National IFA sees profits jump 42%

National IFA sees profits jump 42%

National advisory firm and employee benefits consultancy LEBC Group has seen operating profit increase 42 per cent to £1.1m from £774,000 year-on-year.

This was driven by a 9 per cent increase in turnover to £12.3m at the end of its financial year on 30 September 2014, from £11.2m, as well as a focus on improving margin.

Jack McVitie, chief executive of the group, said that the positive impact of pension freedoms and an expectation of increased volumes has turned the focus on increased efficiency and use of technology to provide access to advice for existing and new clients.

Article continues after advert

He continued that it has 14 offices across the UK and an ongoing recruitment programme is in place to ensure the demands of a growing client base are met.

“Looking forward our aim is to transform the access to top quality advice for employers, employees and individuals; in doing so we will be in a position to develop our business and plan for the next 10 years of growth”

The directors’ reports noted potential risks to the business, from changes to the Department for Work and Pensions’ view on advice charging in the corporate pensions market, to the Financial Conduct Authority’s view on conduct risk and its application to historic advice processes.