Monetary Planning agency Tavistock made a lack of £0.94m within the yr to March, firm outcomes revealed right this moment present.
Final yr the group gained a windfall revenue of £30.67m after the sale of its Tavistock Wealth arm.
The vast majority of revenues for the most recent yr, ended 31 March 2023, had been generated by Tavistock’s advisory enterprise, which produced 96% of gross revenues.
Gross revenues for the advisory enterprise rose 4.5% to £32.7m (2022: £31.3m) and the advisory companies’ gross revenue contribution rose by 6% to £10.6m.
With the sale of Tavistock Wealth, the agency has tilted in direction of its advisory enterprise.
Gross revenues for the Tavistock group had been consistent with the earlier yr at £34m nonetheless adjusted EBITDA (an indicator of profitability) fell to £0.14m (2022: £1.37m.).
Tavistock now has greater than 400 advisers taking care of over 110,000 non-public shoppers with estimated belongings of £6bn.
The agency mentioned it plans extra acquisitions, with as much as £64m to spend from its sale of Tavistock Wealth and debt funding facility from the Financial institution of Eire.
Brian Raven, group CEO of Tavistock, mentioned: “The previous monetary yr has seen Tavistock develop right into a leaner, extra environment friendly enterprise, creating the fitting foundations for progress. Via the restructuring of our recommendation enterprise and using expertise, the group is now in a position to function on a a lot bigger scale and embark on the subsequent section of our progress plan.
“We’re centered on constructing a big and worthwhile monetary advisory enterprise via acquisitions and continued natural progress. The group is properly positioned with a robust capital base and checklist of potential targets with which we’re already engaged. This progress technique is already underway, with the acquisition of Exact Shield in April of this yr, doubling the variety of advisers inside the group. We anticipate this enterprise to contribute considerably to progress within the subsequent monetary yr.”
In August 2022, Tavistock purchased again 3,000,000 of its strange shares of 1p every at a value of 9.35p per share and in November 2022, the corporate purchased again an extra 300,000 shares at a value of 7p per share. These shares had been subsequently cancelled, enhancing earnings per share and worth of shares remaining in concern. This enabled the agency to take care of its dividend at 0.07p per share.
• Story has been up to date to clarify that Tavistock Wealth was bought within the earlier firm yr. Apologies for the error.
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