Tavistock Investments has seen its total revenue grow five times the amount posted last year, following a radical restructure of the business and a £5m takeover deal with an advice firm.
According to the group’s financial results for the year ending 31 March, it posted profits of £29.9m, up nearly 500 per cent compared to 2015’s figure of £5m.
This was also £10m higher than market expectations, with the business benefitting from a restructure and the acquisition of financial advice firm Abacus in March.
Group chief executive Brian Raven pointed out that all of the group’s operating businesses are now trading profitably, helped by the deal for Abacus, which increased available cash resources by more than £1.25m, to over £4m.
Net assets for the year amounted to £8.9m, down from 2015’s figure of £11.4m, while its assets under administration hit £4bn at the end of the year.
There was marked improvement in group performance during the second half of last year, with Mr Raven suggesting the group’s future performance will become significantly more predictable.
“Tavistock has emerged from a period of consolidation more successful than ever, moving into profitability and increasing total revenue by a significant margin,” he stated.
“We have exceeded market expectations and now look ahead to what I am confident will be another highly successful financial year.”
Mr Raven also said he intends to improve the company’s service further by implementing a new software support system and growing both organically and through more acquisitions.
The group’s financial advice businesses currently operate with more than 320 advisers, who support over 70,000 clients.