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Towry loss after £7m systems’ investment

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.

Chief executive Andrew Fisher says the fall in profits is due to significant investment in the firm’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 set a dividend during the year.

Company secretary Jacqui Gregory says: “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 stockmarkets and resulted in considerable volatility. This in 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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