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Lighthouse profits increase to £1.12m

Lighthouse profits increase to £1.12m

Lighthouse Group has seen its profits before tax increase to £1.12m in the first six months of the year.

The national financial advice firm increased its profits from £829,000 in the same period last year.

Meanwhile revenues increased by 8 per cent to £25.67m and operating expenses fell by £405,000 to £5.73m.

Richard Last, chairman of Lighthouse Group, said the company’s revenue had grown because of continuing demand for pension advice and the growth of the firm’s affinity relationships.

Lighthouse is the preferred provider of financial advice to 19 organisations, including Unison, Unite, The Fire Brigades Union and the Royal College of Nursing.

Mr Last said: “The unaudited results for the six months ended 30 June 2017 emphasise the further progression of the group's activities and the focus on sustainable operational efficiency, with Ebitda for the six months increasing by 26 per cent to £1.27m.

“Continued progress in developing proprietary financial products for both the individual and corporate markets is expected to contribute to future growth in profits.”

Lighthouse’s asset management business, Luceo Asset Management, which launched in September 2016, saw its assets under management increase from £5m in December 2016 to £20m as of 30 June 2017.

The company said it expects to announce the launch of a new product area in the Luceo range “in the near future” to address the needs of customers looking for passive propositions.

Earlier this year the Financial Conduct Authority agreed to remove capital asset restrictions imposed on Lighthouse at the height of the Arch Cru and Keydata debacle.

The restrictions had been in place since 2012 but Lighthouse has said it paid out £709,000 in the first six months of 2017 because of “legacy matters” but said these are running off in line with expectations.