Towergate holding company posts pre-tax loss of £19.1m

p16-cash

Bondholder report also shows decrease in net cash.

The Towergate bondholder report for Q1 2016 has revealed that Finco, the holding company for the firm, delivered a group operating loss of £7.6m.

While income was £76.7m costs, including finance costs of £11.5m, contributed to a loss before tax of £19.1m.

The loss on continuing operations after tax was £17.1m.

The report also showed that there was a decrease in net cash of £13.3m in the same quarter.

Seasonality
Towergate explained the increased costs were down to seasonality and timing of

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

Review of the Year 2024: Markerstudy’s Gary Humphreys

Gary Humphreys, group chief underwriting officer at Markerstudy, hails the completion of the Atlanta deal, dreams of having the MGA’s brand adorn the Tottenham Hotspur Stadium and mulls sitting on the sofa and doing Channel 4’s Gogglebox.

Lycetts buys broker Cheviot

Lycetts has strengthened its presence in the North East, purchasing fellow Newcastle-based broker Cheviot Insurance Services.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: