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