Results improve despite lower revenues
Global loss adjusting firm Crawford made a net profit of $13.5m (£8.4m) in the first nine months of 2010 compared with a loss of $124.6m in the same period last year.
Crawford’s nine-month 2009 result was hit by a $140m goodwill impairment charge. However, the corresponding charge in the first nine months of 2010 was just $7.3m, allowing the company to post a profit despite lower revenues and a 156% increase in restructuring and other costs.
Total revenues for the first nine months of 2010, which includes reimbursements, were $786.1m, down 1% from the $790.8m posted in the same period last year.
Crawford’s US property/casualty division made an operating profit of $12m, down 30% on the $17.1m it made in 2009. Operating profit for the company’s international operations was down 7% to $21.7m, while the operating loss at its Broadspire subsidiary worsened to $4.8m from $3.7m.
Crawford’s group-wide net profit for the third quarter of 2010 alone was $13m, compared with a loss of $39.5m in the same period last year. Total third-quarter revenues increased 3% to $278.1m from $268.8m.
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