AIM-listed financial services group Tavistock Investments PLC (AIM:TAVI) posted a record top-line result of £34mln for the year to 31 March 2022, representing a year-on-year (YoY) increase of 18%.
The disposal of Tavistock Wealth to Titan Wealth for a £20mln cash payment resulted in reported profits of £30.7mln from £1.47mln the year prior.
Underlying earnings (EBITDA) fell 56% to £1.37mln due to the removal of Tavistock Wealth as a contributor to earnings.
Group chief executive Brian Raven said: "The past financial year has been our most successful and demonstrates the strength and further growth potential in the business.
“With substantial cash resources, and a further £20mln receivable from Titan, the company is well placed to enter the next stage of its development.”
In addition to a healthy dividend paid out post period, the disposal of Tavistock Wealth went to paying down all bank debts.
As such, the company will now “begin the process of seeking out suitable acquisition targets with a view to increasing the scale and profitability of the business and improving its self-sufficiency in terms of new business generation”.