Loss adjuster reports 5% rise in revenue for first quarter
Crawford & Company saw its revenues rise 5% before reimbursements to $255.5m (£129.4m) for the first quarter of 2008, up from $243.6m for the same period last year.
The US loss adjuster, which has a UK division, also reported net income of $9.1m for the three months ended 31 March, versus $3.3m the previous year.
It credited higher net income, reduction in the growth of accounts receivable balances and lower payments for accounts payable and accrued liabilities for its cash used in operations of $4.1m against $32.2m last year.
Internationally, its revenues before reimbursements grew to $106.7m from $83.9m for the same period in 2007. Operating expenses rose to $17.7m, a 22.2% increase, while operating earnings – profits after general expenses – rose to $9m, which more than doubled last year’s first-quarter operating earnings of $4m.