Lighthouse ups profits after shedding 'low performing' advisers

The group today reports initial pre-tax profits of £129,000, up from £93,000 in 2009. After deductions and the gain on the sale of its pensions division of £1.24m, profits for the year were £1.53m, however, up from £217,000 last year. Earnings before tax, which broadly reflects cash profits, were up 22% from £1.08m to £1.32m, led by rising revenues and largely static margins and costs, says the group. However the average number of advisers across the company fell 10%, from 896 in 2009 to 810 in 2010. Lighthouse says the average revenue produced per adviser rose, however, as the ...