Crawford hails UK improvements as group profit rises 16%

Loss adjusting firm Crawford & Company made a net profit of $52.6m (£33.7m) in 2012 , up 16% on the $45.4m it made in 2011.

Consolidated revenues  the year were a “record”  $1.18bn, up 5% on 2011’s $1.13bn.

In the fourth quarter of 2012 alone, net profit increased almost 300% to $17.9m (Q4 2011: $4.5m). Revenues were up 18% to $313m (Q4 2011: $265.6m).

Crawford chief executive Jeffrey Bowman said: “Our fourth quarter 2012 consolidated operating earnings more than tripled last year’s fourth quarter figures and were partly driven by our handling of claims from Superstorm Sandy and very strong results from our EMEA/AP [Europe, Middle East, Africa and Asia-Pacific]  and Legal Settlement Administration segments.

“During the 2012 fourth quarter and full year, we set financial records for consolidated revenues, operating earnings, and operating cash flow.”

Bowman said the Americas segment in particular had enjoyed a “surge in activity” thanks to Sandy, which exceeded the company’s expectations.

UK improvements

While Crawford did not give any figures for its UK operation, Bowman indicated that the performance was better.

He said: “”Our EMEA/AP segment results during the quarter were largely driven by the ongoing handling of catastrophic flood losses in Thailand, although we also saw improvements in our core UK and Central Europe, Middle East and Africa operations. This segment was a very important performer for us during 2012.”

2013 predictions

Crawford expects to make a net profit of between $49m and $54m in 2013. It predicts it will bring in revenues before disbursements of between $1.05bn and $1.08bn.

The loss adjuster also expects consolidated operating profits of between $85m and $93m, and operating cash of between $65m and $70m in 2013.