Towergate losses accelerate to £21.3m
A Towergate report to bondholders for the second quarter of 2011 has revealed the broking giant lost £21.3m in the first half of 2011, up from £13.7m in the same period of 2010.
The company paid £43.3m in interest in the six months to the end of June 2011 (H1 2010: £43.7m) while group turnover fell to £189.5m from £191m in the comparable period the year before.
The consolidator's broking division saw turnover fall 2.4% to £104.5m (H1 2010: £107m) while the underwriting division had an increased turnover of £37.9m, up from £34.3m in the first half of 2010.
EBITDA for the two divisions also diverged with retail broking falling 13% to £31.3m whereas underwriting grew 6.3%
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