Towergate earnings slide 7% in 2013 as pre-tax losses hit £41m
Towergate saw its operating earnings drop 7% to £144.9m last year (2012: £156.2m) as profit within the consolidator’s Broker Network division plummeted 42%, with underwriting, Paymentshield and insurance brokers all contributing to the fall.
The deterioration in profit comes against a backdrop of a loss before tax of £41m, which was said to reflect exceptional items and one-off costs relating to refinancing in April last year.
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