Towergate results show it is “back to black”
CFO Mark Mugge says the broker is “building a business for the long term” and has returned to profitability.
Towergate has delivered a profitable Ebitda for the first six months of 2016 with the result coming in at £16.7m reversing a loss of £14.7m in the first half of 2015.
CFO Mark Mugge said: "The Ebitda shows a return to profitability. You could say we are back to black."
Mugge advised that the results were achieved thanks to a reduction in costs and expenses.
"In quarter two costs were the lowest they have been in six quarters," he explained.
Costs
He noted that the broker had identified £36m of
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