Tavistock Investments PLC (AIM:TAVI)’s underlying earnings surged to £2.23 million in the last financial year, a fifteen-fold increase compared to the previous year’s results.
This was largely driven by the acquisition of protection business Precise Protect, which was subsequently rebranded to Tavistock Protect.
Revenue rose 16% year-on-year, totalling £39.5 million, with 75% of this revenue generated by Tavistock’s advisory business.
The company’s model portfolio service and recently acquired protection business were key contributors to this performance, further supported by the high level of recurring income, which accounted for over 80% of the advisory business’s total revenue.
Group chief executive Brian Raven said: "Our 2024 accounts reflect the solid progress made during the year as the board maintains its focus on optimising the balance between regulatory risk and potential commercial reward.
“In that context further work will be done in 2025 to position the company for growth."
Tavistock’s improved performance comes despite the company facing challenges, including its decision to terminate its strategic partnership with Titan Wealth Services, leading to ongoing legal proceedings.
Tavistock ended the period with £4.12 million in cash reserves, down from £9.73 million in the previous year, partly reflecting the investments made during the period.