Towergate’s adjusted Ebitda drops 16.9% for first half of 2016
Consolidator reports 7% fall in income for six months.
Towergate has posted an adjusted Ebitda of £40.3m for the start of 2016, down 16.9% from £48.5m in the same period last year.
Income at the firm reduced by 7% to £164.9m (H1 2015: £177.3m) for the six months.
The consolidator defined adjusted Ebitda as representing the management view of underlying profitability accounting for exceptional items and "run-rate savings" from cost saving initiatives.
It has also removed the Broker Network figures from both the 2015 and 2016 results having sold the
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