Global claims management provider Crawford & Company has returned to first-half profit with earnings of $US527,000 ($583,000) following a loss of $US85 million ($94 million) in the same period last year.

Cost-cutting, including the axing of 146 jobs, helped trim expenses by 16% during the half although second-quarter results were hit by severance costs and a $US7.3 million ($8.1 million) goodwill impairment charge.

It was a $US94 million ($104 million) goodwill impairment charge that sunk Crawford’s profitability in the first half of last year, due to charges booked against its Broadspire subsidiary.

Total revenue during the half declined 3% to $US508 million ($562 million).

Despite subdued claims volumes and economic conditions, Crawford CEO Jeffrey Bowman says the company “is holding its own in terms of market share”.

“While focusing our business development efforts around experienced account management teams, we believe we have improved the pipeline of new opportunities for the remainder of 2010 and into 2011.”