Tavistock Investments achieves performance turnaround
Last updated: 07:39 19 Dec 2023 GMT, First published: 15:09 22 Dec 2020 GMT
Snapshot
- Tavistock Investments posts a profitable first half, robust team growth
- Tavistock Investments CEO very optimistic on year ahead as first quarter beats expectations
About the company
Tavistock Investments PLC is a financial services group which before the acquisition of Precise Protect had more than 200 advisers and other business introducers across the UK.
In early 2023, Tavistock acquired Precise Protect, a profitable and fast-growing insurance and protection business based in Bangor, Northern Ireland.
Precise Protect has a network of over 200 advisers working with more than 37,000 UK clients, with an average age of under 40.
How it is doing
Tavistock Investments PLC (AIM:TAVI) enjoyed robust growth and operational success in the first half of its financial year, with revenues climbing by 19% yearly to £20.6 million on top of a gross profit of £7.7 million.
Adjusted earnings rocketed twelvefold to £1.7 million and earnings per share flipped from an interim loss in the first half of 2022 to 0.04p this year.
Though cash resources fell 73% year on year to £2.6 million, Tavistock announced a post-period deferred consideration payment from Titan Wealth Services which increased the group's cash resources by around £5 million.
The company paid an interim dividend of 0.07p per share in December 2023, maintaining the same level as the dividend paid in July 2022.
Tavistock Investments PLC (AIM:TAVI) posted gross revenues of £34 million for the financial year ending March 31, matching top-line results from the previous year.
The vast majority – 96% – of gross revenues was generated by Tavistock’s advisory business, where gross profits increased 6% to £10.6 million.
Tavistock Investments PLC (AIM:TAVI) said it is acquiring Precise Protect Limited, a fast-growing insurance and protection business based in Bangor, Northern Ireland, for up to £7mln.
Precise Protect has a network of over 200 advisers working with more than 37,000 UK clients.
What management says
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 year to £1.83mln. Raven says the performance of its ACUMEN Protection Portfolios has been exceptional and underpinned the profitability of the investment management business.
Proactive Research
Tavistock Investments (Ticker: TAVI) is an AIM market listed financial services group, the principal activities of which are investment management of financial assets and a financial advisory network of Independent financial advisers (IFAs).