London AIM-listed Lighthouse Group, an independent financial advisor and wealth manager, has announced record results for the year ended 31 December 2007. Pre-tax profit was up 171 per cent to £1.9 million ($3.8 million); 2006: £0.7 million on revenues up 12 per cent to £53 million. Total funds under advice grew to approximately £6 billion, an increase of 22 per cent since 31 December 2006. At the same time, the firm announced an agreed merger with Sumus, in the same business and also AIM-listed. The enlarged group – so far unnamed - will have turnover in excess of £80 million and estimated net assets of £22 million. David Hickey, executive chairman of Lighthouse, said: “We have strong shareholder support from both sides for this merger, which will combine two profitable groups with substantial balance sheet cash resources. The merger creates an IFA and wealth management group which is genuinely independent, with an estimated £8 billion in assets under advice and approximately 900 experienced advisors.” Allan Rosengren, group chief executive of Sumus, said: “This merger fulfils a number of key objectives in terms of achieving meaningful size, scale and geographic coverage, whilst further broadening the range of services offered to IFAs and clients. We are enormously enthused by it and believe it to be in the best interests of all stakeholders in both Sumus and Lighthouse.” Mr Hickey will be chairman of the new firm with Mr Rosengren and Lighthouse chief executive Malcolm Streatfield as joint chief executives.