Towry Law returns to profit; AUM over £3bn

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Towry Law made a strong return to profit last year, following difficult trading conditions in 2008.

Pre-tax profits hit £17m as assets under management increased 28% to nearly £3bn by the end of December 2009. The group made a £10.7m loss in 2008, due to difficult trading conditions, but says it expects its growth to continue through 2010. Revenues increased 11% to £54.7m, with EBITDA more than doubling, from £5.1m in 2008 to £10.3m last year. Towry Law says 2010 is already off to a strong start, with asset under management rising further to £3.3bn since year end. Chief executive Andrew Fisher says: "During 2009 we have continued to focus on improving our offering to our clien...

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