Revenue and gross profit up by 19% and 34% annually
Financial advice company Tavistock has reported a strong first half for its current financial year, with trading significantly ahead of the equivalent period last year.
In its unaudited interim results for the six months to September 30, 2023, the advisory business said its revenue saw a 19% annual increase from £17.3 million to £20.6 million.
Gross profit also rose by 34% to £7.7 million from £5.8 million, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) demonstrated a twelve-fold increase, reaching £1.7 million from £0.14 million a year ago. Reported profit from operations surged by 294% to £0.9 million from a loss of £0.5 million in 2022.
“I am pleased with the company’s strong growth during the first half of this financial year and the successful integration and rebranding of Precise Protect, now Tavistock Protect, which is set to be a major contributor to future profitability of the group,” Brian Raven (pictured), chief executive at Tavistock, said.
“The company’s cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth.”
Tavistock now has a network of over 400 advisers and other business introducers working with more than 110,000 UK clients, whose assets are estimated to exceed £5.7 billion in value, as well as 350 corporate and affinity clients with some 16,000 employees.
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