Towergate's Q1 profits fall as turnaround plan continues

UK broker Towergate reported an Ebitda profits decline of 48.9
percent to £2.8mn in the first quarter of 2016.
Income also fell 6.9 percent to £76.8mn, while adjusted
Ebitda, which represents management view of underlying
profitability, adjusted for exceptional items plus run-rate savings
from cost saving initiatives, also fell by 20.6 percent to
£13.6mn.
The broker's adjusted Ebitda margin also declined by 3.1
percentage points to 17.8 percent.
Towergate highlighted that its c