Tavistock Investments PLC (AIM:TAVI) chief executive Brian Raven told investors the firm is in active talks with a number targets as it seeks to increase its ‘scope and profitability’.
“I am pleased with the significant progress we've made with the strategic refocussing of the group's activities, increasing our ability to provide solutions in the UK retail investment market,” Raven said in the firm’s interim results statement, out today.
“I anticipate that the non-advised provision of investment management services to the clients of third-party advice businesses and directly to the public will become a substantial part of Tavistock's service proposition.
“Our debt facility with Bank of Ireland (LSE:BKIR) and cash resources following the disposal of our network of self-employed IFAs give us the wherewithal to expand our scope and profitability and we are in active talks with a number of targets."
Tavistock’s interim statement highlighted its progress with its strategic repositioning efforts.
During the six month ended 30 September, it made reductions to its appointed representative network and profitably sold its business tied to self-employed independent financial advisers.
It also agreed the acquisition of Alpha Beta Partners, an asset management firm with nearly £3 billion in assets under management.
Today’s financial results showed with revenue of £19.62 million, with interim earnings (adjusted EBITDA) of £700,000.
Tavistock said it will pay an interim dividend of 0.09p per share on 16 January 2025, marking an increase of 29% increase on last year. The record date for the dividend is 27 December.