Charles Taylor plans for growth

Group operating profit was up by a third to £11m, but market conditions were unfavourable for the adjusting services business. Operating profit for the unit, which serves a range of industries, including energy and aviation, fell by 54 per cent to £2.2m on a constant currency basis. This resulted from a fall-away in large insured losses across the global insurance market; Munich Re reckons insured losses from natural disasters halved in 2014.

The group's management services business fared better in 2014. Standard Club, which provides protection and indemnity insurance for 10 per cent of world shipping, grew free reserves to a record $369m (£240m). Charles Taylor continued to invest in the business, opening a new office in Rio de Janerio to support clients of The Standard Club in Latin America. At the start of 2015, the group also acquired three of the operating companies of SC Management; the agreement involves Charles Taylor taking over management of the Strike Club - the only dedicated mutual insurer covering the running costs of vessels delayed by incidents outside an owner's or charterer's control.

Before these figures, broker Peel Hunt expected adjusted EPS of 23.1p this year, up from 21.8p in 2014.