Towergate reports £14m loss
Towergate has announced it halved its group losses in 2010 to £14.2m from £28m in 2009 and reduced net debt over the course of the year by £16.2m to £463.8m.
The news came as the broker published its results for the year to 31 December 2010 announcing a 12% rise in income to £361m (2009: £323m) and an 18% increase in operating profit from £118m to £139m.
The broker also revealed that its EBITDA to income ratio was up by 2.6% to 38.5% while net commission and fees to gross written premiums rose 1.3% to 21.2%.
According to the company, the insurance broking and underwriting divisions both maintained EBITDA levels in line with 2009 against the backdrop
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