18th Jul 2017 07:00
RNS release | 18 July 2017 |
Lighthouse Group plc
('Lighthouse" or the "Group")
Trading Update and Notice of Results
Lighthouse Group plc (AIM: LGT), the national financial advisory group, is pleased to provide a trading update for the six months ended 30 June 2017.
The Group, which is the preferred financial adviser to 19 affinity partners with a combined membership of more than 6 million individuals, has continued to trade positively in the first half of 2017, in line with management's expectations and significantly ahead of the comparator period for the six months ended 30 June 2016. Gross revenues and adviser productivity benefited from the Group's affinity relationships and from the increasing focus on the benefits of pensions freedom and flexibility by individuals and corporates within the UK.
Assets under management sponsored by Luceo Asset Management Limited, the Group's wholly-owned subsidiary, increased from £8 million to over £20 million with investment flows now approaching £1 million per week. The Board expects this to increase further as the year develops and with the launch of additional products later in the year.
The Group continues to maintain a strong balance sheet and the Financial Conduct Authority has recently agreed to remove the capital asset restrictions imposed in 2012 at the height of the Arch cru and Keydata product issues within the UK Financial Services market. This underlines the progress made in recent years. Net cash at 30 June 2017 amounted to £8.1 million (30 June 2016: £7.5 million).
The Board is pleased with trading to date in 2017 and is confident of further progress over the remainder of the year.
Lighthouse Group will be announcing its half year results for the six-month period ended 30 June 2017, on 5 September 2017.
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For further information, please contact:
Lighthouse Group plc | ||||
Richard Last, Chairman
Malcolm Streatfield, Chief Executive
Peter Smith, Finance Director | Tel: +44 (0) 20 7065 5640 www.lighthousegroup.plc.uk | |||
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| finnCap Limited |
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| (Nominated Adviser and Broker to the Company) | Tel: + 44 (0) 20 7220 0500 |
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| Adrian Hargrave / Emily Watts/ Hannah Boros |
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Media enquiries:
IFC Advisory Limited | |
Heather Armstrong/ Tim Metcalfe/ Graham Herring | Tel: +44 (0) 20 3053 8671 |
www.investor-focus.co.uk |
About Lighthouse Group plc
Lighthouse has been listed on AIM since 2000 as an integrated financial services company for investors, coupled with significant scale in terms of distribution through financial advisers and wealth managers and its fully diversified business model.
As one of the UK's largest autonomous financial advice and wealth management groups, Lighthouse provides a comprehensive range of services to businesses and individuals and is retained by most of the major trades unions and other affinity groups to advise their combined memberships of over 6 million members.
The Group aims to increase its relationships with, and the benefits it derives from, its relationships with affinity groups and professional partners.
In addition to a wide range of financial advice, the Group has developed innovative products to meet the specific needs of its retail and corporate customers. These comprise:
· Luceo Asset Management, launched in September 2016 to provide a range of investment solutions to retail investors. The initial solution comprise five multi-manager, fund of fund, investment portfolios matching to customers' agreed risk profiles, with Octopus Investments Limited as the initial Investment Adviser. These are available across a number of platforms, including the Lighthouse Zurich Platform, in partnership with Zurich and;
· The Lighthouse Pensions and Life Trusts, unbundled multi-employer Master Trust products that provide cost-effective and one-stop shop solutions for small- and medium- sized enterprises ("SMEs"), to meet their obligations to establish auto-enrolment compliant pension schemes for their employees by 31 March 2018. (up to 1 million SMEs still have to do so) and provide death-in-service life assurance cover for all of their employees aged between 16 and 65, for the same cost per benefit, at very competitive rates, regardless of age, gender, location or pre-existing medical conditions.
Lighthouse operates from its headquarters in London as well as having principal operating offices in Stockport and Woodingdean, near Brighton.
For more information please visit: http://www.lighthousegroup.plc.uk/
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