Lighthouse Group Plc (LON:LGT) CEO Malcolm Streatfield talks to DirectorsTalk about the release of today’s positive interim results. Malcolm talks us through the highlights, provides more information on the latest affinity relationships, tells us how the Luceo product range is doing and shares his thoughts on the rest of the year.
Highlights
• Revenues for the six months to 30 June 2017 increased by 8 per cent. to £25.67 million (H1 2016: £23.78 million);
• Average annualised revenue production per adviser increased by 22 per cent. to £117,000 (H1 2016: £96,000);
• Operating expenses reduced by £405,000 to £5.73 million (H1 2016: £6.13 million);
• EBITDA* increased 26 per cent. to £1.27 million (H1 2016: £1.01 million);
• Pre-tax profits increased by £296,000 (36 per cent.) to £1.13 million (H1 2016: £829,000);
• Basic earnings per share increased by 35 per cent. to 0.88 pence per share (H1 2016: 0.65 pence per share);
• Net cash balances £8.1 million (31 December 2016: £8.1 million);
• Interim dividend declared of 0.12 pence per share, an increase of 33 per cent. (H1 2016: 0.09 pence per share); and
• Affinity contracts renewed with Usdaw and Prospect trades unions and new contracts agreed with the Money Advice Service and the Social Workers Union.
*Earnings Before Interest, Tax, Depreciation and Amortisation
Commenting on the results, Richard Last, Chairman of Lighthouse Group plc, said: “The unaudited results for the six months ended 30 June 2017 emphasise the further progression of the Group’s activities and the focus on sustainable operational efficiency, with EBITDA for the six months increasing by 26 per cent. to £1.27 million. Continued progress in developing proprietary financial products for both the individual and corporate markets is expected to contribute to future growth in profits.”