Insurance business Towergate has revealed it boosted profitability and income last year – days after announcing 133 job losses.

Bosses said they reached their target of “stabilising the entire business”.

The broker and underwriter said it ended 2016 with its second consecutive quarter of growth, less than two years after it came under new ownership to restructure debts of about £1 billion.

Chief executive David Ross said the publishing of its annual results “is a milestone moment for Towergate as we close off a hugely significant year for the company”.

The results come two days after it was revealed 67 people face redundancy at its headquarters in Maidstone, saying it had to concentrate on “building a sustainable, fit for future backbone to a transforming business”.

Other job cuts affect its operations in Leeds.

Overall income grew 4% last year to £324.6 million while adjusted earnings before interest, taxes and other charges (EBITDA) grew 12% to £84.2 million.

The company, which also has offices in Sevenoaks and Faversham, the latter under the Capital and County brand, revealed its actual underlying profitability surged 191% to £34.5 million, after losses of £38.1 million in 2015.

The business, which employs 4,225 people across more than 100 offices, made savings of £21 million in the year, “with further savings identified in the period”.

Earlier this year it successfully raised new money by selling new shares in the company worth £40 million and a convertible loan facility of £17m backed by its existing shareholders.

US private equity firm Madison Dearborn Partners became its second largest shareholder after HPS Investment Partners when it acquired a 23% of the business in September.

Towergate’s insurance broking business suffered a 4% fall in income to £207.7 million but it boosted adjusted EBITDA by 34% to £38.1 million.

Its underwriting business performed worse “due to tough market conditions”.

It suffered a 9% fall in income to £68.2 million and a 6% fall in adjusted EBITDA to £16.6 million.

Mr Ross said: “We have grappled with some enormously complex legacy and infrastructure challenges whilst laying the foundations for growth which returned in the fourth quarter.

“I am delighted to report that we have delivered what we set out to do; stabilising the entire business, including people, customers, market relationships, infrastructure and finance.

“Fixing our infrastructure has created the chassis that will hold everything together and provide a platform for everything else we are building.

“This is borne out in our second consecutive quarter of year-on-year adjusted EBITDA growth and the steady stream of talented income producers who have chosen to join us.”