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Tavistock jumps as it unveils maiden interim dividend after full year earnings surge 100%

The investment manager said it would pay out an interim dividend of 0.01p per share for shareholders on the register as of 28 June this year

Money piles
The amount of funds under management increased for the fifth consecutive year

Tavistock Investments PLC (LON:TAVI) shares jumped on Wednesday as it unveiled plans to pay out a maiden interim dividend after earnings surged just over 100% in its latest full year.

The investment manager reported earnings (EBITDA) of £1.48mln for the year ended 31 March, up 101% on the prior year, while gross revenues fell 5% to £27.3mln.

READ: Tavistock Investments to post significant growth in earnings despite burgeoning headwinds

The amount of funds under management (FUM) increased for the fifth consecutive year, with discretionary FUM up 5% at ££945mln while revenues from the group’s Tavistock Wealth division rose 33% to £4.8mln.

As a result of the “continued strong performance”, along with a 775% increase in its cash generated from operations to £1.2mln, the company declared a maiden interim dividend of 0.01p per share that would be paid to shareholders on the register as of 28 June this year.

“The payment of a maiden interim dividend marks the achievement of a long held strategic objective and demonstrates the strength of our business model”, said Brian Raven, Tavistock’s chief executive, adding that going forward the group would aim to improve its profitability and manage a “regular and growing dividend stream”.

Over the year, the group said it had launched two new protected products, the ACUMEN Capital Protection Portfolio (ACPP) and ACUMEN Income Protection Portfolio (AIPP), which had attracted over £100mln of inflows by the end of the year.

Tavistock had also launched i-stock, a smartphone app that provides retail investors with access to its wealth funds through a free ISA or general investment account, with a self-invested pension plan due to be made available “in due course”.

In early trading, Tavistock’s shares were up 6.2% at 3.2p.

Quick facts: Tavistock Investments PLC

Price: 2 GBX

Market: AIM
Market Cap: £12.16 m

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Tavistock Investments PLC's (LON:TAVI) Brian Raven tells Proactive the fund management group increased assets under management for the sixth year running in the period to end-March 2020. Funds under management had risen by 6% to £1bn in the period while underlying profits jumped 24% over the...

on 24/7/20

2 min read