Towergate hails turnaround progress

UK broker Towergate has reported adjusted Ebitda of £40.3mn
for the first half of 2016, marking a decline of 16.9 percent
year-on-year.The figure represents management's view of underlying
profitability, adjusted for exceptional items plus run-rate savings
from cost-saving initiatives.A reduction in exceptional costs from £51.6mn to £9.6mn
in H1 2016 helped turn the broker's overall Ebitda around from
a £14.7mn loss in the same period of last year to a
£16.7mn gain.