The group is also made up of a national advice arm and employee benefits division.
The company incurred one-off operating costs of £834,778, including £487,000 spent closing its Exeter office and expanding the Brighton base. A further £347,000 was spent on past business redress, though Lighthouse has not commented on what this relates to.
Lighthouse set aside a total of £8.6m to cover liabilities as at the end of 2013, compared to £5.9m in 2012. Of the total, £5m has been set aside as complaints provision, up from £2.8m in 2012. Another £2.6m has been set aside for protection commission clawback, up from £2.3m in 2012. A further £841,000 has been set aside for “other provisions”.
Turnover dropped 14 per cent from £52.7m to £45.1m, while cost of sales fell 15 per cent from £47.9m to £40.7m.
Administrative expenses fell 17 per cent from £5.3m to £4.4m.
In March the Lighthouse Group accounts showed it made a £1.6m loss, an improvement on the £4.6m loss the previous year.