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Increasing Monetary Planning group Tavistock has reported a 14% rise in annual revenues at its advisory enterprise to £32m for the yr led to March.
The corporate, which has made a number of acquisitions and a significant disposal just lately, revealed the figures in a buying and selling replace immediately.
The corporate has been on the acquisition path in current occasions. In January it acquired Morgan Monetary Group Holdings, a Monetary Planning and IFA agency with places of work in Bathtub and Cheltenham, for £3.7m.
It has additionally acquired a 21% stake in retirement-focused monetary adviser LEBC from the founder’s widow for £10m and just lately purchased LEBC’s ‘bionic’ app enterprise Hummingbird. Hummingbird is a consumer-focused, unregulated enterprise that gives analysis on the asset class allocations for use in funds and mannequin portfolios.
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Tavistock mentioned annual revenues for the yr exceeded £32m, 14% greater than your entire group’s revenues within the prior yr. This determine got here after the group’s funding administration enterprise was bought to Titan Wealth Holdings Restricted in August 2021. The corporate mentioned the division made solely a negligible income contribution in the course of the yr ended 31 March 2022.
The agency mentioned it the previous yr was “most profitable buying and selling yr within the firm’s historical past.”
The board expects to launch full audited outcomes for the yr to 31 March, in mid-September.
Tavistock says it’s working intently with the administration of LEBC to “maximise” the worth of its funding within the agency for the good thing about Tavistock’s and LEBC’s shareholders.
The Tavistock board has declared an interim dividend of 0.07 pence gross per strange share, 40% greater than the dividend paid to shareholders in October 2021.
Tavistock CEO Brian Raven mentioned: “The corporate has made great progress over the past yr, and our present focus is on strengthening our partnerships with each Titan Wealth and LEBC, in addition to maximising the advantages from our possession of Hummingbird. We proceed to be acquisitive and look ahead to updating shareholders on progress sooner or later.”
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