Tavistock Investments reports strong start to financial year

5th Oct 2023 13:43

(Sharecast News) - Tavistock Investments reported a robust financial performance in the first five months of the current financial year in a trading update on Thursday.

The AIM-traded firm recorded a 19% surge in gross revenues to £17.2m, while its gross margin saw a 40% leap to £6.7m year-on-year.

EBITDA totalled £1.6m, swinging from an EBITDA loss of £0.14m in the same period a year earlier.

Tavistock said a pivotal component in its recent endeavours was compliance and strategic acquisitions, having implemented the new Consumer Duty regime on 31 July and reviewed all British Steel Defined Benefit Pension Transfer cases, incurring minimal uninsured cost.

In April, Tavistock announced the acquisition of Precise Protect, a profitable UK-wide protection business stationed in Bangor, Northern Ireland.

The board was optimistic that now integrated into the group Precise Protect would significantly bolster future profitability.

Moreover, Tavistock, with a network now comprising over 400 advisers and business introducers, was serving more than 110,000 UK retail clients, possessing assets estimated to eclipse £6bn in value.

The company also provided services to 350 corporate and affinity clients, encompassing around 16,000 employees.

The board declared an interim dividend of 0.07p per share, with an ex-dividend date of 30 November and a record date of 1 December, for the dividend to be disbursed on 15 December.

"The board's focus continues to be on optimising the operating structure of the group and delivering value to shareholders through continued growth," said chief executive officer Brian Raven.

"We remain ambitious and acquisitive and look forward to updating shareholders on progress in due course."

At 1042 BST, shares in Tavistock Investments were up 9.47% at 5.2p.

Reporting by Josh White for Sharecast.com.