Lighthouse Group Plc (LON:LGT) CEO Malcolm Streatfield talks to DirectorsTalk about the release of its interim report. Malcolm talks us through the highlights, explains the partnership with the latest affinity groups Foster talk and the University and College Union, talks about enrollment pension schemes, sheds a little light on Luceo Asset Management and shares his thoughts on the positioning for the rest of the year.
Lighthouse Group plc has announced its interim results for the six months ended 30 June 2016.
Highlights
• Revenues for the six months to 30 June 2016 of £23.78 million (H1 2015: £23.94 million);
• Average annualised revenue production per adviser increased by 6 per cent. to £96,000 (H1 2015: £91,000);
• Gross margins in 2016 were 30.0 per cent. (H1 2015: 30.3 per cent.);
• Operating expenses reduced by £418,000 to £6.13 million (H1 2015: £6.55 million);
• EBITDA* increased 40 per cent. to £1.01 million (H1 2015: £0.72 million);
• Pre-tax profits increased by £470,000 (131 per cent.) to £829,000 (H1 2015: £359,000);
• Basic earnings per share increased by 132 per cent. to 0.65 pence per share (H1 2015: 0.28 pence per share);
• Net cash balances increased by £0.6 million to £7.5 million (H1 2015: £6.9 million);
• Interim dividend declared of 0.09 pence per share, an increase of 13 per cent. (H1 2015: 0.08 pence per share); and
• New affinity contracts secured with the University and College Union and Foster Talk.
*Earnings Before Interest, Tax, Depreciation and Amortisation
Post Period End Highlights
• Launch of Luceo Asset Management
Commenting on the results, Richard Last, Chairman of Lighthouse Group plc, said: “The unaudited results for the six months ended 30 June 2016 highlight the continued progression of the Group’s activities and the focus on sustainable operational efficiency, with EBITDA for the six months increasing by 40 per cent. to over £1 million. Continued progress in developing proprietary auto-enrolment and investment products is expected to contribute to future growth in profits.”