Companies  

Tavistock blames discontinued activities for losses

Tavistock blames discontinued activities for losses

Tavistock Investments has blamed its pre-tax losses of £883,000 over the six months to the end of September on its deal with Financial Ltd.

Of this amount £749,000 relates to discontinued operations and £134,000 relates to continuing operations.

Oliver Cooke, Tavistock executive chairman, said: “The results for the period under review have inevitably been adversely impacted by the losses generated by Financial Group’s now discontinued business activities.

Article continues after advert

“However, as the integration process has now been completed, we can look forward to reporting improved trading results in the second half of the year.”

Total revenue was £16m - up from £1.3m in the first half of 2014 - and gross profit £3.3m - up from £463,000 during the first six months of last year.

Background

Tavistock Investments shareholders voted unanimously in favour of its acquisition of Standard Financial Group in February.

The company said that since the acquisition, it has spent a “considerable” amount of management time on integrating the business into the wider Tavistock Group, with risk assessments done on all members of Financial’s advisory network, most of whom joined the newly created network called Tavistock Financial.

The network now has 270 self-employed financial advisers, covering most parts of the UK and servicing some 60,000 clients whose assets are estimated to exceed £3bn in value.