Tavistock Investments PLC (LON:TAVI), the investment management firm that has established its own distribution channels, said the business performed solidly in what were turbulent times on the financial markets.
The first-half figures revealed the company swung from a loss a year ago to an operating profit of £109,000 on revenues up 6% at £16.9mln. It had cash at the period end of £3.8mln.
Funds under management more than doubled to £690mln, with £540mln managed on a discretionary basis.
Tavistock Wealth, the investment arm, was buffeted by Brexit, the collapse of sterling, Trump and the sell-off in the bond market, but remained profitable. Clients, meanwhile, benefited from Tavistock’s canny management of their money.
Growth in the coming months will be achieved via a mix of well-judged acquisitions and getting the most from what it currently owns or has recently bought, the company said.
Tavistock has always said it wants to start paying a dividend as soon as is financially practicable.
“In light of the heavy investment on recruitment and external business development, the earliest opportunity would now appear to be during the next financial year,” said chairman Oliver Cooke.