Taylor’s provider of travel claims management services, won a new contract to provide medical assistance services to a major UK insurer, well as new business in New Zealand.

It InsureTech business won a three-year contract with Lloyd’s, and was also appointed by major South American insurer Seguros to implement a core operating platform.