Financial Overview

For LBMA 2024 was a challenging year financially. Despite this, the Audit Report for 2024 confirmed that LBMA returned a modest surplus for the year. This was achieved against the backdrop of LBMA falling victim to fraud linked to the Miami Conference and the Diplomat Beach Resort Hotel. While discounts were received from the Conference venue to compensate for the negative experiences driven by venue management decision making, this did not meet the full extent of the loss incurred by LBMA. An extensive investigation ensued through which immediate corrective measures were implemented. I am also pleased to report that the independent Audit report reached the same investigative conclusion. Consequently, LBMA now has processes and systems that have been strengthened above and beyond normal financial practices to drive the organisational resilience necessary to prevent any future occurrence.

For 2024 revenue across both LBMA and PMPL grew by 2% on returns with the principal driver being licencing revenue in PMPL that represented 30% of all income received. After tax, LBMA netted £93.8K whilst PMPL achieved a little over £1.55M. All of the latter has been reinvested within the 2025 delivery plan, which has significantly reduced the burden upon Members and other revenue streams. Looking at 2025, revenues will grow again, driven by record attendance at Conference, as well as further growth in Membership, GDL applications and PMPL licencing returns.