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Financial Highlights
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2007 |
2006 |
Change |
| Total Sales – Gross Written Premiums (GWP)
(1) |
£1.20bn |
£1.08bn |
11.1% |
| Income |
£277.9m |
£242.8m |
14.5% |
| EBITDA (2) |
£108.5m |
£94.4m |
14.9% |
| EBITA (3) |
£99.5m |
£87.7m |
13.4% |
| Return EBITDA on Revenue (4) |
39% |
38% |
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1. Based on reported transactions for
Towergate Partnership
2 Earnings before interest, tax,
directors’ bonuses, depreciation, amortisation and exceptional
items
3. Earnings before interest, tax,
directors’ bonuses and amortisation
4. Based on Revenue figures and
EBITDA
Achievements
- Celebration of our tenth
anniversary
- Extended our distribution capability in
the UK with the acquisition of Broker Network
- Continued to maximise the benefits derived
from our efficiencies of scale and our preferred insurer
strategy
- Extended our position as Europe's largest
independently owned insurance intermediary
- Voted “Private Company of the Year” by ACQ
Magazine
The Towergate Family (including TPL, Broker Network,
Paymentshield and Open
International) on a pro forma basis for the 12 months to 31
December 2007 has total sales (GWP) of £2.1bn, income of £394m and
EBITDA of £166m.
Peter Cullum, Executive Chairman, said: “The excellent progress
we made in the last year is reflected in the quality of our
products, distribution and extended geographical reach. Looking to
the future, we remain focused on continuing the ambitious growth of
Towergate across all our businesses and will continue to supplement
strong organic growth with further strategic acquisitions from our
existing war chest.”
Andy Homer, Group Chief Executive, commented: “The results
demonstrate the strength of our business model and our focus on
driving business development through client retention, organic
growth and a carefully considered acquisition strategy. We are
delighted with the acquisitions of Open International and Broker
Network. Both represent key strategic businesses: they will deliver
excellent synergies and introduce new customers, markets and
distribution opportunities to the Towergate family. Despite an
uncertain economic backdrop, and a difficult year for the industry,
we have once again delivered another set of excellent results and
remain confident that our service-oriented approach means we
are well positioned to continue this in the year
ahead.”
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Tel: 01622 656782
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk
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