Tavistock Investments PLC (AIM:TAVI) declared an increase in its interim dividend as it said it completed the most successful trading year in its history.
After selling its investment management business last August, its advisory business generated revenue of more than £32mln in the year to 31 March 2022, which was 14% more than the entire group's revenues in the prior year.
Ahead of announcing its full audited results in mid-September, Tavistock said it was declaring an interim dividend now of 0.07p in keeping with its stated objective of developing a growing dividend.
The interim dividend is 40% higher than the dividend paid to shareholders in October 2021.
The year has positioned the company well to achieve its strategic objectives, it said, with the acquisitions announced in January of a 21% stake in LEBC, a provider of financial advice to retail clients and employee benefits advice to corporate clients, and in May of LEBC’s Hummingbird business, which provides research on asset class allocations used within funds and model portfolios.
“The company has made tremendous progress during the last year, and our current focus is on strengthening our partnerships with both Titan Wealth and LEBC, as well as maximising the benefits from our ownership of Hummingbird,” said chief executive Brian Raven.
“We continue to be acquisitive and look forward to updating shareholders on progress in due course.”