Tavistock Investments PLC – Final Results

Tavistock, the AIM quoted investment management company, announces its financial results for the year ended 31 March 2019.  

Financial highlights:

• Maiden interim dividend of 0.01p per share declared in light of continued strong performance
• 101% increase in EBITDA to £1.48 million on gross revenue of £27.3 million (2018: £734,000 on gross revenue of £28.8 million)
• 775% increase in cash generated from operations to £1.2 million (2018: £137,000)

Operational highlights:

Continued increase in funds under management for the 5th consecutive year:

• 9% increase in discretionary FUM to £945 million (2018: £866 million)
• 33% increase in revenue for Tavistock Wealth to £4.8 million (2018: £3.6 million) 

Launch of two new protected products, the ACUMEN Capital Protection Portfolio (ACPP) and ACUMEN Income Protection Portfolio (AIPP):

• Products offer contractual high watermark guarantees at 90% and 85% respectively, provided by Morgan Stanley & Co. International Plc
• Products attracted over £100 million of inflows by year end

Launch of i-stock – free D2C app

• A smartphone app that provides retail investors with direct access to Tavistock Wealth funds, through a free of charge ISA and/or General Investment Account
• A SIPP (self-invested pension plan) and other Tavistock Wealth funds will be made available in due course, alongside white-label capabilities for strategic partners

Continued expansion through partnerships:

• The Company established Tavistock Law, which was endorsed by The Law Society as its preferred supplier of investment advice to its approximately 14,000 private client members
• The Company announced a strategic relationship with Lighthouse Group and as part of the arrangement, Lighthouse acquired a 5.3% holding in the Company.

Brian Raven, Group Chief Executive, said: “The payment of a maiden interim dividend marks the achievement of a long held strategic objective and demonstrates the strength of our business model. Our protected products have been universally well received and we will continue to focus on making them as widely available as possible. We intend to disrupt the D2C space with our free of charge app. We aim to continue to improve the Group’s profitability and manage a regular and growing dividend stream for the benefit of our shareholders.”