Tavistock Investments PLC – Interim Results

Tavistock Investments PLC – Interim Results

Tavistock Investments plc (AIM:TAVI) announces its unaudited interim results for the six months ended 30 September 2018.

Financial highlights:

  • 13% increase in gross revenue for the Group for this period to more than £14 million, compared to the same period last year (30 September 2017: £12.3 million)
  • 276% increase in EBITDA to £516,000 (30 September 2017: £137,000)
  • 19% increase in gross profit to £5,651,000 (30 September 2017: £4,733,000)

Operational highlights:

Continued growth in funds under management (FUM) for the 16th consecutive quarter

  • Total FUM reached £941 million, a 26% increase in FUM (up £196 million) over the last year and a 190% increase (£617 million) since 30 September 2016
  • Gross revenues for Tavistock Wealth at £2.4 million for the six-month period, compared with revenue of £3.6 million for the full year to 31 March 2018
  • Average gross revenue increased by 16% to 0.51% of FUM value per annum (30 September 2017: 0.44%)

Continued improvement of the profile and performance of the advisory business

  • Total of £3.5 billion assets under advice
  • Gross revenues for the Group’s advisory businesses at £11.6 million, increasing by 7% (30 September 2017: £10.8 million)

Product range enhancement

  • Two new protected funds launched in May – ACUMEN Capital Protection Portfolio and the ACUMEN Income Protection Portfolio – protected by high watermark contractual guarantees from Morgan Stanley & Co International plc
  • Increased qualified pipeline of overseas private banks and family offices which have expressed interest in investing in the protected funds

New partnerships/ endorsements

  • The creation of Tavistock Law, a specialised business, endorsed by the Law Society as its preferred provider of investment advice; Tavistock Law is the only financial advice business in the UK to have received such an endorsement.

Post-period highlights:

Launching “i-stock”, a D2C smartphone app next year, providing consumers with the ability to open both ISA and investment accounts to invest in a portfolio that benefits from a 90% contractual capital guarantee from one of the world’s largest investment banks. 

Brian Raven, Group Chief Executive, Tavistock Investments said: “We are delighted with the continued organic growth of both our investment management and financial advisory businesses, despite this period of economic uncertainty. Our outlook for growth remains positive, particularly given the early success of the new protected products and the endorsement by the Law Society. We believe that these results pave the way for greater momentum throughout 2019, with a predicted continuation of growth for the Tavistock Investments Group.”

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