Tavistock Investments has enjoyed its most successful trading year in its history following a string of acquisitions.
In a trading update to the stock exchange today (June 27), the company said its advisory business saw revenues of £32mn in the year to March 31.
This is 14 per cent higher than the entire group’s revenues the previous year, and comes after a period of reorganisation.
Chief executive of Tavistock, Brian Raven, said the company has made “tremendous progress” during the past year.
“We continue to be acquisitive and look forward to updating shareholders on progress in due course,” he said.
The group’s investment management business was sold to Titan Wealth in August last year, a deal worth £40mn which included a strategic partnership between Tavistock Investments and Titan Wealth.
In January this year, the group acquired independent financial advisory group Morgans Limited for £3.7mn.
Then, in the same month, the group bought a 21 per cent holding in LEBC Holdings, an independent financial advisory group with three wholly owned subsidiaries.
One of these, LEBC Hummingbird, was then acquired by Tavistock in May.
The company is an unregulated research firm that provides research on asset allocations within funds and model portfolios and began trading in 2020 as a provider of financial research for the LEBC group.
Tavistock itself has seen inconsistent profits since March 2018.
That year, it made a pre-tax profit of £221,000, compared to a pre-tax loss of £1.2mn the previous year.
That same year it sold its network business, Tavistock Financial, to Sanlam.
In 2019 it made a loss of £118,000, which deepened to £5.5mn by March 2020.