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Advisory group Tavistock Investments swung to a full-year profit, thanks to proceeds from an asset sale, though it reported an operating loss as expenses weighed.
Pre-tax profit for the six months through September amounted to £35.5 million, compared to a year-on-year loss of £0.4 million.
Tavistock recently agreed to sell its wealth business to Titan Wealth, allowing it to repay debt and pay an interim dividend of 0.05p per share.
Revenues rose 27% at £17.0 million, though adjusted earnings fell 13% to £1.1 million, due to the one-off impact of staff salary sacrifice and government furlough support, plus the asset sale.
'The strategic partnership with Titan and sale of TWL has transformed the shape of the business and its prospects,' chief executive Brian Raven said.
'It has enabled the delivery of immediate enhancement in value to shareholders while providing the company with the firepower to accelerate the growth of the business through acquisitions, with some exciting prospective targets already being considered.'
'In addition, our advisory business continues to perform strongly and is already on track to deliver revenues ahead of the entire group revenues in the prior year.'
'We are in a strong position to continue developing a much larger and more profitable distribution and wealth management group, to deliver enhanced value to shareholders.'