Crawford & Company reported a total revenue of $1.293 billion for the fiscal year ending December 31, 2024, reflecting a 2.0% increase from $1.267 billion in 2023. The company's net income attributable to shareholders was $26.6 million, down from $30.6 million in the previous year. The revenue growth was primarily driven by new client acquisitions and pricing increases across its segments, although it faced a weather-related decline in its Platform Solutions segment, which saw a 23% drop in revenues to $173.7 million.
The company's operational performance varied across its segments. The North America Loss Adjusting segment generated $312.2 million in revenue, a 2.8% increase from 2023, while the International Operations segment saw a 9.5% rise to $418.6 million. Broadspire, which provides third-party administration services, reported a 9.1% increase in revenue to $388.1 million. However, the Platform Solutions segment's revenue decline was attributed to reduced demand for staff augmentation services and lower activity in its Contractor Connection service line.
Crawford & Company has made strategic moves to enhance its market position, including the acquisition of R.P. van Dijk B.V. in 2022, which expanded its capabilities in the Netherlands. The company also reported a total employee count of approximately 10,040 as of December 31, 2024, with 94% of its workforce being full-time. The company emphasized its commitment to diversity, with women making up 57% of its global workforce and 27% of its senior management team.
Looking ahead, Crawford & Company anticipates continued revenue growth driven by its strategic initiatives and operational improvements. However, it acknowledged potential risks, including fluctuations in claim volumes due to market conditions and the impact of foreign currency exchange rates on its international operations. The company remains focused on maintaining compliance with its financial covenants and managing its liquidity effectively, with a total liquidity of approximately $273.7 million as of December 31, 2024.
About CRAWFORD & CO
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