TIDMTAVI
RNS Number : 8559B
Tavistock Investments PLC
15 June 2021
Certain information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as amended by Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. U pon the
publication of this announcement, this inside information is now
considered to be in the public domain.
Tavistock Investments Plc
("Tavistock", the "Group" or the "Company")
50% uplift in EBITDA and acquisition of Chater Allan
15 June 2021
Following the Company's update announced on 8 April 2021, the
Board of Tavistock is pleased to provide further detail regarding
the Company's strong trading performance during the financial year
ended 31 March 2021.
Unaudited Group accounts
The Group's unaudited accounts for the year ended 31 March 2021
show an EBITDA of approximately GBP2.77 million. This is an
increase of 50% (approximately GBP920,000) over the EBITDA reported
for the previous year (GBP1.85 million).
This significant uplift in the Group's financial performance was
achieved by increasing gross margins by approximately GBP355,000
(3%) (year ended 31 March 2021: approximately GBP12.1 million,
prior year: GBP11.8 million) and by reducing the Group's overheads
by approximately GBP565,000 (5.7%) (year ended 31 March 2021:
approximately GBP9.3 million, prior year: GBP9.9 million).
Pre-tax profit for the year, after making a one-off provision of
GBP1.2 million to cover the costs of a Group-wide reorganisation
project, was approximately GBP1.1 million. This compares favourably
with the pre-tax loss of GBP5.7 million that was reported for the
year ended 31 March 2020. The prior year's loss was stated after
making a one-off impairment charge of GBP5 million against the
historic carrying value of certain intangible assets. The Group's
revenues for the year were in line with the last financial year (31
March 2021: approximately GBP28.7 million, prior year: GBP28.8
million) and funds under management also remained similar at
approximately GBP1.1 billion.
The Group's cash resources as at 31 March 2021 were
approximately GBP4.5 million (31 March 2020: GBP2.4 million) and
the Company is continuing to trade profitably in the current year.
The Board currently anticipates that the Group's audited accounts
for the year ended 31 March 2021 will be available for release by
mid-August 2021.
Acquisition of Chater Allan
Since the year end, the Company has acquired the business and
assets of Chater Allan Financial Services LLP, an independent
advisory business based in Cambridge. The acquisition of this
business has added approximately GBP110 million to the Group's
funds under advice and is expected to contribute to the Group's
profitability in the current financial year.
Brian Raven, Tavistock's Chief Executive, commented: "It has
been a tremendous team effort to achieve all that we have over the
last year and I thank every member of staff for their loyalty and
support. Yesterday we announced the launch of our long-term
strategic partnership with Titan Wealth and our commitment to
accelerate the growth of our advice business, so I am particularly
pleased to welcome on board everyone from Chater Allan. The firm
has an excellent track record, and we are delighted that they have
decided to become part of Tavistock. We remain acquisitive and look
forward to updating shareholders on progress in due course."
Enquiries:
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Allenby Capital Limited
(Nominated Adviser and Broker to Tavistock) Tel: 020 3328
5656
Corporate Finance:
Nick Naylor, Nick Athanas, Liz Kirchner
Sales and Corporate Broking:
Tony Quirke
Powerscourt (PR adviser to Tavistock) Tel: 07711 380 007
Gilly Lock
020 7250 1446
Chloe Retief
Notes:
About Tavistock Investments Plc
Tavistock Investments Plc is an AIM listed financial services
group that has 180 advisers across the UK helping 30,000+ clients
look after more than GBP4 billon of investments. The Company was
established in 2013.
Tavistock's advisory business operates throughout the UK. The
Tavistock Partners network supports 140 Registered Individuals
(IFAs), providing compliance, administration, technology, training
and accounting services. The Tavistock Partnership is a network
that does the same for 20 Appointed Representative firms. Tavistock
Private Client provides wealth management and financial planning to
high-net-worth individuals.
The Tavistock Platform, launched in 2020, provides a low-cost
platform service to the Group's advisory and investment
clients.
On 14 June 2021, the Company announced its entry into a ten-year
strategic partnership with Titan Wealth Holdings Limited ("Titan").
Tavistock will act as Titan's retail distribution partner and Titan
will acquire Tavistock Wealth Limited ("TWL"), Tavistock's
multi-asset manager with over GBP1 billion of FUM, for a
consideration of up to GBP40 million in cash, together with a
ten-year earn out. Whilst becoming part of Titan, John Leiper,
Tavistock's Chief Investment Officer, and his investment team will
continue to work closely with Tavistock and its advisers.
A new company, Tavistock Asset Management ("TAM"), will continue
to market the Group's centralised investment proposition, both the
ACUMEN UCITS funds and the Group's Model Portfolio Service ("MPS").
TAM will retain Titan as investment manager for the MPS.
The strategic partnership will enable Tavistock to accelerate
the growth of its wealth management business both organically and
through an acquisition programme.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQFIMFTMTBBBAB
(END) Dow Jones Newswires
June 15, 2021 02:00 ET (06:00 GMT)
Tavistock Investments (LSE:TAVI)
Historical Stock Chart
From Apr 2024 to May 2024
Tavistock Investments (LSE:TAVI)
Historical Stock Chart
From May 2023 to May 2024