Towergate posts Ebitda profit of £34.5m for 2016

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Towergate has posted an Ebitda profit of £34.5m for the year ended 31 December 2016, compared to a loss of £38.1m in the preceding year. The company also reported an income of £324.6m for the year, down 4.4% on the £339.6m it achieved in 2015. It further revealed an adjusted Ebitda of £84.2m for the year (2015: £75.2m). The broker described the figure as being the management’s view of underlying profitability allowing for exceptional items and run-rate savings. The insurance broking segment o