LEBC Group reports 18% rise in turnover to £18m
LEBC Group, the IFA, pensions and employee benefits consultancy, has reported a turnover of £18.1m and a trading profit of £3m for the year ending 30th September 2017.
These figures represent an increase on the 2016 results of 17.5% on turnover (2016 £15.4m) and 42.8% on trading profit (2016 £2.1m).
Currently, on a like-for-like basis, the Leeds-headquartered LEBC is trading significantly ahead of last year and budget.
In December 2017, LEBC acquired Bristol-based advisory firm, Aspira, in a £5m deal. Aspira has 50 staff and nearly £0.5bn of funds under management.
This acquisition is expected to be additive to the current year out turn.
In addition, BP Marsh & Partners, LEBC’s long term business partner, acquired a further 17.84% stake in LEBC for an aggregate consideration of £7.14m on 26th July 2017.
Following the purchase, the company has an aggregate shareholding of 60.88% in LEBC, while the balance continues to be held by founder and CEO, Jack McVitie and LEBC Management.
Jack McVitie, chief executive of LEBC said: “BP Marsh’s usual strategy is to take minority equity positions, however in this instance the opportunity to make an additional investment proved compelling.
“Given the strength of demand and need for advice, bionic, the combination of individual advisers and technology is the only viable solution.
“LEBC continues to pioneer the creation and implementation of bionic advice. Our aim is to transform the access to top quality financial advice for employers, employees and individuals.”