Loss adjusting firm Crawford made a profit of $25.6m (£15.6m) in the first half of 2011, a large improvement over the $549,000 it made in the first half of 2010.
Total revenues increased 22% to $618.2m (H1 2010: $508m). In addition the first-half 2011 results lacked the $4.7 restructuring charge and a $7.3m goodwill impairment charge that hit the first-half 2010 profit.
In the second quarter of 2011 alone, Crawford moved to a profit of $13.7m from a loss of $2.5m. Total revenues increased 23% to $314.1 (Q2 2010: $256m).
“We are pleased with the improvement in our second quarter 2011 operating results which reflect double digit revenue growth increases in the Americas and EMEA/AP [Europe, Middle east, Africa/Asia-Pacific], primarily as a result of a surge in weather-related claims activity, and the continued strong performance in our legal settlement administration segment,” said Crawford chief executive Jeffrey Bowman said in a statement.
The EMEA/AP segment’s first half 2011 operating profit increased 47% to $14.8m (H1 2010: $10.1m) while in the second quarter alone the segment’s operating profit was up 45% to $7.6m (Q2 2010: $5.3m).
EMEA/AP’s first-half revenues before reimbursements were up 20% to $167m (H1 2010: $139.2m), while second-1quarter revenues were up 24% to $87.3m (Q2 2010: $70.4m).
Bowman described the EMEA/AP segment as a “solid contributor”. “This part of our business continues to be positively impacted by a substantial increase in weather-related claims activity in our key United Kingdom and Australian markets,” he said.
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