News blog
Lighthouse
- BY: Andrew Hore |
- POSTED: 25/09/2016 |
IFA Lighthouse has launched an in-house asset management offering managed on its behalf by Octopus.
Luceo Asset Management will offer three active multi-manager funds and others could be added. Lighthouse invests £900m a year for its clients and a proportion of this could be directed to the new funds.
The ending of trail commission hampered first half growth but this effect will reduce over time. There were also pre-launch costs for Luceo. Overall costs were lower.
In the six months to June 2016, revenues were flat at £23.8m. Annualised revenues per adviser were 6% higher at £96,000. The interim dividend was increased from 0.08p a share to 0.09p a share.
Full year profit is expected to rise from £900,000 to £1.3m. A dividend of 0.3p a share is forecast. The balance sheet is strong with net cash of £7.1m forecast for the end of 2016 even after £2.5m of expected provision payments. This is more than enough for FCA requirements.
At 11.5p, the shares are trading on 13 times prospective earnings.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|