Towry cites Edward Jones integration for £7.5m loss

Towry attributed the net loss of £7.5m - compared to a profit of £16.3m in 2009 - to exceptional costs totalling £17.7m, of which £15.1m related to the integration of Edward Jones, which it acquired in 2009. However, because Towry had recorded an exceptional profit in 2009 of £12.9m on the acquisition of Edward Jones, the overall net cost of acquisition and integration was just £2.2m, it said. According to the wealth manager's accounts for 2010, Towry saw a 45% increase in revenue to £79.4m and a 56% increase in EBITDA to £16.1m (2009: £10.3m). The firm also saw discretionary asset...