National IFA and Financial Planning firm LEBC Group has announced strong half-year results, with profits boosted by more than 95%.

In the six months to 31 March LEBC’s revenue grew 20.7% from £8.5m last year to £10.2m (2017: £8.5m) and trading profit grew 95.3% from £1.2m to £2.4m.

The firm said the results were “testament to LEBC’s strategy of generating value through investing in technology, to establish a low-cost operating model in high-growth advisory areas.”

The company also said its “strong operational and financial discipline” meant it was well-positioned for further growth.

The results report read: “The Company is well placed to benefit from important trends in the financial advisory, pension and employee benefits market.

“Demographic changes are increasing the number of people in retirement, and their need for pension and care financial planning.

“By 2030, it is estimated there will be 14m people of State Pension Age, compared to 12.5m in 2016.

“Pension Freedoms legislation introduced in 2015 has expanded the need for at-retirement advice, and there is growing demand from large Defined Benefit pension schemes to offer cost effective at-retirement advice to members.”

Meanwhile the firm has invested in technology and a new operating model to increase the efficiency of its face-to-face advice. 

Jack McVitie, chief executive of LEBC, said: “The company is uniquely positioned to take advantage of important trends that are driving the need for lower cost regulated advice.

“Our ‘bionic advice’ model, which uses technology and human advisers, is transforming access to top quality financial advice for employers, employees and individuals and we are pleased to see that this strategy is positively impacting our financial performance.

“Looking ahead, our unique business model, coupled with our strong management team and financial and operational discipline, places us particularly well for future market opportunities.”