Lighthouse thanks M&A activity for 13% profits jump

The company this morning reports a 15% increase in revenue from the same period last year, from £25.5m to £29.3m, while gross profit jumped £1m to £8.6m. EBITDA increased 3% to £526,000. Lighthouse completed a merger with Sumus last year and, in January this year, acquired the client base of IFA Godfrey Pearson. It says disregarding both deals, on a like-for-like basis revenues declined 21%, gross profits fell 13% and EBITDA dropped 45%. It cites as a reason a "significant" reduction in retail investment business following the economic downturn. Operating costs increased, albeit ma...