The results, representing a tenth straight year of profit growth for the innovative and entrepreneurial firm, underline a period of strong continuing growth, with year-on-year improvements for both turnover (at £20.5 million) and trading profit (£4.3 million). This represents a significant increase on 2017 numbers – with turnover up 13% and trading profit by some 43%.
This growth has been achieved organically from LEBC’s ‘Foundation’ and ‘The Retirement Adviser’ businesses and continues the company’s successful post RDR transition. However, LEBC Group is not resting on its laurels, other significant developments will add to its future growth prospects. These include the acquisition of Aspira Corporate Solutions, whose numbers are not yet included in LEBC’s results, and the development of its bionic advice proposition.
Commenting on the acquisition, Jack McVitie, Chairman and Chief Executive Officer at LEBC Group said: “Aspira was an obvious choice; they have assembled an excellent team over the years and share our commitment to the delivery of the best possible advice for each and every client. We have begun and continue to work on the integration of Aspira into LEBC Group and are making a significant investment in new technology at the Bristol office. We are building on the strengths of both businesses, harnessing best practice and efficiencies to ensure we provide the best possible advice and service to each and every client.” LEBC expects the integration of Aspira to be complete during the first half of 2019.
Another noteworthy change following the merger was the appointment of Derek Miles, former Managing Director of Aspira, as Managing Director of LEBC Foundation.
Over the course of the year, LEBC has also continued to develop its two existing business units – ‘Foundation’, its traditional advisory business (which services private individuals and employers from 17 branches nationwide), and The Retirement Adviser (which delivers large scale advice and guidance to pension scheme members).
LEBC’s commitment to invest in technology and training, pioneering the development of its ‘Bionic’ advice proposition – human advice, augmented by the latest technology – continues apace. Jeremy MacLeod has taken on the role of Managing Director for this area of the business and will be developing the proposition throughout the year. “We use technology to enable us to work at scale and plan to plug the so-called ‘advice gap’ without compromising quality”, said McVitie. “We continue to recruit and train in our Academy. We stand by our belief, that this will allow us to deliver on our promise to transform access to top quality financial advice for employers, employees and individuals alike.
“Looking to the current financial year and beyond, across the wider political and economic landscape, we face some uncertainties; however, I remain confident that LEBC is well placed to adapt to ever-changing circumstances. We have a proven business model, and we continue to refine our processes and systems so that we can deliver the highest levels of advice and client service. In this way we’ll not only weather the storm but build on our success.”
Download LEBC's Annual Report 2018 here.
For further detail or comment please contact:
Kay Ingram, Director, LEBC Holdings
Tel 07500 843628
Jack McVitie, Chairman and CEO, LEBC Group
Tel: 07768 157467
Gordon Puckey, Managing Director, Phoenix Financial PR
Tel: 07799 767468
Notes to Editors
About LEBC Group (‘LEBC’)
LEBC is a national IFA, pensions and employee benefits consultancy, providing impartial financial solutions for individuals and organisations alike. Its services are delivered by specialist, qualified financial advisers and knowledgeable, dedicated support staff at 17 branch locations spread throughout the UK: Birmingham; Bristol; Cambridge; Canterbury; Cardiff; Edinburgh; Glasgow; Hull; Leeds; Leicester; London; Maidstone; Manchester; Newcastle; Preston; Reading and Woking.
LEBC Group Ltd is authorised and regulated by the Financial Conduct Authority. Registered address: 1285 Century Way, Thorpe Park, Leeds, West Yorkshire LS15 8ZB. LEBC Group Ltd is entered on the Financial Services Register under reference 760755. Registered in England and Wales Company number 03995199.