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Tavistock Investments shares leap as it reports jump in underlying earnings and maiden profit

The AIM-listed financial services group reported a maiden pre-tax profit of £221,000, while underlying earnings (EBITDA) jumped 132% to £894,000 from £384,000 in 2017
Money growth in glass jars
The firm also reported a 41% increase in revenues generated by ongoing advisory business

Tavistock Investments PLC (LON:TAVI) saw its shares leap up in early morning trading Wednesday after reporting a jump in its underlying earnings for the full-year and a maiden pre-tax profit.

The AIM-listed financial services group reported a maiden pre-tax profit of £221,000, while underlying earnings (EBITDA) jumped 132% to £894,000 from £384,000 in 2017 and revenues climbed 47% to £28.8mln from £19.5mln.

WATCH: Tavistock Investments in a strong position after reporting maiden pre-tax profit

The firm also said that it had seen a 41% increase in revenues generated by ongoing advisory business to £25.2mln, from £17.9mln in 2017.

While the company did not pay out a dividend, it said it had created distributable reserves of revenue, a prerequisite for the future payment of dividends.

The announcement followed an update in January where the group received "overwhelming support" from shareholders for its plan to use £23mln from its share premium account to wipe out its deficit, paving the way to start dividend payments.

In terms of its product range, Tavistock said it had launched three new ACUMEN funds (a portfolio comprising of a basket of exchange traded funds) as well as introducing US Dollar and Euro denominated share classes to facilitate the introduction of funds from overseas investors.

Tavistock shares were up 6.5% at 3.25p.

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