New products and services support plan for profit growth in 2013
Loss adjustment and consulting firm Charles Taylor hopes to make acquisitions this year as part of plans to encourage gains.
The company grew revenue 6% to £ 108.2 m in 2012, but custom profit was flat at £ 9.6 m.
Speaking to insurance times after the release of the results this morning, Charles Taylor Director David Marock said the Group would look to acquire "bolt-on" companies in the coming year. "The acquisitions that we have in mind are bolt-on type acquisitions fit into what we are basically about professional services search the insurance space, that is," he said.
The company had announced plans for acquisitions in 2012, but didn't find the right opportunities. "We look quite a lot of options but they do not meet our criteria, so I'm happy to say that we didn't do anything," said Marock. "I never want to get in the position where I feel pressure to do a deal. In 2013 we will look at more possibilities and I'm hopeful that we will find something that meets our criteria. "
The expansion plans follows a year of mixed results for the three main companies within the group.
Charles Taylor management services Division Posted revenues of £ 7.1 m up from £ 5.7 m in 2011, with new products in kidnapping and ransom insurance and safety management service, traders help growth. Marock said new products would be continued this year: "We have a number of products in mind and I'm reasonably optimistic we will some new things about this year."
The company insurance support services also saw new product launches in 2012, but performance was below expectations because the products were released later in the year. The Division profit fell at £ 0.1 m (2011: £ 0.2 m). "We wanted more traction on some of the new products," said Marock. "Unfortunately we got them on the market later in the year than we hoped, but we would expect to see that help 2013."
The group loss adjusting company was rocked by a 40% drop in claims in the field of energy, but it succeeded to revenue. "The decline in claims was a market-wide recession specifically in the energy space," said Marock. "It made it a particularly quiet year on the front of the progress not help working generation. The good news story is that despite what's happened in the market we can maintain our income. "
Loss adjusting profits were also affected by investments in three new offices. Marock said the company would continue to invest in the company in 2013 and beyond. "It is a long-term business and we must continue to invest," he said. ' We set up offices in Columbia, Indonesia and the west coast of the us. I expect more of that in 2013. "
The ambitious chief executive has high hopes for all three main divisions. "We have incredibly strong relationships with our customers so that there's no real reason why we shouldn't be able to grow throughout the entire group."And we have initiatives underway to exactly that effect, "said Marock.
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