Charles Taylor share price up as professionals services and insurance company reveals profit growth for year ended December 2015

 
Hayley Kirton
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London Stock Exchange
It's been a strong year for growth, the chief executive said (Source: Getty)

Share price in Charles Taylor was trading up today after the professional services company revealed that profits had climbed in its year ended December 2015.

The firm, which provides a number of specialist insurance services, announced that profits before tax had grown to £12.8m, up 31.6 per cent from £9.7m the year before, while revenue had also increased to £143.4m, up 17.1 per cent from £122.4m.

Speaking to City A.M., David Marock, group chief executive of Charles Taylor, said he was pleased with the results, adding: "From our point of view, it's been a great year, with lots of good stuff on the numbers but also good success on building the business so it's well-positioned for the future."

Shares in the company were trading up 7.8 per cent at 249p shortly after 11am London time.

Marock added: "We've been telling a particular growth story for the last number of years, and the last year and the year before we started to see the growth come in, but I think this year was particularly good. I think there's been a positive response to that."

The company also increased its dividend to 7 pence per share, up 6.5 per cent from 6.57 pence per share for 2014.

Analysts at Peel Hunt remarked that today's set of results were strong, adding: "There is real momentum behind the existing business, with a range of opportunities in development to build on this."

Meanwhile, analysts at Liberum pointed out that the company had started 2016 on a positive note too. However, they cautioned that 2015 did include the launch of a Lloyds managing agency and the acquisition of a mutual, which had made growth particularly exceptional.

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