Adjusted EBITDA also fell by 30%

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Towergate-owned Broker Network’s revenue from commissions and fees declined by 8.7% to £9.5m in the first nine months of 2015 compared with £10.4m in 2014.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also fell, by 30% to £2.8m from £4m in the same period.

The broker said the drop was largely due to a change in the mix of members, one-off income items included in 2014 that have not repeated this year, and discontinued deals with insurers.

Towergate did not disclose which specific insurer deals had been discontinued.

But the broking group added the core income decline was slowing, and had started to reflect a more stable membership base and an increase in business placed with partner insurers.