Cullum reflects on extraordinary 2009 as Towergate posts results
Results reveal the Maidstone-based broking and underwriting group had a testing 2009.
The Towergate Partnership struggled in a dire economy last year with earnings before interest, tax, depreciation amortisation climbing to £117.7m from £112.4m despite the integration of Paymentshield halfway through the year. If Paymentshield had been integrated for the whole year on a 'pro-forma basis' ebitda would have dropped from £149m in 2008 to £140.9m in 2009. Executive chairman and majority owner Peter Cullum described the muted performance as "creditable" following refinancing with the
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