There was a 17% reduction in average adviser numbers at Lighthouse Group in the wake of RDR, the company has reported today.
The company's revenues reduced by 13 per cent to £48 million in comparison with 2012 (£55 million).
Lighthouse, one of the country's largest listed UK IFA advisory businesses, said this was "primarily as a result of the 17% reduction in average adviser numbers following the revised qualification and trading requirements of the RDR coming into effect".
But average revenue production per adviser increased by 3%.
{desktop}{/desktop}{mobile}{/mobile}
The group recorded a pre-tax loss of £1.6 million compared to a loss of £4.6 million last year, which included an impairment charge of £3.9 million.
Recurring revenues increased to 34% of total group revenues in comparison with 32% in 2012, which the firm said "indicates the resilient nature of the group's on-going activities".
There was an increase in gross margin percentage from 27% to 31% due to higher proportion of revenues generated by LFA and Carrwood divisions.
Richard Last, chairman of Lighthouse Group, said: "The group has made substantive progress during 2013, a year which saw considerable market and regulatory change.
"The group has continued to invest in its LFA business which is now better placed to fully capitalise on the affinity relationships that it has secured.
"The increase in average annualised revenue per adviser and in percentage gross margins achieved are very positive and bode well for future trading.
"The restructuring we announced in September 2013 is expected to deliver significant operational gains and cost savings by mid 2014 and provides a solid platform for future growth.
"With a strong cash balance, operational scale and a robust business model, Lighthouse is well positioned within the industry to deliver future growth."