LEBC reports record profit

LEBC reports record profit

LEBC Group has reported "record profits" for the 2017 to 2018 financial year, attributing organic growth to both its traditional and retirement advice businesses.  

Turnover for the year increased by 13 per cent to £20.5m, up from £18m in 2017, and profit before tax rose from £3m in 2017 to £4.3m this year.

LEBC credited the growth to its two existing business units, the traditional advice business Foundation and The Retirement Adviser delivering large scale advice to pension scheme members.

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At the end of 2017 the advice firm bought Aspira Corporate Solutions in a £5m deal, whose numbers are not yet included in the overall financial results but are expected to boost further growth.

The integration of Aspira into LEBC is expected to be complete during the first half of 2019.

Jack McVitie, chairman and chief executive at LEBC Group, said: "We have begun and continue to work on the integration of Aspira into LEBC Group and are making a significant investment in new technology at the Bristol office."

"Looking to the current financial year and beyond, across the wider political and economic landscape, we face some uncertainties; however, I remain confident that LEBC is well placed to adapt to ever-changing circumstances.

"We have a proven business model, and we continue to refine our processes and systems so that we can deliver the highest levels of advice and client service. In this way we’ll not only weather the storm but build on our success."

LEBC also anticipates the development of its bionic advice proposition, a hybrid of human advice and technology, to contribute towards its future growth prospects.

Mr McVitie added: "We use technology to enable us to work at scale and plan to plug the so-called ‘advice gap’ without compromising quality."