Business
Results For Year Ended 31 March 2018
Results For Year Ended 31 March 2018.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \nRNS Number : 6736S Tavistock Investments PLC 27 June 2018 \n\nTAVISTOCK INVESTMENTS PLC RESULTS FOR THE YEAR ENDED 31 MARCH 2018\n27 JUNE 2018\n \nTavistock Investments Plc (\"Tavistock\" or \"Company\") announces its financial results for the year ended 31 March 2018.\n \nFinancial highlights:\n● 47% increase in total revenues to £28.8 million (2017: £19.5 million)\n● 132% increase in underlying EBITDA to £894,000 (2017: £384,000)\n● Maiden pre-tax profit of £221,000\n \nOperational highlights:\n● Continued growth in funds under management, for the 14th consecutive quarter\n○ 44% increase in discretionary FUM to £866 million (2017: £603 million)\n○ Tavistock Wealth achieved revenue of £3.6 million (2017: £1.6m million)\n \n● Continued improvement of the profile and performance of the advisory business\n○ 41% increase in revenues generated by ongoing advisory business to £25.2 million (2017: £17.9 million)\n○ 23 firms outside of the Group's ownership have now signed up to use Tavistock Wealth's investment services \n \n● Product range enhancement\n○ The Company widened its product range through the launch of three new ACUMEN funds\n○ The Company introduced US Dollar and Euro denominated share classes to facilitate the introduction of funds from overseas investors\n \n● Disposal of network subsidiary Tavistock Financial Limited (\"TFL\")\n○ Significantly reduced the Group's regulatory capital obligation and added £1 million of cash\n○ The Company retained 58 advisers, transferred into The Tavistock Partnership prior to disposal\n \n● Revenue reserve account\n○ The Company utilised £23 million of its share premium account to expunge the negative balance\n○ The Company created distributable reserves, a prerequisite for the future payment of dividends\n \nPost-period highlights:\n● Funds launch\n○ &nb...