Group profit increases 203%
Loss adjuster Crawford reported operating profits of $20.5m (£12.8m) in its Europe, Middle East, Africa and Asia Pacific (EMEA/AP) division for the first nine months of 2011.
This is a 35% increase on the $15.2m operating profit the unit made in the same period of 2010.
Operating profit for the third quarter alone in the EMEA/AP division was up 11% to $5.7m (Q3 2010: $5.1m).
Nine-month 2011 revenues before reimbursements in the EMEA/AP unit increased 22% to $254m (9M 2010: $207.9m). Third quarter revenues rose 27% to $87m (Q3 2010: $68.7m).
Crawford said third quarter revenues in the division were boosted by the weakening of the US dollar against other currencies, resulting in an exchange rate gain of $10m. Without this boost, EMEA/AP third quarter revenues would have been $77m.
Crawford as a whole saw nine-month net profits increase 203% to $40.9m (9M 2010: $13.5m) and third quarter profits increase 18% to $15.3m (Q3 2010: $13m).
“Our third quarter 2011 operating results reflect continued strong performance in our Americas, EMEA/AP and Legal Settlement Administration segments,” said Crawford chief executive Jeffrey Bowman in a statement. “Both the Americas segment and EMEA/AP benefited from weather-related claims increases, the former in the US as a result of Hurricane Irene and the latter as a result of an increase in weather-related claims activity in our Australian market.”
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