Tavistock Investments grew to profit before tax in the first half of the year; Declare a dividend
By Kyle Morris
Tavistock Investments PLC said on Monday it switched to pre-tax profit after recording a credit on the sale of Tavistock Wealth, and returned to the dividend list.
The UK financial services group said pre-tax profit for the six-month period ended September 30 was 35.5million pounds ($ 47million) from a loss of 416,000 GBP a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization – one of the company’s preferred measures that exclude one-time items and other one-off items – was £ 1.1million compared to £ 1.3million.
Revenue for the period was £ 17.0 million compared to £ 13.4 million a year earlier.
Net assets as of September 30 were £ 49.8 million, compared to £ 15 million as of March 31. The net asset value per share fell from 3 pence to 8.6 pence as of March 31.
The company declared an interim dividend of 0.05 pence per share. This compares to 0.01 pence per share paid in 2019.
“The strategic partnership with Titan and the sale of TWL have transformed the shape of the company and its outlook. It enabled an immediate increase in shareholder value while providing the business with the firepower needed to accelerate business growth through acquisitions, with exciting potential targets already being considered, â€said Brian Raven, Managing Director of Tavistock.
Write to Kyle Morris at [email protected]