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Service expansion hits Charles Taylor earnings

Professional services group Charles Taylor says investments in its insurance technology business caused an earnings slide in the insurance support services division.

The division made an operating profit of £1.4 million ($2.3 million) in the six months to June 30, down from £2.4 million ($3.9 million) in the corresponding period last year, but revenue increased to £37.4 million ($61.3 million) from £16 million ($26.2 million).

Charles Taylor InsureTech is working on a delegated underwriting authority management solution, the company says.

Overall revenue grew 36.1% to £100.7 million ($165 million), but profit before tax declined 41.4% to £3.1 million ($5.1 million).

“This was largely due to our ongoing program of investing in the group to expand our service offering for our clients globally and to deliver long-term growth in profits for shareholders,” the UK-listed company says.

Charles Taylor’s other business divisions are management services and adjusting services.

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