National advice firm the Lighthouse group has reported a pre-tax loss of £1.6m for 2013 in a marked improvement on the previous year despite falling adviser numbers and a £310,000 provision for consumer redress.
Lighthouse reported a loss of £4.6m in 2012, from a loss of £2.7m in 2011. An impairment charge of £3.9m against the value of its network arm Lighthouse Advisory Services was a major contributor to the loss. In 2013 Lighthouse went some way to pare back those losses, but a further provision of £310,000 for client redress costs and falling revenue due to a reduction in adviser numbers kept it in the red. Group revenues reduced by 13% to £48m in comparison with 2012 went it was £55m. This was primarily as a result of the 17% reduction in average adviser numbers following the revis...
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