Towergate bondholder report puts net borrowing at £896m
Towergate's quarterly report for bondholders has revealed a loss on ordinary activities of £11.39m for the second quarter of 2013.
The figure takes the loss for the half year to £30.02m.
And net borrowings stood at £896.5m at the end of the quarter, up from £862.4m at the end of the second quarter in 2012.
Interest payable and similar charges for the quarter were £25.42m (Q2 2012: £24.08m) and for the half year were £49.79m (H1 2012: £47.55m).
The results for parent company Towergate Holdings II, calculated under a different accounting procedure to the Towergate Insurance £9.9m loss, also showed that group turnover was up at £116.7m (Q2 2012: £113.3m).
Ebitda for the business came in at £45.8m, a slight fall on the £46.4m achieved in the second quarter last year. For the half year, figures were also stable at £80.1m (H1 2012: £80.6m).
The goodwill costs for recent acquisitions were listed as £6.76m for Waveney Insurance Brokers and £1.44m for Underwood Insurance Services, although the consolidator did not reveal the full costs of the deals.
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