28 August 2011

Towry delivers strong start to 2011

Towry, the Wealth Advisers, today announces record income, profitability and discretionary assets under management for the six months to 30 June 2011. The convincing start to 2011 shows significant growth versus the first half of 2010:

Financial Highlights:

• 29% increase in discretionary AUM to £4.5 billion (H1 2010: £3.5 billion)
• 34% improvement in EBITDA margin and 9% increase in revenue
• 47% increase in EBITDA to £9.4 million (H1 2010: £6.4 million)

Operational Highlights:

• New four year revolving credit facility agreement signed on 30 June 2011
• New AUM inflow of £0.45 billion during the first six months of the year
• Strengthening of the Board with appointment of two independent Non-Executive Directors Gerald Corbett and Sally James

Andrew Fisher, Chief Executive, Towry, said:
"The first half of 2011 has been a further period of growth for Towry and we look forward to the second half as we retain our ambition and conviction of becoming the leading firm of wealth advisers in the UK.

"Our independent wealth advice and Independent Investment Management services continue to attract new clients, evidenced by the continued increase in total assets under management.

"We continue to support the FSA's Retail Distribution Review and aim to lead the wealth advice industry by delivering on our aims of offering outstanding independent wealth advice and independent investment management services to our clients. Our fee based advice and high level of professionally qualified advisers means that the business is well positioned for RDR compliance ahead of 2013.

"We are confident of producing further new AUM inflow and a strong performance for the financial year as a whole, against a background of increasing market volatility and demands of regulation."

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