Towergate Q1 Ebitda drops nearly 50%
CEO David Ross says broker is “making progress to fix legacy and infrastructure issues".
Towergate Group has posted an Ebitda of £2.8m for Q1 2016 down 48.9% from £5.5m in the same period last year.
The report showed a 6.9% reduction in income to £76.8m (Q1 2015: £82.5m) with an adjusted Ebitda of £13.6m (Q1 2015: £17.2m).
Expenses fell by just over £2m - almost a 10% decrease on expenditure in Q1 2015.
The broker reported exceptional costs of £10.8m, an improvement on the £11.7m in at the start of last year.
CEO David Ross praised the performance: "Our underlying performance is
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Brokers, are you sure you don’t have a D&I problem?
Why is Link – the LGBTQ+ insurance network – at the British Insurance Brokers’ Association Conference next week? Because it wants to support brokers on diversity and inclusion, according to co-chair Maxim Cook and committee member Erik Johnson.
Arc Legal founder Finan launches Addept Group after buying broker Policywise
Arc Legal Assistance co-founder Richard Finan has returned to the insurance market with a new wholesale business Addept Group, having acquired broker Policywise.
FCA chair admits surprise at “stern reaction” to name-and-shame proposals
The chair of the Financial Conduct Authority has admitted that it was not expecting such a “stern reaction” to its consultation on its “name-and-shame” proposals.
Arch expands terrorism insurance solution
Arch Insurance UK regional division has enhanced its standalone terrorism insurance product for businesses across the country, available via its new broker portal.
Partners& launches apprenticeship scheme
Partners& has launched an apprenticeship scheme – named “16 to CEO” – to encourage young people from diverse backgrounds to explore the insurance industry as a viable career.
JMG seals second deal of the week
JMG Group has bought Hamilton Robertson Insurance Brokers, adding £15m of gross written premium to the business.
Ardonagh strikes A$2.3bn PSC deal
Ardonagh has signed up to buy Australian-headquartered PSC Insurance Group including its Top 100 UK broker.
Biba reduces burden for board members after agreeing special resolution
The British Insurance Brokers’ Association (Biba) has recruited some new people to its main board and agreed to changes to make the commitment of those involved with all of its committees less onerous, including fewer meetings.
Most read
- Cost-of-living crisis pushes up premium finance demand
- Ardonagh strikes A$2.3bn PSC deal
- Acrisure expands in southern England with two buys