23rd Mar 2015 12:30
LONDON (Alliance News) - Tavistock Investments PLC Monday reported that its first-half loss widened, pointing to the wider group's costs exceeding profits generated by Tavistock Partners and Tavistock Wealth.
In a statement, the company said it made a GBP343,000 loss before and after tax in the six months ended December 31, compared with the GBP246,000 loss in the corresponding period the prior year. Revenue increased to GBP2.3 million from GBP35,000, though gross profit increased to GBP832,000 from GBP20,000 due to the cost of sales increasing to GBP1.4 million from GBP15,000. Administrative expenses swelled to GBP1.0 million from GBP173,000.
Executive Chairman Oliver Cooke said that the Tavistock Partners is continuing to trade profitably.
Tavistock Investments completed the reverse acquisitions of County Life & Pensions Ltd, an independent financial advisory business based in Kegworth, Derbyshire, and of Blacksquare Ltd, a discretionary investment management business based in Windsor, Berkshire, at the end of May 2014. These two businesses were subsequently renamed Tavistock Partners Ltd and Tavistock Wealth Ltd.
In February 2015 the company said it had completed the acquisition of Standard Financial Group Ltd, an independent financial advisory business near Cheltenham in Gloucestershire, England, now its largest trading subsidiary.
Tavistock shares were down 8.7% at 2.60 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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