Lycetts posts increased turnover but lower profit
Broker flags continuing investment in staff and IT.
Lycetts has reported a 3% increase in turnover for 2017 to £20.57m.
The broker said the growth reflected a strong performance in a competitive market.
However, operating profit and profit after tax both dropped.
Operating profit declined from £1.92m in 2016 to £977,000 with post-tax profit coming in at £593,000 (2016: £1.33m).
Investment
According to the Newcastle-based firm the drops were due to “continued significant investment in people and IT resources”.
This was reflected in group’s
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