Friday, 16 February 2018 12:10

LEBC hunts for further takeovers in 2018

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LEBC CEO Jack McVitie LEBC CEO Jack McVitie

National Financial Planner and retirement specialist LEBC is hunting for further acquisitions this year due to “growing demand” for its services.

The business plan follows strong growth in 2017 and current Q1 2018 performance which is ahead on a like for like basis on last year, said the firm.

According to the recently published LEBC annual report and accounts, the company reported organic growth in 2017 with turnover of £18.1m and a trading profit of £3m for the year, an increase on the 2016 results of 17.4% on turnover (2016: £15.4m) and 42.6% on trading profit (2016: £2.1m).

The firm says growth over the past year reflects the changes it made last year such as becoming directly authorised by the Financial Conduct Authority, acquiring Financial Planning firm Aspira for £5m and the successful introduction of its ‘bionic’ advice process – a human advice service augmented by the latest technology which the firm says helps to deliver advice to clients at a lower cost to the client.

Jack McVitie, chief executive of LEBC, said: “Looking to the current financial year and beyond we can see extremely encouraging early signs. LEBC is trading significantly ahead of both 2017 and budget. This organic growth will also be supported by acquisitions in order to expand resource to cater for our growing demand.”

 

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