Towergate delivers rising Ebitda and reduced losses
Towergate Insurance has revealed a 5% increase in Ebitda to £80.6m for the first six months of the year from £76.7m in the same period of 2011.
The company also declared that it had cut its operating spend by 3%.
The results came as the consolidator's losses before tax narrowed slightly to £25.1m (H1 2011: £25.5m) with income broadly flat at £219.5m (H1 2011: £219.3m).
However gross written premiums rose by 8% to £1.6bn from £1.47bn in the comparable period the year before.
The increase in Ebitda - defined by Towergate as operating earnings - for the six months to 30 June 2012, will have been particularly pleasing for group CEO Mark
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