Lighthouse losses jump to £4.6m

The group took a hit on its network arm, making an impairment charge of £3.9m in relation to that side of the business. It also spent £1.4m preparing for the Retail Distribution Review (RDR) by investing in IT and related processes. Revenue at the group fell to £55m, down from £60.4m in 2011. However annualised revenue per adviser increased 14% to £87,000. Earnings before interest, tax, depreciation, and amortisation and non-recurring operating expenses came to £1.5m, down from £1.6m in 2011. The group said it aims to double the number of advisers it has under its Lighthouse ...