Insurance consultancy firm Charles Taylor Consulting said its trading performance was towards the lower end of management's expectations, after slightly higher fourth quarter costs in the Management Services business and a quieter end to the year in Adjusting Services.
The Management Services business, which makes up the bulk of revenues, is slightly below expectations, principally as a result of higher costs in its shipping mutual business.
Its Adjusting Services business, provides loss assessments and claims-related advice to insurers, energy, marine, aviation, traded marginally below expectations in the fourth quarter although the business is significantly ahead of the previous full year's performance after a robust contribution from energy adjusting.
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On an upbeat note, the group said the concentration on cash collections in its Adjusting Services business is having a positive impact on debt.
Trading at Charles Taylor's Insurance Support Services business has performed in line with expectations.
Overall, net debt at 31 December 2011 was £34.2m, compared to £38.6m at 30
June 2011 and £36.3m at 31 December 2010.
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