Business
Final Results For Year Ended 31 March 2020
Final Results For Year Ended 31 March 2020.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n RNS Number : 8816T\n Tavistock Investments PLC\n 23 July 2020\n \n \n \n \n \n \n \n This RNS is a replacement of RNS Number: 8183T with links to the graphs in the Chairman's statement embedded below. No other changes have been made to this announcement.\n \n \n \n \n \n \n \n \n 23nd July 2020\n \n \n \n \n \n TAVISTOCK INVESTMENTS PLC RESULTS FOR THE YEAR ENDED 31 MARCH 2020\n \n \n \n \n \n Tavistock Investments Plc (\"Tavistock\" or \"Company\") announces its financial results for the year ended 31 March 2020. \n \n \n Financial highlights:\n \n \n ● 5% increase in revenue to £28.8 million (2019: £27.3 million)\n \n \n ● 24% increase in EBITDA to £1.83 million (2019: £1.48 million)\n \n \n ● 100% increase in cash generated from operations to £2.4 million (2019: £1.2 million) \n \n \n ● Future pre-tax profit to improve by some £1 million per year following a one-off (£5 million) impairment provision - better reflecting the operational performance of the business \n \n \n ● Current year - Q1 trading significantly ahead of the Board's expectation \n \n \n \n \n \n Operational highlights:\n \n \n ● Funds under management (FUM) increased for the 6th consecutive year - despite the sharp decline in financial markets towards year end:\n \n \n ○ 6% increase in FUM to £1 billion (2019: £945 million)\n \n \n ○ 14% increase in revenue for Tavistock Wealth to £5.6 million (2019: £4.8 million)\n \n \n \n \n \n ● Expansion of protected product range with launch of the ACUMEN ESG Protection Portfolio:\n \n \n ○ Demanding ethical profile\n \n \n ○ Investor protection at 90% of highest ever net asset value (NAV) \n \n \n ○ Partnership with Morgan Stanley & Co. International Plc\n \n \n ○ Excellent performance - NAV declined by less than 1% since December launch, despite the recent crash in financial markets\n \n \n \n \n \n ● Good Performance in Advisory business:\n \n \n ○ Revenue up 4% to £23.3 million (31 March 2019 £22.5 million)\n \n \n ○ Full recovery of equivalent revenues of AR firms exited from Group\n \n \n ○ Enhanced contribution to Group profitability during Q1 of current financial year\n \n \n \n \n \n ● Introduction of strategic investor:\n \n \n ○ 4.94% stake acquired by Hugh Simon, Chairman and owner of Hamon Investment Group\n \n \n ○ Interested in devel...