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Towry Law pre-tax profits plunge

Towry Law has seen a pre-tax loss of £10.6m for the year ending December 31, 2008, plummeting from a profit of £812,000 in 2007.

Revenue for 2008 stayed level at £49.1m.

Towry Law chief executive Andrew Fisher says the fall in pre-tax profits is due to significant investment in the company’s infrastructure.

He says: “We spent up to £7m on reshaping internal systems. Last year was a good year for us and this year looks to be another good one. There are a lot of acquisition opportunities in the market.”

The directors did not approve a dividend during the year.

Towry Law company secretary Jacqui Gregory says: “The company posted an operating loss of £287,000 in 2008 compared to an operating profit of £3.3m in 2007. The marketplace in which the company operates has been severely hampered as a result of the US sub prime lending crisis and its knock on effect on UK banks had a negative impact on stock markets and resulted in considerable volatility. This is turn has had an adverse impact on investor confidence.

“The company will continue to offer a fee-based service in 2009, with the business expected to grow through both organic growth and small acquisitions.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. oh dear
    Looks as if someone is about to get their comeuppance

  2. No rebate for small firms then?
    Rescued by all the IFAs who had no say in the shocking deal with the FSCS, did anyone say thank you? No, Andrew Fisher wants to reward the small firms by decimating them in order to feather his own nest, supposedly doubling the size of the firm by buying up IFAs forced out by the RDR, equity backers with deep pockets. Incredible stuff, and I really do mean that.

  3. Neil F Liversidge 3rd July 2009 at 3:33 pm

    Towry Law’s Tendency to Plummet
    Hmmm. If I were a shareholder in TL I might be asking whether a better result might have been achieved had Mr Fisher paid more attention to running his own business rather than pontificating to the rest of the industry as to how they should run theirs.

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