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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 longevity director Nick Flynn says LEBC has had a profitable start to 2013 and is confident of posting further profits.

He says: “The 2012 results were excellent and the first six months of this year have been very good as well. 

“We expect to continue to improve and post an even more impressive set of results for 2013 when we reveal those results in a year’s time.”

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

Consilium Financial Planning managing director Kevin Morgan says: “Costs for advisroy firms are going to continue rising with the introduction of the Financial Conduct Authority and firms need to focus attention on reducing other costs and making profits as LEBC has done.

“Hopefully other firms can look at this and realise it is possible to post good figures.”

In November 2011, LEBC left Sesame for Tenet after 11 years due to “cultural differences” with the network.

LEBC chief executive Jack McVitie said Sesame was increasingly focusing on the distribution of financial products while LEBC primarily offers advice to large corporate clients.

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