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LEBC reports £560,000 pre-tax profit

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Jack McVitie

National IFA LEBC has reported a pre-tax profit of £556,000 for the year to 30 September, reversing losses of £580,000 in 2011.

The firm’s accounts reveal turnover fell marginally from £10.2m to £10.18m.

The firm made no provisions for liabilities. The highest paid director’s remuneration fell 19 per cent from £220,000 to £178,000 in 2012.

Administrative expenses dropped 4 per cent from £10m to £9.6m.

LEBC chief executive Jack McVitie says: “We enter a post-RDR world with strong, compliant advice propositions, a fully qualified and confident team of advisers.

“Our strengthening trading position is reflected in the balance sheet.”

LEBC’s 2011 accounts showed the firm incurred £733,000 exceptional costs relating to a restructure of the business.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. A 5% margin last year pe RDR suggests it will be break even or loss making tis year as they adapt to the new world – going to get very tough out there and many wont survive.

  2. proceeds of the last great churn?

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