NationalsFeb 16 2018

LEBC will buy advisers to boost growing profits

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LEBC will buy advisers to boost growing profits

National independent advice firm LEBC saw its profits increase to £2.4m for the year ending in September 2017.

The firm also saw a 17.4 per cent increase in turnover to £18.1m and has said the first quarter of 2018 is ahead on a like-for-like basis.

Jack McVitie, chief executive of LEBC, said the growing demand for the company's services meant it would be looking for acquisitions during 2018.

He said: "Looking to the current financial year and beyond we can see extremely encouraging early signs.

"LEBC is trading significantly ahead of both 2017 and budget. This organic growth will also be supported by acquisitions in order to expand resource to cater for our growing demand."

Towards the end of last year, LEBC  bought Aspira Corporate Solutions in a £5m deal.

Mr McVitie said LEBC's growth over 2017 reflected the changes it had made last year, including becoming directly authorised and the roll-out of its bionic advice process, which the firm said had been "phenomenally successful".

The bionic advice service combines technology with financial services knowledge, expertise and human conversations.

damian.fantato@ft.com