Regulatory costs and SBU income drop impact Towergate
Broker acknowledges that Manchester small business unit has been a “challenge” as regulatory costs rise to £8.8m.
Towergate has revealed that income for the year to date at its small business unit (SBU) in Manchester slumped 36%.
Overall the broking division posted a 43.1% fall in adjusted ebitda to £52.1m.
The Q3 results also showed that the group has "incurred exceptional regulatory costs" of £5.4m in Q3 2015 (Q3 2014: £5.5m) taking the total to £8.8m for the nine months to 30 September 2015 (9M 2014: £5.5m).
Towergate said these these items primarily represent costs incurred in relation to regulatory
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