Charles Taylor to raise £30.6m for acquisitions

 
Caitlin Morrison
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PROFESSIONAL services firm Charles Taylor is to raise £30.6m through a rights issue, in order to make more acquisitions and investments.

David Marock, the group’s chief executive, said the business had built a strong platform for growth over the past three years, and was now seeing an “increased number and range of potential acquisitions, joint ventures and business investment opportunities”.

“While recent acquisitions have been financed from within our existing resources, we believe this rights issue will enable us to seize such opportunities for the benefit of our shareholders, clients and colleagues,” he added.

The firm, which is focused on the insurance market, announced its plan at the same time as revealing a 38.5 per cent increase in profit before tax during 2014, up from £6.9m in 2013 to £9.6m.

Revenue also increased, by 8.1 per cent, from £113.6m to £122.8m. The firm said it had made these gains in spite of the “unusually low level of large insured claims across the insurance market” last year, which led to a fall in the performance of Charles Taylor’s adjusting services business.