Towergate earnings rise on broking results

Insurance broker and underwriter Towergate has reported an 11.9
percent rise in 2016 adjusted Ebitda to £84.2mn ($108mn), as
the company continues its restructuring efforts.
Profits were propelled by the firm's insurance broking arm,
which reported a near-34 percent rise in adjusted Ebitda to
£38.1mn.
Revenues fell by 4.4 percent to £324.6mn, but job cuts
helped reduce the group's staff-related expenses by 12.8
percent.
Chief executive David Ross said: "We have grappled with
so