Charles Taylor Consulting’s results for 2009 show a rise in revenue to £96.6 million from £80.8 million in 2008, and a rise in pre-tax profits to £15.7 million (£9.9 million). During the year CTC purchased Axiom, since restructured with the addition of the group’s other non-life run-off business. The combined business was renamed Charles Taylor Insurance Services.
Non-executive chairman Rupert Robson says: ‘CTC's business continued to demonstrate its resilience to adverse circumstances, despite economic conditions throughout most of 2009 being poor and business confidence in many areas low. The management services division was impacted by a lower result from our Signal management contract.
‘The performance of the adjusting services division was excellent as was the performance from the group’s insurance companies, which are, of course, in run-off,’ adds Robson. ‘When pre-tax minority interests are excluded, the insurance companies run-off division produced a slightly better profit than in 2008, with most of the improvement relating to the Isle of Man life business.’ Axiom, he adds, was loss making when acquired but is now ‘positioned to grow profitably into 2010 and beyond.’