Highlights of the results are:
- Significantly reduced adjusted losses* between 2003 (£1.3m) and 2004 (£0.9m), with further sharp improvement between the first and second halves of 2004 from £1 million loss to £0.1 million profit.
- Maiden profits at EBITDA level for each month in the second half of 2004.
- 16% increase in turnover to £26.5 million as a result of successfully integrated acquisitions.
- Net assets of £3.5m with £2.5 million in cash and no debt.
- Successful launch of new technology platform – LighthouseXpress – increasing advisers’ efficiency greatly.
- Lighthouse Steps, a new electronic transaction delivery channel, established with Friends Provident, Standard Life, Abbey, Skandia, Norwich Union, F&C and Scottish Equitable.
- Commitment to independence to ensure ‘whole of market’ access for IFAs and their clients.
Commenting on the results, executive chairman David Hickey said: “Despite a tough marketplace Lighthouse Group has performed well, especially during the second half of 2004. This was due to growth in productivity from our advisers while also keeping costs tight.
“During 2004 we put considerable effort into developing LighthouseXpress, in our opinion the best adviser support structure available in the marketplace. Our advisers can now deliver independent advice swiftly and efficiently to their clients.
“Lighthouse Group is now stronger than at any time since its formation. This improved performance, particularly in the second half of the year, together with a robust balance sheet with cash and no debt, underscores our confidence for the future.”
