Tavistock Investments PLC Trading update and interim dividend declaration (7261O)
05 October 2023 - 5:00PM
UK Regulatory
TIDMTAVI
RNS Number : 7261O
Tavistock Investments PLC
05 October 2023
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the UK Market Abuse Regulation.
With the publication of this announcement, this information is now
considered to be in the public domain.
Tavistock Investments Plc
("Tavistock", the "Group" or the "Company")
Trading update and interim dividend declaration
5 October 2023
The Board of Tavistock is pleased to announce that the Group's
trading in the first five months of the current financial year to
31 March 2024 is significantly ahead of the equivalent period in
the previous financial year.
The Company's unaudited management accounts show that for the
five months to 31 August 2023 gross revenues have increased by 19%
to GBP17.2 million (prior year equivalent period: GBP14.5 million),
gross margin has increased by 40% to GBP6.7 million (prior year
equivalent period: GBP4.8 million) and EBITDA (earnings before
interest taxation depreciation and amortisation) has risen
thirteenfold to GBP1.6 million (prior year equivalent period:
EBITDA loss GBP0.14 million).
The Company has implemented the new Consumer Duty regime (which
became effective on 31 July 2023) and has completed its review of
all British Steel Defined Benefit Pension Transfer cases with
minimal uninsured cost being incurred.
In April 2023 the Company announced the acquisition of Precise
Protect Limited ("Precise Protect"). Precise Protect is a
profitable and fast-growing UK wide protection business based in
Bangor, Northern Ireland. The Board believes that Precise Protect
will be a major contributor to the future profitability of the
Group and is pleased to report that it has been successfully
integrated into the Group.
Following this transaction, Tavistock has a network of over 400
advisers and other business introducers working with more than
110,000 UK retail clients, whose assets are estimated to exceed
GBP6 billion in value, as well as 350 corporate and affinity
clients with some 16,000 employees. The Company is thus well placed
to pursue its ambitious growth plans.
Interim dividend
In keeping with its stated objective of developing and
maintaining a dividend stream for the benefit of the Company's
shareholders, the Board is pleased to declare an interim dividend
of 0.07 pence gross per ordinary share. The ex-dividend date for
the interim dividend will be Thursday, 30 November 2023 and the
associated record date will be Friday, 1 December 2023. The
dividend will be paid on Friday 15 December 2023.
Brian Raven, Tavistock's Chief Executive, commented : "The
Board's focus continues to be on optimising the operating structure
of the Group and delivering value to shareholders through continued
growth. We remain ambitious and acquisitive and look forward to
updating shareholders on progress in due course."
For further information:
Tavistock Investments Plc Oliver Cooke Tel: 01753 867000
Brian Raven
Allenby Capital Limited Tel: 020 3328
(Nominated adviser and broker) 5656
Corporate Finance:
Nick Naylor, Nick Athanas, Daniel Dearden-Williams
Sales and Corporate Broking:
Tony Quirke
Powerscourt
Gilly Lock Tel: 07711 380
007
Roxane Girard 020 7250 1446
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END
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