Tavistock revenue, earnings contribution rise in first half

20th Dec 2022 14:58

(Sharecast News) - Tavistock Investments announced a 16% improvement in revenue in its first half on Tuesday, to £17m, with revenue 59% higher than the same period in 2020.

The AIM-traded firm said the contribution to adjusted EBITDA from the six months ended 30 September was up 56% year-on-year, to £1.4m.

It continued its strategic share buyback programme in the period, with 3.3 million shares purchased during the half-year.

An interim dividend of 0.07p per share was paid in July - 40% higher than the previous dividend in October last year.

"We are continuing to achieve strong organic growth and are well placed to pursue a targeted acquisition strategy," said chief executive officer Brian Raven.

"The group's cash resources have recently been bolstered by receipt of the first of three deferred consideration payments from Titan Wealth and an offer from the Bank of Ireland for up to £20m to assist with executing our acquisition strategy."

At 1431 GMT, shares in Tavistock Investments were down 8.55% at 6.31p.

Reporting by Josh White for Sharecast.com.