Wealth manager and advisor Tavistock Investments PLC (LON:TAVI) almost doubled underlying profits as funds under management rose for the eighteenth quarter running.

Managed funds rose by 18% to £1.1bn in the half-year to September, helped by strong inflows into two protected funds launched last year.

Another protected fund with an environmental, social and government theme is to be launched shortly.

Underlying profits [EBITDA] rose 95% to £1mln, while gross revenues picked up 2% to £14.3mln.

Brian Raven, chief executive, said: "We see these results as particularly encouraging given the backdrop of political uncertainty and the market headwinds that have impacted our industry and the country. “

“It is difficult to predict how markets will react and how investors may behave in the months ahead.

“Political events might have a significant impact on our business, however, we believe our commitment to developing strong partnerships, as well as broadening our investment proposition, will drive further growth."

There was a pre-tax loss of £13mln (£187mln) as Tavistock took a write-off of £133,000 on its terminated venture with Lighthouse.