Towergate reports £28m loss for 2009
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Towergate Partnership has reported a £28m loss for 2009, increasing from an £18m loss the previous year.
The firm’s annual report shows earnings before interest, tax, depreciation and amortisation were up at £321m for 2009 compared with £308.6m in 2008. Commission and fees increased to £323m from £318m in 2008.
Towergate increased its debt to £480m last year, up £83m from £397m in 2008. The insurer’s £28m loss for the year includes deprecation and goodwill amortisation of £14m resulting from the firm’s acquisition of Paymentshield.
The news comes after Towergate delayed plans to raise £665m from investors yesterday. The firm says conditions in the public debt markets have deteriorated materially since it announced its plans on April 30, leading to an increase in the current cost of the financing.
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