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RNS Number : 1227U
Tavistock Investments PLC
21 November 2019
 

 

 

                        

Tavistock Investments plc

("Tavistock", "Company" or "Group")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

FINANCIAL HIGHLIGHTS

·    Continued increase in gross revenue for the Group for this period to more than £14.3 million (30 September 2018: £14.0 million)

·    Continued increase in gross profit to £5,811,000 (30 September 2018: £5,651,000)

·    95% increase in EBITDA to £1,006,000 (30 September 2018: £516,000)

·    Continued growth in funds under management (FUM) for the 18th consecutive quarter

Total FUM reached over £1.1 billion, an 18% increase (from £941 million) over the last year and a 49% increase (from £745 million) since 30 September 2017

Gross revenues for Tavistock Wealth at £2.74 million for the six-month period, compares favourably with revenue of £4.9 million for the full year to 31 March 2019

Average gross revenue remained steady at 0.51% of FUM value per annum

·    Protected products

Last year, the Company launched two new funds protected by contractual guarantees provided by Morgan Stanley & Co International plc. These are the ACUMEN Capital Protection Portfolio ("ACPP") and the ACUMEN Income-Protection Portfolio ("AIPP")

To date the funds have attracted over £250 million of inflows

Earlier in the year, Tavistock established a Luxembourg regulated fund structure in order to facilitate investment in the protected portfolios by overseas based investors - a Reserved Alternative Investment Fund (RAIF)

The RAIF has now been admitted to trading on the Luxembourg Stock Exchange and is available for investment via Euroclear and ClearStream

·    The performance of the advisory business remains a key area of focus

During the period revenues remained steady at £11.6 million

At the end of the period, the Group's advisory business had 180 advisers

·    Endorsements

Tavistock Wealth voted "The One to Watch" in Growth Investor Awards 2019

During the period, the Group was ranked 14th in the Financial Times' Top 100 Financial Advisers 2019

POST-PERIOD HIGHLIGHTS

·    Launching another protection portfolio in the near future, the ACUMEN ESG ("Environmental, Social, Governance") Protection Portfolio, which will carry the same 90% high watermark capital guarantee as the ACPP

Enquiries

Tavistock Investments Plc

Oliver Cooke

Brian Raven

Tel: 01753 867000

 

 

 

Arden Partners Plc

Paul Shackleton

Tel: 020 7614 5900

 

 

Allenby Capital Limited

Nick Naylor

Nick Athanas

Tel: 020 3328 5656

 

 

Vested

Paul Andrieu

Amelia Graham

Tel: 020 3691 7990

 

 

TAVISTOCK INVESTMENTS PLC

 

CHAIRMAN'S STATEMENT

 

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

I am pleased to advise that the business has reported a 95% increase in the level of EBITDA achieved during the period under review as compared with the same period in the previous year, and that good progress continues to be made with the organic development of the business.

 

The performance in this period was particularly encouraging given the backdrop of political uncertainty and the market headwinds that have been faced by the Company, the industry and by the country as a whole. However, it is difficult to assess the impact that the continuing political and economic uncertainty might have on the Company's performance in the second half of the year.

 

Investment Management

 

The success of the investment management business remains key to the profitability of the Group and I am pleased to report that the level of funds being managed on a discretionary basis ("FUM") has now risen for an 18th consecutive quarter. However, the pace of growth slowed during the period under review as the paralysis seen in parliament increased investor anxiety, reduced the level of investment activity, whilst market challenges adversely impacted valuations. As shown in the table below, the level of FUM has risen by 18% (£172 million) over the last year and by over 49% (£368 million) since 30 September 2017.

 

 

30 Sept '19

£m

30 Sept '18

£m

30 Sept '17

£m

 FUM

1,113

941

745

 

Tavistock Wealth's current average gross revenue is 0.51% of FUM value per annum and during the six-month period it achieved revenues of £2.74 million. This compares favourably with revenue of £4.9 million for the full year to 31 March 2019.

 

Now that Tavistock Wealth has established a successful five-year track record, a number of UK advisory firms outside the ownership of the Group have been recommending our investment management services to their clients. To date, these clients have introduced some £35 million of inflows. Discussions with other firms are ongoing. In addition, as a separate initiative, discussions are being held with a number of significantly larger potential business partners, each of whom has the ability to generate substantial inflows of funds.

 

Industry recognition continues to increase with Tavistock Wealth once again being selected as a finalist, and on this occasion being voted as "The One to Watch", at this year's Growth Investor Awards.

 

Update on Key Initiatives

 

1 Protected Products

 

Last year, the Company launched two new funds protected by contractual guarantees provided by Morgan Stanley & Co International plc, one of the world's largest investment companies. These are the ACUMEN Capital Protection Portfolio ("ACPP") and the ACUMEN Income-Protection Portfolio ("AIPP"). These funds provide high watermark capital guarantees to investors, ensuring that the Net Asset Value ("NAV") of the ACPP can never fall below 90% of its highest ever value, and the AIPP (which takes slightly more risk) below 85%. These funds have been well received and been positively reviewed by a recognised industry research analyst. To date the funds have attracted over £250 million of inflows.

 

In the near future the Company will be launching another new protection portfolio, the ACUMEN ESG ("Environmental, Social, Governance") Protection Portfolio, which will carry the same 90% high watermark capital guarantee as the ACPP. The ACUMEN ESG Protection Portfolio will use both positive and negative screening of potential investments, to ensure that, as a minimum, it achieves an MSCI ESG rating of A.

 

It is our belief that the new ACUMEN ESG Protection Portfolio will be as well received as the existing protection portfolios and that these funds remain unique within the UK. Our objective continues to be to make these funds available to as wide an audience as possible both within the UK and offshore.

 

2 Law Society Endorsement

 

Last year we launched Tavistock Law, a specialised business which has been formally endorsed by the Law Society as the preferred provider of investment advice to its members in the fields of Trusts and Court of Protection awards. The objective of this new business is to work closely with the Society, advising members and outlining the suitability of the new protected products for Trusts and their beneficiaries. After a stuttering start, resulting from staff changes and an internal reorganisation within the Law Society, this partnership is now beginning to gain traction.

 

3 Smartphone App

 

Tavistock Wealth soft-launched its new smartphone app, branded "i-stock" earlier in the year. The purpose of the soft-launch was firstly, to ensure that the mechanics of the app functioned well and were sufficiently robust to be able to handle large volumes of traffic, and secondly, to enable suitable helpdesk protocols to be developed, tested and documented. I am pleased to advise that this initial stage has been successfully completed. The next stage is to refine the consumer messaging and enable all of Tavistock Wealth's funds to be accessible via i-stock. Client accounts are currently free of charge without any administration, dealing, entry, exit or other charges applied.

 

4 Offshore

 

Earlier in the year, we established a Luxembourg regulated fund structure in order to facilitate investment in the protected portfolios by overseas based investors - a Reserved Alternative Investment Fund (RAIF). The Tavistock Fund SCA SICAV - RAIF currently has a single sub-fund, the Tavistock Guaranteed Portfolio. This portfolio holds cash together with investments in the ACPP and AIPP referred to above, structured so as to guarantee the same high watermark 90% protection. The RAIF has now been admitted to trading on the Luxembourg Stock Exchange and is available for investment via Euroclear and ClearStream. The task of getting the RAIF listed on a number of other worldwide trading platforms favoured by potential investors is ongoing.

 

5 Lighthouse

 

In May, Tavistock announced the termination of its strategic relationship with Lighthouse due to the indefinite postponement of agreed marketing activity following Lighthouse's acquisition by Quilters. As a consequence, the Company has during the period under review written off the £133,000 investment that it had made in the creation of a range of bespoke share classes, the development of a dedicated website and the full supporting promotional literature designed specifically for this partnership.

 

Advisory

 

The performance of the Group's advisory businesses is another key area of focus and during the period gross revenues remained materially unchanged at £11.6 million. Increased revenue, with improved profitability, generated by registered individuals has replaced the gross revenue lost as a consequence of having required a number of poorer performing appointed representative firms to leave the Group. This is in line with the Group's ongoing drive to minimise the risk associated with the Group's advisory business and to appropriately match this risk against potential commercial reward.

 

At the end of the period, the Group's advisory businesses had 180 individual advisors. The Group has also recently been ranked 14th in the Financial Times' Top 100 Financial Advisers 2019.

 

Financial Performance

 

During the period, the Group generated EBITDA of £1,006,000 on gross revenue of £14.3 million (six months to 30 September 2018, EBITDA of £516,000 on gross revenue of £14 million).

 

Cash generated from operations was £1,008,000 (six months to 30 September 2018, £130,000). However, during the period the Company settled £520,000 of deferred consideration obligations, spent £665,000 on the purchase of client books, invested £385,000 on the key initiatives referred to above, reduced debt and finance obligations by £515,000 and distributed £58,000 to shareholders through the payment of a maiden dividend. The net effect has been a reduction in the Group's cash resources from £3.12 million at 31 March to £1.98 million at 30 September 2019.

 

At the end of the period, the Group had net assets of £20 million (31 March 2019, £19.9 million) which included cash resources of £1.98 million (31 March 2019, £3.1million).

 

The Group's results for the period and its position at the end of the period can be summarised as follows.

 

 

6 Months ended

30 Sept '19

£'000s

6 Months ended

30 Sept '18

£'000s

Movement

Gross Revenues

14,311

14,034

2% increase

Reported EBITDA

1,006

516

95% increase

Depreciation &

Amortisation

(755)

(503)

50% increase

Share based payments

(131)

(200)

36% decrease

Profit / (Loss) from operations before investment write off

120

(187)

164% increase

Investment write off

(133)*

-

-

Reported Loss from operations

(13)

(187)

93% decrease

Loss per share

0.01p

0.05p

80% decrease

 

 

 

 

 

30 Sept '19

£'000s

31 March '19

£'000s

Movement

Net Assets

20,002

19,996

0.03% increase

Cash at end of the period

1,978

3,116

37% decrease

 

*Write off of investment in strategic relationship with Lighthouse Group Plc.

 

Future Prospects

 

Solid progress has been made with the development of the business during the period, but at present it is very difficult to predict how markets will react and how investors may behave in the months ahead. Political events might also have a significant impact on our business.

 

The management team will maintain its focus on a three stranded strategy for the development of the business. The first strand being to bring to fruition and to maximise asset inflows from the key initiatives referred to above; the second strand is to enter into a number of strategic partnerships with the larger entities with whom discussions are currently being held; and the third is to explore suitable acquisition opportunities.

 

I look forward to updating you on further progress.

 

 

 

Oliver Cooke

Chairman

20 November 2019

 

 

TAVISTOCK INVESTMENTS PLC

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

 

 

Unaudited

Unaudited

 

 

6 months ended

6 months ended

 

 

30 September

30 September

 

 

2019

2018

 

Note

£'000

£'000

 

 

 

 

Revenue

2

14,311

14,034

 

 

 

 

Cost of sales

 

(8,500)

(8,383)

 

 

------------

------------

Gross profit

 

5,811

5,651

 

 

 

 

Administrative expenses

 

(5,824)

(5,838)

 

 

--------------

--------------

Loss from operations

 

(13)

(187)

 

 

 

 

Memorandum:

Adjusted EBITDA

 

 

1,006

 

516

Depreciation & amortisation

 

(888)

(503)

Share Based Payment

 

(131)

(200)

 

 

--------------

--------------

Loss from operations

 

(13)

(187)

 

 

 

 

 

 

 

 

Finance costs

 

(119)

(133)

 

 

------------

------------

Loss before taxation and attributable to equity holders of the parent

 

 

(132)

(320)

 

 

 

 

Taxation

 

54

62

 

 

 

------------

------------

Loss after taxation and attributable to equity holders of the parent and total comprehensive income for the period

 

 

(78)

(258)

 

 

======

======

Loss per share

 

 

 

Basic

3

(0.01)p

(0.05)p

 

 

======

======

 

 

TAVISTOCK INVESTMENTS PLC                                                                                             

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

AS AT 30 SEPTEMBER 2019

 

 

Unaudited

Audited

 

 

30 September 2019

31 March 2019

 

 

£'000

£'000

£'000

£'000

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Fixed assets

 

 

1,197

 

586

Intangible assets

4

 

21,942

 

19,897

 

 

 

-----------------

 

-----------------

Total non-current assets

 

 

23,139

 

20,483

 

 

 

 

 

 

Current assets

 

 

 

 

 

Trade and other receivables

 

6,901

 

5,353

 

Cash and cash equivalents

 

1,978

 

3,116

 

 

 

-----------------

 

-----------------

 

Total current assets

 

 

8,879

 

8,469

 

 

 

-----------------

 

-----------------

Total assets

 

 

32,018

 

28,952

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

(5,495)

 

(3,942)

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Other payables

 

 

(13)

 

(13)

Term loan and deferred consideration

 

 

(3,689)

 

(2,127)

Provisions

 

 

(2,465)

 

(2,465)

Deferred taxation

 

 

(354)

 

(409)

 

 

 

------------------

 

------------------

Total liabilities

 

 

(12,016)

 

(8,956)

 

 

 

------------------

 

------------------

Total net assets

 

 

20,002

 

19,996

 

 

 

=========

 

=========

Capital and reserves attributable to owners

 

 

 

 

 

of the parent

 

 

 

 

 

Share capital

5

 

13,101

 

13,101

Share premium

 

 

5,681

 

5,681

Retained earnings

 

 

1,220

 

1,214

 

 

 

------------------

 

------------------

Total equity

 

 

20,002

 

19,996

 

 

 

=========

 

=========

 

   The unaudited interim condensed consolidated financial statements were approved by the Board and authorised for issue on 20 November 2019.

 

 

 

Oliver Cooke

Chairman

 

 

TAVISTOCK INVESTMENTS PLC

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

 

Share capital

Share premium

Retained earnings

Total equity

 

£'000

£'000

£'000

£'000

 

 

 

 

 

31 March 2018

12,720

4,882

1,088

18,690

 

 

 

 

 

Loss after tax and total comprehensive income

-

-

(258)

(258)

 

 

 

 

 

Equity settled share based payments

-

-

200

200

 

-------------

--------------

---------------

--------------

30 September 2018

12,720

4,882

1,030

18,632

 

--------------

--------------

--------------

--------------

 

 

 

 

 

Issue of shares

381

869

-

1250

 

 

 

 

 

Cost of share issue

-

(70)

-

(70)

 

 

 

 

 

Profit after tax, adjustments and total comprehensive income

-

-

136

136

 

 

 

 

 

Equity settled share based payments

-

-

48

48

 

 

 

 

 

 

--------------

--------------

--------------

--------------

31 March 2019

13,101

5,681

1,214

19,996

 

--------------

--------------

--------------

--------------

 

 

 

 

 

 

Loss after tax and total comprehensive income

-

-

(67)

(67)

 

 

 

 

 

Equity settled share based payments

-

-

131

131

 

 

 

 

 

Dividend payment

-

-

(58)

(58)

 

--------------

--------------

--------------

--------------

30 September 2019

13,101

5,681

1,220

20,002

 

--------------

--------------

--------------

--------------

 

 

TAVISTOCK INVESTMENTS PLC

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

 

Unaudited

Unaudited

 

 

6 months ended

30 September 2019

6 months ended
30 September 2018

 

 

£'000

£'000

£'000

£'000

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

Loss before tax

 

Adjustments for:

 

 

 

(132)

 

(320)

Share based payments

 

 

131

 

200

Depreciation on fixed assets

 

 

272

 

84

Amortisation of intangible assets

 

 

483

 

419

Impairment

 

 

133

 

-

Net finance costs

 

 

119

 

133

 

 

 

-----------------

 

-----------------

Cash flows from operating activities before changes

 

 

1,006

 

516

in working capital

 

 

 

 

 

 

 

 

 

 

 

Increase in trade and other receivables

 

 

(1,384)

 

(143)

Increase/(Decrease) in trade and other payables

 

 

1,386

 

(243)

 

 

 

-----------------

 

-----------------

Cash used in operations

 

 

1,008

 

130

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Purchase of fixed assets

 

(856)

 

(128)

 

Purchase of intangible assets

 

(2,661)

 

(194)

 

Payment of deferred consideration

 

 1,102

 

(630)

 

 

 

-----------------

 

-----------------

 

Net cash generated from investing activities

 

 

(2,415)

 

(952)

 

 

 

 

 

 

Financing activities

 

 

 

 

 

Finance costs

 

(119)

 

(133)

 

New financing

 

676

 

14

 

Loan repayments

 

(230)

 

-

 

Dividend payment

 

(58)

 

-

 

 

 

-----------------

 

-----------------

 

Net cash from financing activities

 

 

269

 

(119)

 

 

 

-----------------

 

-----------------

Net decrease in cash and cash equivalents

 

 

(1,138)

 

(941)

 

 

 

 

 

 

Cash and cash equivalents at beginning of the period

 

 

3,116

 

3,111

 

 

 

------------------

 

------------------

Cash and cash equivalents at end of the period

 

 

1,978

 

2,170

 

 

 

=========

 

=========

 

 

TAVISTOCK INVESTMENTS PLC

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

1.       ACCOUNTING POLICIES

 

Basis of preparation

The interim condensed consolidated financial statements have been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards (IFRS) and IFRIC interpretations issued by the International Accounting Standards Board (IASB) adopted by the European Union.

The accounts have been prepared in accordance with accounting policies that are consistent with the March 2019 Report and Accounts and that are expected to be applied in the Report and Accounts of the year ended 31 March 2020.


This report is not prepared in accordance with IAS 34, which is not mandatory.  The financial information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. Statutory accounts for Tavistock Investments Plc for the year ended 31 March 2019 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

 

 

2.       SEGMENTAL INFORMATION

 

A segmental analysis of revenue and expenditure for the period is:

 

 

 

Investment Management

Advisory

Support

Unaudited 30 September 2019

Unaudited 30 September 2018

 

 

£'000

£'000

£'000

£'000

 

 

 

 

 

 

Revenue

 

2,744

11,567

14,311

14,034

 

 

 

 

 

 

Cost of Sales

 

(242)

(8,258)

(8,500)

(8,383)

 

 

 

 

 

 

Administrative Expenses

 

(1,165)

(3,509)

(4,674)

(4,461)

 

 

 

 

 

 

Group costs

 

 

 

(1,150)

(1,377)

 

 

 

 

-------------

-------------

Loss from operations

 

 

 

(13)

(187)

 

 

 

 

======

======

             


The segmental analysis above reflects the parameters applied by the Board when considering the Group's monthly management accounts. The Directors do not consider a division of the balance sheet to be appropriate or useful for the purposes of understanding the financial performance and position of the Group.

 

During the period under review the Group operated and earned revenue exclusively within the UK.

 

3.

LOSS PER SHARE

Unaudited

Unaudited

 

 

6 months ended

6 months ended

 

 

30 September 2019

30 September 2018

 

Loss per share has been calculated using the following:

 

 

 

Loss from continuing operations (£'000)

(78)

(258)

 

Weighted average number of shares ('000s)

575,296

537,186

 

 

--------------

--------------

 

Basic loss per ordinary share

        (0.01)p

        (0.05)p

 

 

 

 

=======

=======

 

4.

INTANGIBLE ASSETS

Customer

Regulatory

Goodwill

Other

 

 

 

& Adviser

Approvals

Arising on

Intangible

 

 

 

Relationships

& Systems

Consolidation

Assets

Total

 

 

£'000

£'000

£'000

£'000

£'000

 

Cost

 

 

 

 

 

 

Balance at 1 April 2019 (Audited)

6,117

1,815

14,751

1,424

24,107

 

Additions

2,276

-

-

385

2,661

 

Impairment

-

-

-

(133)

(133)

 

 

-------------

-------------

-------------

------------

---------------

 

Balance at 30 September 2019

8,393

1,815

14,751

1,676

26,635

 

(Unaudited)

-------------

-------------

------------

------------

---------------

 

 

 

 

 

 

 

 

Accumulated amortisation

 

 

 

 

 

 

Balance at 1 April 2019 (Audited)

2,780

959

235

236

4,210

 

Amortisation

335

86

-

62

483

 

 

------------

-----------

-----------

------------

---------------

 

Balance at 30 September 2019

3,115

1,045

235

298

4,693

 

(Unaudited)

-----------

------------

------------

------------

---------------

 

 

 

 

 

 

 

 

Net Book Value

 

 

 

 

 

 

At 1 April 2019 (Audited)

3,337

856

14,516

1,188

19,897

 

 

======

======

======

======

=======

 

At 30 September 2019

5,278

770

14,516

1,378

21,942

 

(Unaudited)

======

======

======

======

=======

 

 

5.

SHARE CAPITAL   

Unaudited

Unaudited

 

 

30 September 2019

30 September 2018

 

 

£'000

£'000

 

Called up share capital

 

 

 

 

 

 

 

Allotted, called up and fully paid

 

 

 

 

 

 

 

575,295,801 Ordinary shares of 1 pence each

5,753

5,372

 

 

 

 

 

         30,450,078 Deferred shares of 9 pence each

2,741

2,741

 

 

 

 

 

          465,344,739 Deferred "A" shares of 0.99 pence each

4,607

4,607

 

 

------------

------------

 

 

13,101

12,720

 

 

======

                 ======

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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