View more on these topics

£7.6M write-off for Lighthouse Group

Lighthouse Group has had to write down £7.6m, with £5.6m directly related to its £12.6m merger with Sumus in May last year.

The remaining £2m relates to the acquisition of Carrwood Barker Holdings which Lighthouse bought in December 2005.

Lighthouse group finance director Peter Smith says the £7.6m impairment charge reflects the loss of capital of the acquired businesses at year-end valuations.

He says: “It is inevitable in this climate that there has been a fairly sharp markdown because the view of the business, particularly over the next couple of years, will have reduced compared with where we were six to nine months ago.”

The group reported a loss of £8.5m for 2008 after a profit of £1.9m in 2007. The loss was mainly due to the writedown on its acquisitions.

Smith says: “The 2008 figures were hit by a one-off impairment charge which has no effect on cash or trading levels.”

The group reported a rise in revenues of £1.5m to £54.4m as a result of its mer-ger with Sumus which brought £15.3m to the group between May and December. But a like-for-like comparison with figures for 2007, excluding Sumus, shows a £13.8m or 26 per cent drop in revenues.

Lighthouse chairman David Hickey says: “We have £12m of cash, no bank debt and we are still making trading profits. The group is well positioned for challenges that the industry will face and to capitalise on the upturn when it occurs.”


Tension attention

Brokers, networks and homebuyers have used the hiatus in mortgage activity to strengthen their position and gain competitive advantage. Major players that want to succeed have focused on getting match-fit for the new season and are waiting for the signal that the game is about to start.

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm