Tavistock Investments PLC (AIM:TAVI) posted gross revenues of £34 million for the financial year ending March 31, matching top-line results from the previous year.
The vast majority – 96% – of gross revenues was generated by Tavistock’s advisory business, where gross profits increased 6% to £10.6 million.
Firm-wide underlying earnings totalled £140,000 compared to £1.37 million in 2022, with operating losses coming in at £940,000.
In terms of operational highlights, Tavistock launched the Tavistock Academy to enable the career development of existing staff and the recruitment of newcomers to the industry, supporting the objective of attracting and developing new advisers.
The group made significant investment in technology to support the scalability of the business, speed of integrating acquisitions, flow of business intelligence and efficiency of operations.
Looking ahead, the board’s objectives are to extract further operational benefits from the ongoing data mining project, complete the integration of Precise Protect and continue to develop the group through further acquisitions.
Brian Raven, group chief executive, said: “The past financial year has seen Tavistock develop into a leaner, more efficient business, creating the right foundations for growth.
“Through the restructuring of our advice business and the use of technology, the group is now able to operate on a much larger scale and embark on the next phase of our growth plan.
“We are focused on building a large and profitable financial advisory business through acquisitions and continued organic growth.”
Raven said the group’s growth strategy is already underway, with the acquisition of Precise Protect in April of this year, doubling the number of advisers within the Group.