Towergate hit by £35m loss
Towergate has announced a loss of £35.4m for the nine months ended September 2011, over £10m more than the £23.2m it lost in the same period of 2010.
The broker reported group turnover of £91.0m for the three months ended September 2011, up slightly on £90.5m in the same period of 2010.
However, EBITDA fell by £0.5m in the third quarter to £33.5m (Q3 2010: £34.0m) while for the year to the end of September it was down by nearly £10m to £100.2m, compared to £109.7m in the same period of 2010.
Group turnover also showed a slight decline in the nine months ended September 2011, standing at £280.5m compared to £281.5m the first three quarters of
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