(Alliance News) - Tavistock Investments PLC shares were up on Tuesday as it reported a revenue climb in its financial half-year.
Shares in Tavistock were up 12% at 4.35 pence each in London on Tuesday morning.
The Berkshire-based investment manager's revenue jumped to GBP20.6 million for the six months ended September 30, up 19% from GBP17.3 million year-on-year.
Pretax profit swung to GBP240,000 from a loss of 863,000, while reported profit from operations swung to GBP0.9 million from a GBP0.5 million loss this time last year.
Earnings before interest, tax, depreciation, and amortisation underwent a twelvefold increase to GBP1.7 million from GBP0.14 million year-on-year.
An interim dividend of 0.07 pence per share was paid on December 15, matching the dividend paid in July 2022.
Cash resources dropped 73% year-on-year to GBP2.6 million. However, after the period end, Tavistock received a deferred consideration payment of around GBP5 million from Titan Wealth Services Ltd. Tavistock Chief Executive Brian Raven said: "The company's cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth."
He added that Tavistock's interim results benefited from the acquisition of Precise Protect Ltd in April, since rebranded Tavistock Protect Ltd. Its successful integration "is set to be a major contributor to future profitability of the group," Raven said.
By Hugh Cameron, Alliance News reporter
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Tavistock (TAVI)