Firm’s revenue rises to $326.1m

Jeffrey Bowman

Crawford & Company has posted $17m profit after tax for the second quarter of 2013, up from $10.4m for the corresponding period last year.

The firm’s total revenues for Q2 2013 were $326.1m, up from $319m for Q2 2012.

Crawford’s American operation posted a 7% increase in revenues before reimbursements in the quarter, from $77.6m in Q2 2012 to $82.6m in Q2 2013. Operating earnings were $4.4m, compared with $1.4m in Q2 2012.

In Crawford’s Europe, Middle East, Africa and Asia-Pacific operations, second-quarter revenues before reimbursements were $87.5m in 2013, down 7% from $93.8m for Q2 2012. Operating earnings were $8.3m, down from $11.7m in Q2 2012.

The firm’s Broadspire arm achieved revenues before reimbursements of $65.7m, up from $59.9m in Q2 2012. Broadspire recorded operating earnings of $4.3m for the quarter, compared with an operating loss of $372,000 for the equivalent period in 2012.

Crawford’s Legal Settlement Administration subsidiary posted revenues before reimbursements of $62.9m for Q2 2013 ($62.4m in Q2 2012). The division had operating earnings of $16.5m for the period, compared with $15.7m in Q2 2012.

Crawford chief executive Jeffrey Bowman said: “We are pleased with the strong, balanced results in the 2013 second quarter and we are encouraged by the opportunities in front of us.

“We are driving our company to create long-term shareholder value and see our results for the first half of this year as evidence of this. Based on our positive outlook for the second half of the year, we are increasing certain aspects of our annual guidance for the remainder of 2013.”