Lighthouse Group has seen first-half profits leap by 66 per cent and says it is on track to pay its first dividend next year.
Profits rose to £786,000 £786,000 for the six months to June 30 from £473,000 in the same period last year, with turnover up by 30 per cent to £26.6m from £20.5m.
Lighthouse, which has 600 advisers, says total funds under advice grew by 42 per cent to around £5.6bn with individual adviser turnover up from £71,000 to £85,000 on average.
Chief executive Malcolm Streatfield says: “Many of our lower-producing advisers have retired or left and been replaced by higher-producing advisers, so now we have more advisers, each writing more business.”
Lighthouse says the market is forecasting group profits to hit £3m by the year end and expects to pay a maiden dividend next year.
Streatfield says: “We are not in a position to have to cons-ider a merger. As for us being acquired, that is out of our hands as a quoted company but we are pleased to see that of the four other big distribution firms that were Aim-listed in 2000 – Millfield, Inter-Alliance and Berkeley Berry Birch – we are the only one still standing.”