Preliminary Results

Lighthouse Group plc

("Lighthouse", "the Group" or "the Company")

Preliminary Results

Lighthouse Group plc (AIM: LGT) today announces its preliminary results for the year ended 31 December 2014.

Highlights

*Earnings before interest, tax, depreciation, and amortisation and non-recurring operating expenses

Commenting on the results, Richard Last, Chairman of Lighthouse Group plc, said: "The Group has continued to make good progress during 2014, a year which saw on-going investment in our national LFA division and the launch of the Lighthouse Pensions Trust ("LPT") auto-enrolment product for SMEs. The increase in average annualised revenue per adviser and the significant reduction in operating costs resulted in a substantial increase in earnings which creates sound foundations for the future. With the main market for the LPT coming on stream in the latter part of 2015 and beyond, together with a cost base more closely aligned to the on-going operations of the business and a strong cash balance, operational scale and a robust business model, Lighthouse is well positioned to deliver future growth."

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CHAIRMAN'S STATEMENT

OVERVIEW AND FINANCIAL PERFORMANCE 

I am pleased to report that the Group's results for the year ended 31 December 2014, which are set out below and in the Consolidated Statement of Comprehensive Income, show a strong financial performance by the Group, with EBITDA increasing to £1.2 million in 2014 compared to £0.2 million in 2013 on total revenues of £46.8 million and £47.9 million respectively. Profit before taxation for the year amounted to £0.6 million compared to a loss of £1.6 million in respect of 2013.

Average revenue production per adviser increased by £4,000 (5 per cent.) to £86,000 in 2014 (2013: £82,000) which demonstrates the resilience of the Group's trading models in the two years since the Retail Distribution Review came into force in January 2013. Recurring revenues continued to grow and in 2014 amounted to £20 million or 46 per cent. of total revenues generated from customers (2013: £19.2 million and 45 per cent.).

Although gross margins reduced from 31.4 per cent. in 2013 to 28.5 per cent. in 2014, as a result of a change in the mix of revenue production within the network division towards larger member firms trading under lower cost terms with the Group, this was more than compensated by a significant reduction in operating costs which fell by £2.7 million, a decrease of 18 per cent. from £14.8 million in 2013 to £12.1 million in 2014. This was achieved as a result of the successful delivery of the re-organisation announced in 2013, which was completed by 31 March 2014, and the continued focus on cost minimisation across all business areas throughout the year.

It should be noted that the operating costs in respect of 2014, as stated above, include the write-off of an investment of approximately £1 million (2013: £1.2 million) in technology, adviser recruitment, development and training which is already delivering a positive financial return to the Group.

Earnings per share amounted to 0.44 pence (2013: loss per share of 1.26 pence).

FINANCIAL POSITION

The Group had net cash of £7 million at the 2014 year end (2013: £7.7 million) after deduction of unsecured loan notes and a bank loan totalling £2.0 million (2013: £1.9 million). As noted in previous reports, the Group has given undertakings to its regulator, the FCA, that no distribution or non-trading payment will be made from its regulated subsidiaries without prior discussion and assent.

Approximately £5 million of the Group's net cash balances are presently required to meet its regulatory capital obligations and normal working capital requirements. The Board considers it prudent to retain the remainder of those funds (approximately £2 million) within the business to support trading and its growth plans for Lighthouse Financial Advice ("LFA"), the Lighthouse Pensions Trust auto-enrolment product ("LPT"), LighthouseCarrwood ("Carrwood"), and other initiatives.

BUSINESS RELATIONSHIPS AND DEVELOPMENT

The Group continues to maintain and increase its relationships (both contractual and non-contractual) with its affinity group and professional partners which are the main drivers for growth in LFA and Carrwood respectively.

LFA, the Group's national and affinity-based subsidiary, has been comprehensively reshaped since 2012 with an aggregate of £4.7 million having been invested in adviser recruitment and development, new IT systems and the long-leasehold premises acquired in October 2013. LFA is believed to be the largest supplier of financial advice to affinity group members in the UK with 14 contracted relationships covering more than 5 million individuals. In 2014 revenue generated from affinity-based sources amounted to some £5.2 million or 37 per cent. of total LFA revenues (2013: £4.2 million or 31 per cent.). LFA will continue to focus on extending the range and scale of its services to members of its affinity partners.

LFA's focus in 2014 has been to deepen its relationships with existing affinity groups, increasing the level and range of products and services offered to members, and I am pleased to report that in September 2014 LFA renewed its relationship with CSMA Club which has over 300,000 members, for a further three years In addition, I am pleased to announce that the Group has secured a new direct three year contract with Unite and its 1.4 million members, which had previously been serviced by LFA through an historic relationship with LV=. LFA has been the recommended adviser to members of the CSMA Club and Unite since 2007.

The benefits of the on-going investment in LFA are illustrated by the division contributing £2.3 million to Group EBITDA in 2014, in comparison with £1.1 million in 2013.

POST YEAR END DEVELOPMENTS

In January 2015 the Group announced the launch of a six-month pilot scheme to provide on-line advice for products such as Individual Savings Accounts ("ISAs") and general investment accounts to consumers. The offering, which utilises market-leading technology supplied by Money on Toast, will initially be made available to members of two of the Group's affinity partners, the CSMA Club and the Royal College of Nursing, and, if successful, will be extended more widely to other affinity partners.

This new offering will enable customers within that portion of the UK population who do not currently find it economically viable to engage with a financial adviser to gain access to sensibly priced financial products via a straightforward, convenient to use and simple to follow process, helping to address the well publicised "advice/savings gap" that currently exists, thereby giving the Group access to customers with whom it wouldn't otherwise engage. As a result this initiative should add to the Group's current customer base.

Furthermore, in January 2015 the Group announced the launch of a dedicated mortgage and protection offering for advisers, using market-leading software, and aimed at building a business to address the need to provide protection in the UK retail consumer mortgage market place.

LIGHTHOUSE PENSION TRUST ("LPT")

In January 2014 the Group announced the launch of its LPT, a Master Trust arrangement through which small and medium-sized enterprises ("SMEs") can access a unique proposition to enable such organisations to meet their obligations under auto-enrolment. Whilst available to companies of all sizes, the LPT, with its blue-chip partners AllianceBernstein and Eversheds, is being aimed principally at businesses with less than 50 employees, which number some 1.3 million and all of which have to stage auto-enrolment between 2015 and 2018. The LPT is fully compliant with all aspects of the auto-enrolment regime, including the annual charge cap of 75 basis points on funds accumulated, and it is five-star rated by Defaqto, the leading product rating agency in the auto-enrolment space. Some 207 of the Group's advisers have registered to advise employers on auto-enrolling using the LPT and have been fully trained to deliver this bespoke solution to SMEs and an extensive marketing and targeting campaign has been established and is on-going.

Complementary pension products are also being developed which will extend further the Group's move into the product manufacturing space.

LIGHTHOUSE ADVISORY SERVICES ("LASER")

LASER, the Group's network business, has undergone considerable change in the past 12 months with our focus being on helping members to improve the productivity and efficiency of their business whilst adopting a more rigorous approach to compliance and quality control. The turnover of LASER for the year to 31 December 2014 amounted to £24.9 million (2013: £27.1 million). Although the number of member firms declined slightly over the year our relationship with existing members remains positive and productive.

BOARD CHANGES

As noted in the 2013 Annual Report, on 12 February 2014 Ken Paterson was appointed to the Board as Group Compliance and Risk Director. Mark Ross resigned from the Board on 31 March 2014 and we thank him for his hard work and support in the past and wish him every success for the future.

I would like to express my appreciation to all of the Group's advisers for their loyalty, enthusiasm and professionalism and to my fellow directors and all of the Group's employees for their continuing hard work and dedication to the Group during the year.

DIVIDEND

A final dividend of 0.12 pence per share is recommended by the Board and, subject to approval at the forthcoming Annual General Meeting, will be payable on 15 May 2015 to shareholders on the register at close of business on 17 April 2015. The corresponding ex-dividend date is 16 April 2015. This follows the interim dividend of 0.06 pence per share paid in October 2014. This is subject to regulatory approval as noted above, which has been granted.

STRATEGY AND PROSPECTS

2014 has seen further progress by the Group with a marked increase in EBITDA and pre-tax profitability, on-going investment into the business and the launch of exciting new initiatives such as the LPT, on-line advice and a new mortgage and protection offering. Investment in technology and the strategic development of the Group's value-add businesses continues, and historic legacy issues have been substantially addressed. The restructuring programme has been successfully delivered and has contributed to a substantial reduction in operating costs which are expected to be maintained at these lower levels, subject to future investment plans.

With a focus on profitable growth and cost efficiency, whilst continuing to mitigate risk for the Group and its customers, the Group is well placed to take advantage of the opportunities available to it.

Richard Last

Chairman

26 February 2015

CHIEF EXECUTIVE'S REVIEW

OVERVIEW

The Group has progressed well in 2014 during a period which has seen further changes within the market for the provision of financial advice in the UK. The UK Government announced in March 2014 proposals for liberalisation of the personal pensions market, which will provide challenges to product providers and customers alike but also opportunities for highly qualified advisers such as those within the Group to provide appropriate, holistic financial advice to, in particular, those customers located in what is termed "Middle Britain" - the Group's principal area of focus, especially for its national advisory subsidiary, LFA.

In addition, the process known as the "sunset clause" arrangement, whereby client investment assets held on platforms will no longer be subject to historic trail (originated prior to 1 January 2013) by 31 March 2016 but will instead be moved into clean share classes with no on-going trail payments, has gathered momentum during the year with platform providers establishing systems and procedures to achieve such transfers by, or in many cases well before, the required deadline.

During 2014 the Group has been addressing these and other developments within the UK retail financial services market whilst continuing to invest in adviser recruitment and technology development and deployment in order to better serve its customers and take advantage of the many opportunities that exist.

In the particular case of dealing with the "sunset" arrangements for platform-based assets referred to above, active programmes have been established to contact all such clients and determine their future requirements. Such engagement will also provide opportunities for additional advice to be given and new income to be generated, where appropriate to do so.

The onset of auto-enrolment obligations within the UK business community has been well documented and as noted in the 2013 Annual Report the Group has been one of the prime movers in the space, particularly in the SME (less than 50 employees) segment, which will see 1.3 million businesses needing to comply with auto-enrolment and stage compliant pension schemes between mid 2015 and 2018.

In January 2014 the launch of the Lighthouse Pension Trust ("LPT"), a wholly compliant and straightforward way (via a Master Trust structure) for SMEs to fulfil their auto-enrolment obligations, was announced and LPT opened for business in April 2014. The LPT is aimed primarily at the SME market and has attracted considerable interest since its launch, including being awarded a five-star rating by Defaqto, the leading research and rating agency for financial services, in its first review of auto-enrolment solutions in December 2014.

The LPT proposition comprises initial advice to businesses from one of the 207 advisers within the Group that have registered to participate, backed up by specialist technical support, followed by access to the fully automated LPT arrangement with funds managed by AllianceBernstein, a global asset manager with some $500 billion of funds under management, and a subsidiary of Eversheds LLP as the Corporate Trustee. We believe this is a compelling solution for SMEs having to work their way through the auto-enrolment minefield.

The 207 advisers registered by the Group to provide advice in this area have been fully trained and are now actively engaging with SME businesses that have staging dates in the next three years, and the experienced pensions staff within the Lighthouse Group Employee Benefits ("GEB") division of LighthouseCarrwood Limited ("Carrwood"), the Group's wholly owned subsidiary which holds some 40 accountancy and professional connections, stand ready to help SME customers to satisfy their obligations under auto-enrolment.

Up-to-date and innovative technology solutions are changing the way in which customers and advisory firms engage and the Group has recognised this by continuing to invest in its Lighthouse Fairway operating system, comprising a unique integration of two market-leading software systems, Intelligent Office, supplied by Intelliflo Limited through which all business is processed, and Dynamic Planner, supplied by Distribution Technology Limited ("DT"), the highly-regarded risk-profiling tool. The Fairway offering has been developed further during 2014, with an enhanced mortgage application now available to support the specialist mortgage and protection offering - Lighthouse Mortgage and Protection Services ("LMPS") - launched in January 2015. The Fairway proposition is mandatory for the Group's national, affinity-based LFA business and in the accountancy and professional connections, high net worth focused Carrwood division, and is gaining increased adoption across all other parts of the Group.

The DT Dynamic Planner system also underpins the Lighthouse Researched Solutions within LFA which are made available to all advisers within the Group.

There has been much speculation in recent months about how the gap between the traditional, "full advice" model and execution-only services might be filled in order to provide access to appropriate financial products to the large swathe of consumers in the UK who hitherto have not had access to properly researched and advised financial products. The Group is at the forefront of developments in this area and in January 2015 announced the launch of a pilot scheme to provide automated, on-line advice and access to straightforward financial products such as ISAs and General Investment accounts to the constituents of Middle Britain who might otherwise not have simple access to such valuable arrangements.

The pilot, using software developed by Money on Toast, a pioneer in the development of on-line advice, will run for an initial period of six months and will provide members of two of the Group's affinity partners, the CSMA Club and the Royal College of Nursing, with access to focused investment advice via a simple on-line process, which will identify their investment objectives, "attitude to risk" and "capacity for loss" and then match these with appropriate investment solutions. Customers who require broader financial planning assistance or indeed wish to engage with a financial adviser in a traditional "face-to-face" environment will continue to benefit from access to Lighthouse's extensive population of financial planners across the UK. If successful, the pilot will be extended and rolled out to other affinity partners and, in due course, more widely with the product range also capable of expansion.

The Group increased its EBITDA to £1.2 million in 2014 from £0.2 million in 2013, whilst continuing to develop its main businesses with an additional £1 million being invested in adviser recruitment, development, training and technology. Further details of 2014 trading are set out later in this review.

OPERATIONS

The Group continues to provide financial advice through its three principal business segments, being:

- LFA, the affinity-based national advisory division;

- Wealth management, comprising Carrwood's employed and highly specialist and qualified advisers, working through accountancy and professional connections, and LighthouseWealth Limited ("Wealth"), serving a similar high net worth client base through the client banks of its self-employed advisers; and

- Lighthouse Advisory Services Limited ("LASER"), the Group's authorised network of self-employed advisers, operating under their own brands but with access to the same Fairway technology and Researched Solutions product suites available elsewhere in the Group.

At 31 December 2014 the Group employed 157 staff including employed advisers and operated out of three principal locations, being London (plc office and base for City-based advisers), Stockport (operating base for Carrwood, GEB, compliance and IT support centre) and Woodingdean, near Brighton (base for LFA operations support and finance and adviser remuneration functions).

DIVISIONAL COMMENTARY

LFA continues to develop its affinity-based offerings and is at the forefront of the LPT auto-enrolment and on-line advice initiatives. Following the contract win and renewal with Parliament Hill and Prospect reported in the 2013 Annual Report, the Group renewed its contract as the preferred provider of financial advice to the members of the CSMA Club for a further three years in September 2014, and secured a new three year contract to provide a similar service to members of Unite, who were previously serviced through an historic relationship between LFA and LV=, in February 2015. These contracts secure on-going advice provision to a combined member population of 1.7 million individuals. LFA has been the contracted financial adviser available to members of these two organisations since 2007 and the continuity of such arrangements (with the total contracted membership now exceeding 5 million) provides an exceptional base for future development within LFA.

With revenues generated from affinity-based leads now exceeding £5.2 million in 2014 - an increase of £1 million or 19 per cent. on the £4.2 million achieved in 2013 - approximately 40 per cent. of total LFA revenue is derived from affinity sources, which proportion is expected to increase as penetration of such relationships becomes deeper and more effective.

Operating from modern premises near Brighton, with a professional call centre and client and events teams service, embracing fully the Group's Fairway technology solution and its Researched Solutions product suites, LFA is well placed to meet the challenges and take advantages of the opportunities available as a prime adviser to Middle Britain.

In 2014 the national segment contributed gross revenues of £14.3 million (2013: £13.9 million) and an EBITDA after allocation of central costs of £2.3 million (2013: £1.1 million).

Wealth management, incorporating Carrwood and GEB employed advisers and Wealth self-employed advisers, continued to progress with revenues reaching £7.6 million against £6.9 million in 2013. The principal area of increase was from the self-employed advisers within LighthouseWealth, where a defined development plan has been established to grow this division over the next three years to take advantage of the Group's re-launched and enhanced offering to advisers within the high net worth client space.

Investment in establishing the LPT and in the re-launch of Wealth resulted in the wealth management segment contributing an EBITDA after allocation of central costs of £376,000 (2013: £475,000).

The Group's network segment, LASER, saw revenues reduce from £27.1 million to £24.9 million as a result of certain firms becoming directly authorised or otherwise having moved out of the Group. Much attention has been given to reducing risk for the Group and its clients within the network arena in recent years and the advisers currently within LASER can benefit from the full Lighthouse Fairway technology and Lighthouse Researched Solution product offerings being available to them. The Group will continue to work with those firms which are willing to fully embrace these benefits to their and customers' mutual benefit.

After allocation of central costs, the network segment incurred a negative EBITDA of £0.3 million (2013: positive EBITDA of £0.7 million).

Central costs not allocated to segments amounted to £1.2 million (2013: £2 million).

The above results are stated after further investment of approximately £1 million into technology systems, adviser recruitment, development and training, bringing the total investment since 2012 to £4.7 million.

PROFESSIONAL INDEMNITY INSURANCE ("PII")

The UK market for PII cover, which remains an essential cost of continuing to advise clients within the retail financial services market, hardened further during the year with the number of carriers wishing to participate in insurance arrangements (either as principals or syndicate members) continuing to reduce and premiums as a proportion of revenues continuing to rise.

Against such an adverse backdrop, it is pleasing to note that the Group secured a renewal of its coverage in December 2014 with the adoption of carefully risk-rated researched solutions a key factor in achieving renewal with a single-digit premium increase in total quantum terms and largely unchanged individual case excesses.

REGULATION

In the 2013 Annual Report the change of regulator to the Financial Conduct Authority ("FCA") was noted along with the potential for some regulatory relief once legacy issues had been dealt with. Whilst this remains a possibility, the FCA is still working through general historic legacy issues within the market in which the Group operates, although consultation between the FCA and the industry in areas such as simplified on-line advice has been encouraging.

The Group will continue to engage with regulatory authorities with a view to achieving a more proportionate approach to UK regulation of retail financial services whilst continuing to recognise the need to minimise risk and provide appropriate advice to its customer base.

FINANCIAL COMMENTARY

The results of the Group for the year ended 31 December 2014 are set out in the Consolidated Statement of Comprehensive Income.

REVENUE AND GROSS MARGINS

Total revenues reduced by 2 per cent. from £47.9 million in 2013 to £46.8 million in 2014 but average revenue production per adviser increased by 5 per cent. from £82,000 in 2013 to £86,000 in 2014. As in prior years, this represents a considerable achievement by the Group and its advisers.

Recurring revenues continued to increase as a proportion of total revenues, from 45 per cent. in 2013 to 46 per cent. in 2014, despite the impact of providers and advisers addressing issues such as the sunset clause introduced by the FCA which prohibits payment of trail commissions from assets held on platforms by at the latest 1 April 2016.

Gross margins, expressed as a percentage of total revenues, reduced from 31.4 per cent. to 28.5 per cent. as a result of network revenue production being more concentrated in larger appointed representative firms on whose turnover the Group retains a lower proportion than for smaller firms, together with the commencement of conversion of historic trail income previously retained 100 per cent. by the Group into on-going adviser charges which require an adviser to become involved in the future servicing of the client.

OPERATING COSTS

The Group continued its focus on achieving cost efficiencies during the year, with operating costs reducing from £14.8 million in 2013 to £12.1 million in 2014 - a decrease of £2.7 million or 18 per cent. This reflects the first benefits of the reorganisation and restructuring which was completed in March 2014 as well as on-going careful management of the Group's cost base by senior management.

CARRYING VALUE OF INTANGIBLE ASSETS AND GOODWILL

As required by accounting standards, the Board has undertaken a review of the Group's intangible assets including goodwill arising from business combinations as at 31 December 2014 to identify whether any indicators of impairment existed as at that date and, in the case of those intangible assets with indefinite useful economic lives, whether the carrying values were supported by the estimated net present value of future cash flow projections from the relevant Cash Generating Units or business segments.

No such impairment factors were identified and hence no additional provision for impairment has been made (2013: £Nil).

RESULTS FOR THE YEAR

The Group recorded an EBITDA before non-recurring items for the year of £1.2 million (2013: £0.2 million).

After non-recurring expenses of £Nil (2013: £1.7 million), £0.5 million depreciation and amortisation (2013: £0.5 million) and net finance costs of £0.1million (2013: net finance income of £0.4m), the Group recorded a pre- and post-tax profit of £0.6 million (2013: loss £1.6 million).

NET ASSETS AND TOTAL EQUITY

The Group's net assets increased by £0.3 million in the year, as a result of the profit for the year of £0.6 million, reduced by the other comprehensive loss (being the write-back of increases in fair value of available-for-sale financial assets previously recognised but now disposed of, with the resultant gain of £0.1 million included within finance income) of £0.1 million and the payment of an interim dividend of £0.1 million.

CASH FLOW, CASH BALANCES AND TREASURY

Net year end cash balances, after deduction of unsecured loan notes and property bank loan (secured on the Group's long-leasehold property near Brighton), amounted to £7 million (2013: £7.7 million), with the benefit of the trading for the year being offset by £1 million cash paid out in respect of the reorganisation provision established as at 31 December 2013, which will be recouped by lower operating cost payments in future periods. The bank loan of £0.5 million taken out in October 2013 to part fund the long-leasehold interest in the Group's LFA operational premises in Woodingdean (total acquisition cost: £1.1 million), and the unsecured loan notes of £1.3 million raised through three institutions, redeemable in December 2015, remained in place in 2014. The loan is repayable by 15 quarterly instalments commencing in January 2015, amounting to an aggregate of £0.1 million, with the balance being subject to rollover or refinancing in October 2018.

The undertakings previously given by the Group to the FCA in respect of maintaining assets and seeking prior approval for distributions by its regulated subsidiaries remain in force at this time. After allowing for regulatory and working capital considerations the Board will continue to retain the £2 million of cash it holds in excess of regulatory capital requirements in short-dated accounts for the time being.

PROSPECTS

As noted above, the Group has continued to invest in its businesses whilst developing exciting new initiatives such as the Lighthouse Pensions Trust, an on-line simplified advice solution and new and enhanced Wealth and Mortgage and Protection service offerings. These, together with complementary offerings still under development and the on-going focus on higher value-add divisions - LFA and Wealth Management - together with careful development of the advisers within the network division in conjunction with the Group's Fairway technology and carefully selected Researched Solutions, leave the Group well placed, with a solid financial position and net cash, to continue to deliver strong financial performance in future years.

Malcolm Streatfield

Chief Executive

26 February 2015

Lighthouse Group plc

Consolidated statement of comprehensive income

for the year ended 31 December 2014

Lighthouse Group plc

Consolidated statements of changes in equity

for the year ended 31 December 2014

Lighthouse Group plc

Consolidated statement of financial position

at 31 December 2014

The financial information was approved by the Board of Directors on 26 February 2015 and was signed on its behalf by

Malcolm Streatfield

Chief Executive

Peter Smith

Finance Director

Lighthouse Group plc

Consolidated statement of cash flows

For the year ended 31 December 2014

Lighthouse Group plc

Notes to the preliminary financial information for the year ended 31 December 2014

1. Basis of preparation

The preliminary financial information, which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Statements of Changes in Equity, the Consolidated Statement of Financial Position and the Consolidated Statement of Cash Flows and the related explanatory notes has been prepared on the basis of the accounting policies set out in the audited financial statements for the year ended 31 December 2014 and International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board as adopted for use in the EU ("IFRS").

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2014 or 2013 but is derived from those accounts. Statutory accounts for 2013 have been delivered to the registrar of companies, and those for 2014 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

2. Earnings/(loss) per ordinary share

The calculation of the basic and diluted loss per share attributable to equity shareholders of the parent company is based on the following data:

3. Dividends

The directors recommend the payment of a final dividend for the year ended 31 December 2014 of 0.12 pence per ordinary share (2013: Nil pence per share).

4. Annual report

The annual report and audited financial statements will be posted to shareholders on or about 6 March 2015 and copies are available for collection indefinitely from the Company's registered office at 26 Throgmorton Street, London, EC2N 2AN or at the Group's website (www.lighthousegroup.plc.uk).

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