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Lighthouse interims show 66 per cent profit increase

Lighthouse Group is reporting a 66 per cent increase in pre-tax profits from £473,000 in 2006 to £786,000 this year.

The group, comprising a national IFA and network and pension scheme administrator is also showing a 30 per cent revenue increase from 20.5m in 2006 to £26.6m to June 30, 2007.

It says total funds under advice grew to approximately £5.6bn, growing 42 per cent since June 30 last year, with turnover per adviser up to £85,000 on an annualised basis, up from £71,000.

Lighthouse Group executive chairman David Hickey says: “We continue to make sizeable improvements in revenue, gross profit, pre-tax profit, and earnings per share. The improvement in the quality of earnings is also encouraging following a notable rise in recurring income during the period,derived both from the LV= arrangements as well as organic growth.

“As a result, we continue to increase the total funds under our advice and we look forward to reporting further significant progress for the full year. We are also particularly pleased to now confirm we will be able to offer our shareholders a maiden dividend in 2008.”

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