Charles Taylor to hit the acquisition trail this year

INSURANCE and risk consultant Charles Taylor has seen a good start to the current year led by its management and loss-adjusting businesses.

It said trading for 2007 had been in line with expectations, despite the weak dollar.

The company, which has a market cap of 118.2m, said: "Trading in 2008 has begun well and the directors anticipate further progress this year, with growth in the group's management and adjusting businesses."

The firm added it would hit the acquisition trail in the coming 12 months. It said: "CTC will continue to examine acquisition opportunities for its run-off division and other operations which will further benefit the group."

It added: "The group continues to explore opportunities to increase its run-off book of business."

In the statement, the group, which plans to consolidate its four London offices over the coming years to move staff closer to the centre of the London insurance market, added that the 2007 tax charge was likely to be higher than previously expected. However, it will be significantly lower than the estimated underlying sustainable tax rate of 15 per cent of adjusted profit before tax.