25th Aug 2015 08:28
LONDON (Alliance News) - Tavistock Investments PLC on Tuesday said it has made progress in its shift to becoming a financial services business as it posted its results for the 15 months to the end of March.
Tavistock said its pretax loss for the 15-month period was GBP983,000 on revenue of GBP5.0 million. This compares to a GBP516,000 loss on GBP176,000 in revenue for the 2013 calendar year, when it was operating a loss-making software business and prior to its change in strategy to focus on the financial services industry.
Tavistock said it made a series of acquisitions over the course of the year for its Tavistock Partners advisory business and Tavistock Wealth investment management division. It now has more than 270 advisers on its books, with around 65,000 clients and more than GBP3 billion in assets under advice.
"We have made significant progress this year towards our ambition to become a large and profitable financial services group, by establishing a strong, national financial advisory and investment management business. Over the coming year, our key focus will be on full integration of the firms we have acquired and ensuring the right infrastructure is in place to grow the Company profitably and rapidly," said Brian Raven, Tavistock's chief executive.
"We aim to deliver organic growth as well as continue to pursue selective acquisitions that meet our strategic criteria," Raven added.
Shares in Tavistock were down 4.9% to 5.585 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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