Companies  

Lighthouse aims to recruit after posting loss

He said that affinity relationships with trade unions have given Lighthouse access to some of the UK’s largest companies, making it the “go-to adviser for Middle England”.

Mr Streatfield added: “We have organised more than 1000 surgeries or seminars this year as a result of these affinity tie-ups, and people attending these are all potential clients. We have seen more than 10,000 people sign up for one-to-one meetings as a result of these surgeries.

“The more advisers we take on as part of our growth plans for Lighthouse Financial Advice, the more surgeries we can hold and the more clients we can gain.”

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He was speaking after interim results for the Alternative Investment Market-listed company showed it made a post-tax loss of £232,000 for the six months to end of June 2013, compared to a profit of £59,000 for the same period of 2012.

Revenue fell by around 14 per cent from £27.2m to £23.4m, which the company said was primarily due to an 18 per cent fall in adviser numbers.

However gross profit rose from £7.3m to £7.5m, overall recurring revenue was up 28 per cent and profit margins rose to 32 per cent, compared to 27 per cent in the first half 2012.

Background

Personal Touch Financial Services has reduced the number of appointed representatives as part of its five-year strategic plan which involves having fewer member firms that write greater levels of business. On Monday it wrote to 16 member firms to give them notice of termination of contract.

David Carrington, marketing director of PTFS, said: “We did not base this on size or volumes of business; this was about making sure there is a proper strategic and cultural fit with the PTFS network.”

The number of appointed representatives dropped from 700 at the end of 2011 to just less than 400, but Mr Carrington said the network’s recent results showed the level of productivity had risen in that period.