LEBC Group suffers loss after DB transfers market exit

LEBC Group reported a "disappointing year" in its latest strategic report for the 12 months to September 2019, with an operating loss of £339,973, compared to its 2018 figure of a £4,282,321 profit. It was the company's first trading loss in a number of years and included a £3.65m loss in turnover to £16,863,107 from £20,489,461 in 2018. The loss follows LEBC's withdrawal from DB pension transfers in September 2019, revealed by Professional Adviser, which resulted in an overhaul of the firm that included a number of job cuts.   "Following this decision, staff numbers had to be reduced...