Tavistock Investments PLC (AIM:TAVI) enjoyed robust growth and operational success in the first half of its financial year, with revenues climbing by 19% yearly to £20.6 million on top of a gross profit of £7.7 million.
Adjusted earnings rocketed twelvefold to £1.7 million and earnings per share flipped from an interim loss in the first half of 2022 to 0.04p this year.
Though cash resources fell 73% year on year to £2.6 million, Tavistock announced a post-period deferred consideration payment from Titan Wealth Services which increased the group's cash resources by around £5 million.
The company paid an interim dividend of 0.07p per share in December 2023, maintaining the same level as the dividend paid in July 2022.
During the period, Tavistock completed the integration and rebranding of Precise Protect into Tavistock Protect, a key strategic move poised to contribute to the group's future profitability.
Precise Protect is a profitable and fast-growing insurance and protection business based in Bangor, Northern Ireland.
Tavistock now boasts a network of over 400 advisers and services more than 110,000 clients in the UK. Additionally, the company has effectively managed British Steel Defined Benefit Pension Transfer cases, incurring minimal uninsured costs.
Chief executive Brian Raven commented: "I am pleased with the company's strong growth during the first half of this financial year and the successful integration and rebranding of Precise Protect, now Tavistock Protect, which is set to be a major contributor to future profitability of the group.
“The company's cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth."