Towergate posts Ebitda loss for Q1 2017
Consolidator reports organic growth for the third quarter in a row.
Towergate has delivered an Ebitda loss of £1.8m for the first three months of 2017 as opposed to a profit of £2.8m in the same period last year.
However the firm highlighted that adjusted ebitda, which is the management’s view of underlying profitability and adjusts for exceptional items and savings, improved by 42% to £19.4m (Q1 2016: £13.6m).
Income across the group rose by 1% to £77.9m for the three months.
The breakdown of the figures revealed that the insurance broking arm achieved a 3%
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