View more on these topics

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.”

Recommended

TPD, or not to be – that is the question

The ABI’s statement of best practice for critical illness cover consultation paper has finally been published and its proposal to scrap total permanent disability has created intense industry debate.

Great expectations for Japan

By James Dowey, Chief Economist and CIO Turnaround stories are an investor’s best friend. If successful, they prompt a widespread and possibly radical re-evaluation of the fair value of the associated assets. If one is brave enough to re-evaluate early on in the process then the returns can be very large. For over two decades […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com