Towergate holding company posts pre-tax loss of £19.1m
Bondholder report also shows decrease in net cash.
The Towergate bondholder report for Q1 2016 has revealed that Finco, the holding company for the firm, delivered a group operating loss of £7.6m.
While income was £76.7m costs, including finance costs of £11.5m, contributed to a loss before tax of £19.1m.
The loss on continuing operations after tax was £17.1m.
The report also showed that there was a decrease in net cash of £13.3m in the same quarter.
Seasonality
Towergate explained the increased costs were down to seasonality and timing of
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