Business
Final Results for Year Ended 31 March 2023
Final Results for Year Ended 31 March 2023.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n\n \n \nTavistock Investments Plc\n(\"Tavistock\" or the \"Company\")\n \nFinal Results for the year ended 31 March 2023\n \n20 September 2023\n \nTavistock (AIM:TAVI) is pleased to announce its financial results for the year ended 31 March 2023.\n \nFinancial summary\n \n· Reported gross revenues in line with previous year at £34 million (31 March 2022: £34 million)\n· 96% of gross revenues were generated by the Group's advisory business, where the level of recurring income exceeds 80%\n○ Advisory business gross revenues up 4.5% over the period at £32.7 million (31 March 2022: £31.3 million)\n○ Advisory business gross profit contribution rose by 6% to £10.6 million (31 March 2022: £10.0 million)\n· Adjusted EBITDA of £0.14 million (2022: £1.37 million), considered by the Board to be the best measure of the Company's underlying performance\n· Operating loss of £0.94 million in a year of transition for the Group (31 March 2022: profit £30.67 million, including an exceptional gain on the sale of Tavistock Wealth)\n \nAcquisition strategy\n \n· Acquired 21% stake in LEBC Holdings Limited in April 2022; additional acquisition and subsequent sale back of LEBC subsidiary Hummingbird Limited for the same consideration as originally paid\n· Post balance sheet event (April 2023): acquisition of Precise Protect, a profitable and fast-growing UK wide protection business with a network of over 200 advisers and over 30,000 clients\n○ The Group now has more than 400 advisers and other business introducers looking after over 110,000 private clients with estimated assets of £6 billion, as well as 350 corporate and affinity clients with some 16,000 employees\n· Well placed to pursue further acquisitions with up to a further £14m of deferred consideration receivable from the sale of Tavistock Wealth and £50 million debt funding facility from the Bank of Ireland\n \nOperational summary\n \n· Launch of the Tavistock Academy to enable the career development of existing staff and the recr...