Lighthouse Group plc (LON:LGT), the national financial adviser of choice for Middle Britain, today announced its final audited results for the year ended 31 December 2017.
Highlights
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Revenues up 13 per cent. to £54 million (2016: £48 million); |
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Recurring revenues generated from clients up 14 per cent. to £25 million (2016: £22 million); |
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EBITDA* up 27 per cent. to £2.8 million (2016: £2.2 million); |
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Profit before tax up 32 per cent. to £2.5 million (2016: £1.9 million); |
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New business from affinity relationships up 79 per cent. to £5.2 million (2016: £2.9 million) with total revenues from affinity relationships up 41 per cent. to £9.6 million (2016: £6.8 million); |
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21 affinity contracts now in place (2016: 19) with two new wins and two other contracts renewed; |
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Average revenue production per adviser increased by 23 per cent. to £122,000 (2016: £99,000); |
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Net cash balances** £8.7 million (2016: £8.1 million); |
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Operating cash flow generation £1.4 million after investment of £0.7 million in customer solution development (2016: £0.7 million after £0.7 million investment expensed) |
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Interim dividend of 0.12 pence per share (2016: 0.09 pence per share) paid and final dividend of 0.30 pence per share proposed (2016: 0.18 pence per share) – an increase for the full year of 55 per cent. over 2016; and |
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Assets under management in Luceo Asset Management investment solutions £37 million (2016: £4 million) through five funds (2016: three funds). |
* Earnings before interest, tax, depreciation, and amortisation.
**Cash stated after deduction of bank loan of £NIL million (2016: £0.4 million).
Commenting on the results, Richard Last, Chairman of Lighthouse Group plc, said: “Lighthouse has continued to progress in 2017 and has delivered an excellent set of results, driven entirely by organic growth and a particularly pleasing performance in the affinity business. The substantial rise in average annualised revenue per adviser was a key factor in achieving a 13 per cent. increase in revenues. This, along with a reduction in operating costs flowing from the Group’s continuing focus on providing good customer outcomes, resulted in a substantial increase in earnings. Lighthouse remain well positioned to deliver further growth.”
