Charles Taylor posts steady growth in H1 results

Both revenues and profits at Charles Taylor, which offers a range of professional services to the insurance industry, increased in the first half of 2016 driven by its professional services unit and non-life business transfers.

Charles Taylor's revenue for the first half of 2016 was £74 million, up 7.1 percent from the same period in 2015.

The group attributed part of this growth to the performance of its professional services businesses.

The group also largely benefitted from the sale of Bestpark International and the business transfers from its other non-life companies in the first half of 2016.

The performance of Charles Taylor's life businesses was steady, but was hampered by the weakening of sterling against other currencies towards the period-end.

Charles Taylor's adjusted profit before tax was £6 million, up 4.2 percent from the previous year.

David Marock, group chief executive officer, said: "Charles Taylor has had a good start to 2016, with all our businesses performing in line with expectations.

"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.

"We are very positive about the long-term prospects of Charles Taylor. We believe the potential for growth in the professional services delivered by the group to global insurance markets is great. We are executing our strategy for growth successfully and are building on a significant number of initiatives which we believe will deliver over time further growth for the benefit of shareholders, clients and our highly professional team of people."