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
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