Ardonagh losses fall to £32.8m
Investor report shows growing income but legacy costs hit £9m for the first six months of 2018.
Ardonagh Group has revealed that its reported income grew to £271.8m for the first half of this year, up from £169.2m in the same period in 2017.
However, the company, which includes Towergate, Autonet, Carole Nash, Chase Templeton, Geo Underwriting, Price Forbes and Direct Group still made a loss of £32.8m albeit a decrease on the £45.2m loss last year.
Using pro forma figures the business reported an adjusted Ebitda of £66.4m (H1 2017: £64.0).
Costs
According to the investor report the loss
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