Crawford Q3 revenue jumps 10%
Claims management firm Crawford & Company posted a 10% rise in year-on-year revenue to $US325.6 million ($500.27 million) in the third quarter, a new quarterly record.
Australian revenues were 7% of the total, coming in at $US22.87 million ($35.13 million) in the third quarter and $US68.79 million ($105.69 million) in January-September.
CEO Rohit Verma says it was the 12th consecutive quarter of growth.
“We continued our momentum of growth and profit expansion,” Mr Verma said. “This was a very strong quarter for Crawford with healthy cash generation.”
In the three months to September 30, global net income was $US12.3 million ($18.89 million), against a loss of $US15.1 million ($23.2 million) a year earlier.
Third quarter revenue rose 19% in North America Loss Adjusting, 14% in international operations, and 13% in the Broadspire segment.
"Our international segment showed improved revenues and margins as our transformation of the international business continues,” Crawford said.
Revenue was down 6% in Platform Solutions, where benign weather and a reduction in high-volume, low severity claim activity impacted results for the quarter.
Atlanta-based Crawford says it manages over $US18 billion ($27.5 billion) in claims a year across 70 countries.