National financial advice firm Lighthouse has seen profits rise 5 per cent to £2.6m in 2018, despite a £690,000 dip in revenues to £53.42m
The average annualised revenue production per adviser maintained a record level of £122,000 in 2018, when compared with the previous year, the firm stated in a market update this morning (February 26).
It added operating costs had decreased £300,000 to £11.2m in 2018.
Richard Last, chairman of Lighthouse Group, said the firm had "continued to progress its strategy in 2018, despite softening market conditions in the second half of the year".
He added: "The substantial rise in recurring revenues together with maintenance of the record average annualised revenue per adviser, along with a reduction in operating costs flowing from the group's continuing focus on providing good customer outcomes, resulted in a further increase in earnings."
Lighthouse has 23 affinity relationships with employee organisations including Unison, Unite, Prospect, The Fire Brigades Union and the Royal College of Nursing.
During 2018, the firm won two new contracts and saw 10 others get renewed.
Lighthouse also stated it had completed the strategic review of the Lighthouse Pensions Trust, which resulted in an exit from that business via a proposed transfer to Smart Pension.
Master trusts have until the end of March 2019 to apply for authorisation with the regulator.
Under the new registration process, master trusts will have to hold enough capital to cover the cost of a worst-case scenario, such as the cost of transferring to another scheme or of winding up, without charging members.