20th Sep 2016 09:05
LONDON (Alliance News) - Financial advisory firm Lighthouse Group PLC on Tuesday said its pretax profit surged in the first half of 2016, driven by lower administrative and operating costs.
The firm said its pretax profit for the half to June 30 was GBP829,000, more than double the GBP359,000 it made the year before. Administrative and operating costs were both lower in the half, benefiting the bottom line and offsetting a margin decline in revenue to GBP23.8 million from GBP23.9 million the year prior.
Lighthouse declared an interim dividend of 0.09 pence share, up 13% on the 0.08p paid the year before.
Lighthouse said average annualised revenue per adviser increase to GBP96,000 from GBP91,000, pushed higher by a drive for operational efficiency in the business. In the half, Lighthouse won new affinity contracts with the University & College Union and with Foster Talk, a membership organisation for foster carers.
"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," said Chairman Richard Last.
"Continued progress in developing proprietary auto-enrolment and investment products is expected to contribute to future growth in profits," he added.
Shares in Lighthouse were flat at 11.25p on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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