Revenue, earnings jump at Tavistock Investments
By Josh White
Date: Tuesday 19 Dec 2023
(Sharecast News) - Financial advisory firm Tavistock Investments reported a 19% jump in revenue in its first half on Tuesday, to £20.6m, up from £17.3m in the first half of the 2022 financial year.
The AIM-traded company said its gross profit saw substantial growth for the six months 30 September, rising 34% to £7.7m.
Adjusted EBITDA saw a twelvefold increase, reaching £1.7m, up from just £0.14m a year earlier.
Reported profit from operations rocketed 294%, reaching £0.9m, swinging from a loss of £0.5m in the same period last year.
Tavistock Investments announced an interim dividend of 0.07p per share on 5 October, which was paid out on 15 December.
The board said the interim dividend matched the dividend paid in July 2022.
"I am pleased with the company's strong growth during the first half of this financial year and the successful integration and rebranding of Precise Protect, now Tavistock Protect, which is set to be a major contributor to future profitability of the group," said chief executive officer Brian Raven.
"The company's cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth."
At 1415 GMT, shares in Tavistock Investments were up 8.9% at 4.22p.
Reporting by Josh White for Sharecast.com.
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