27 March 2012

Towry delivers record results

Towry, the Wealth Adviser, today announces record results for 2011.The highlights for the year to 31 December 2011 include:

• an increase in operating profit to £10.2 million (2010: £5.5 million loss)
• 22% increase in EBITDA to £19.6million (2010: £16.1 million)
• 6% increase in discretionary assets under management to £4.5 billion (2010: £4.2 billion)

Towry continued to deliver revenue growth in 2011 despite the uncertain economic environment and adverse stock market conditions in the second half of the year. Revenue of £84.2m in 2011 was at a record level and was 6% higher than in 2010.

This, coupled with tight cost control, generated the strong growth in EBITDA highlighted above.

Andrew Fisher, Chief Executive, commented:

"2011 has been another year of record income, assets under management and earnings. This built upon significant growth in 2010 when the Edward Jones business was successfully integrated and 11 new offices were opened. Towry and all its employees remain committed to providing high quality, independent advice for clients.

I would like to welcome Gerald Corbett as our new Chairman. We recently announced Gerald's appointment, in succession to Glyn Jones who has stepped down as Chairman after overseeing more than five years of significant growth. I would like to thank Glyn for his commitment and tremendous contribution.

Going into 2012, our business model is fully compliant with the requirements of the Retail Distribution Review. Today, 96% of our advisers are qualified to level 4 or above, and we anticipate that all our advisers will have attained this level by June 2012. EBITDA growth of 22% demonstrates the continued success of our business model.

Our ambition is to become the leading wealth advice firm in the UK, and we look forward to continuing to pursue this aim in 2012."

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