On-going woes for Towergate’s network division
The divisional breakdown of Towergate’s half-year figures has revealed that income and earnings for its network division have fallen again.
The network division produced a 14% fall in income to £8.9m (H1 2011: £10.3m) with operating earnings down 17% to £5.4m (H1 2011: £6.5m 2011).
The reductions in the division compound the falls revealed in the full-year results when the broker confirmed that operating earnings decreased by 4.4% from £13.7m in 2010 to £13.1m in 2011 and income slipped to £20.5m for the year (2010: £20.8m).
And in June the news broke that there had been a total parting of the ways between Aviva and Broker Network.
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