REG - Tavistock Investment - Interim Results
23/12/2025 07:00
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RNS Number : 5474M Tavistock Investments PLC 23 December 2025
Tavistock Investments Plc
("Tavistock", the "Company" or the "Group")
Interim Results
23 December 2025
Tavistock (AIM: TAVI) announces its unaudited interim results for the
six-month period ended 30 September 2025, and increased dividend.
This results announcement comes in the context of a period of transition for
the Company as it undertakes a significant strategic realignment to become a
fintech business. Integral to this is making extensive but appropriate use of
AI to provide cost-effective financial advice and investment management
services to all UK adults, regardless of their income levels or wealth.
Key Points
· Strategic refocus enabled by the recent advisory network disposal
for £36 million
· Further progress thanks to like-minded businesses - Alpha Beta
Partners and Lifetime Financial - joining the Group
· Tavistock set to leverage opportunities in the retail financial
sector arising from current lack of appropriate advisory support and rising
retail investor willingness to embrace AI in managing their finances:
o Over 91% of UK adults neglected by retail financial services sector
(source: FCA Financial Lives Survey 2024, published 16 May 2025)
o 22% of workers admit financial worries have impacted performance at work
(source: Building Societies Association research published 22 September 2025)
o 56% of adults now using AI to help manage their money (source: Lloyds
Banking Group Consumer Digital Index, 22 September 2025)
o 83% of AI users worry about data privacy and 80% about receiving
inaccurate or outdated information (source: Lloyds Index)
o Advisory firms providing services to fewer clients owing to increasing
regulatory costs and downward price pressure
· Tavistock developing a hybrid retail market service combining the
best human advice available with appropriate use of AI
· Dividend increased by 11% and being paid on 26 January 2026.
Brian Raven, Tavistock's Chief Executive, commented: "We care passionately
about empowering people, regardless of their personal wealth, to live more
confident lives and control their financial future. The Board believes that
our new hybrid service will bring about real change, enabling everyone to
access effective financial advice, combining personal service with the
efficiencies AI can bring. It will offer people the best of both worlds,
avoiding the pitfalls of using AI unguided."
For further information:
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke (Chairman)
Brian Raven (Chief Executive)
Allenby Capital Limited
(Nominated adviser and broker) Tel: 020 3328 5656
Corporate Finance:
Nick Naylor, Nick Athanas
Sales and Corporate Broking:
Tony Quirke
Flagstaff Communications tavistock@flagstaffcomms.com
(Financial Tel: 0207 129 1474
PR/IR)
Tim Thompson
Alison Allfrey
Anna Probert
TAVISTOCK INVESTMENTS PLC
CHAIRMAN'S STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Background
The Board believes that the most exciting aspect of the Group's current
activity is its refocusing as a fintech business to make extensive use of AI
(artificial intelligence) to provide cost effective financial advice and
investment management services to all UK adults regardless of wealth. As was
outlined in the Company's financial statements for the year ended 31 March
2025, 91% of adults are currently being neglected by the financial services
sector. Further detail can be found below.
This refocus has been enabled by the most recent of two significant disposals
made by the Group. This was the sale in 2024 of Tavistock Partners and its RI
network to Saltus for £36m and this followed the sale of Tavistock Wealth for
£31m in 2021. A key element to the success of the refocus has been the
persuading of like-minded businesses to join the Group - Alpha Beta Partners
and Lifetime Financial Management.
Such a significant realignment of the Group's proposition has inevitably
resulted in a period of transition as the Group moves from how it operated
historically to how it will perform in future. Before we provide an update on
strategic progress, we report on the interim performance this financial
period.
Financial performance during the period
The Company's performance during the period, and during the equivalent period
last year, is reported in the Interim Condensed Consolidated Statement of
Comprehensive Income set out below. However, a like for like comparison of the
Results from Continued Operations is summarised in the table below.
Adjusted EBITDA (defined as being Earnings before Interest, Taxation,
Depreciation and Amortisation as adjusted to remove the distorting effect of
one-off gains and losses arising on acquisitions/disposals, as well as other
non-cash items) is highlighted as the Board considers this, rather than
Operating Profit, to be the best measure of the Company's underlying
performance.
RESULTS FROM ONGOING ACTIVITIES 6 months ended 6 months ended Movement
30 Sept '25 30 Sept '24
£'000s £'000s
Gross revenues 11,088 9,050 23% increase
Adjusted EBITDA Loss (685) (1,217) 44% decrease
Depreciation & Amortisation (349) (414) 16% decrease
Share based payments (32) (51) 37% decrease
Reported Loss from Operations (1,066) (1,682) 37% decrease
Loss per ordinary share (0.33)p (0.44)p 25% decrease
Net assets at Interim end 40,269 39,510 2% increase
Cash resources at Interim end 3,675 2,909 26% increase
Group Refocus
The FCA's 2024 Financial Lives Survey indicated that 91% of UK adults do not
have access to the guidance they need to make informed financial decisions.
This situation is being worsened by the increased regulatory burden being
imposed on advice businesses, and by intensified downward price pressure
within the sector. The combination of these factors is compelling financial
advisory firms to deliver services that cost more to provide, but to do so at
a lower price, all the while carrying a greater level of advice risk. In
response, many such firms have stopped, or are actively considering stopping,
the provision of support to clients that they consider to be of too low a
value to be commercially viable to retain.
Tavistock believes that this situation must change and is refocusing its
business to empower people, regardless of their current wealth, to live
better, more confident lives by giving them the support they need to control
their financial future.
Through the acquisition of Lifetime Financial Management, announced in
September 2025, Tavistock has now established a proven, hybrid model that
breaks down the traditional barriers to financial advice. The appropriate use
of AI in support of professional advisers greatly reduces the cost of
delivering support to clients, especially those clients that other firms have
been turning away.
It is the Board's firm belief that the deployment of AI technology, as a key
component within Tavistock's business proposition, will enable the Group to
support a much higher number of clients in an efficient, profitable, and fully
compliant manner. In so doing, the Company will become an increasingly
prominent player in the UK financial services sector which, in turn, will lead
to a significant enhancement of shareholder value.
Saltus Update
In December 2025, the Company expects to receive some £9.5 million from
Saltus in settlement of the first deferred consideration relating to the sale
of Tavistock Partners Limited. The second, and final, deferred consideration
payment of £4.7 million will then become unconditional and be receivable in
December 2026.
Alpha Beta Partners (ABP) Update
ABP is a valuable addition to the Group and a key component in Tavistock's
refocused proposition. However, shortly after joining the Group, one of ABP's
largest clients was acquired by a competitor which led to a termination of its
relationship with ABP. During the period, ABP's management team has worked
hard to mitigate the financial impact of this client loss. To their credit,
the team has successfully developed several new growth initiatives, the
benefits of which will be seen in the last quarter of the current financial
year and will be fully reflected in the results for the year to 31 March 2027.
LEBC Update
In September 2025, the Company received a dividend of £2 million from LEBC
and it is the Board's current expectation that a further £1.75 million will
be received in the next financial year and a further £3.75 million in the
year after. The Board's current best estimate is that Tavistock will
ultimately recover some £7.5 million of its original £10 million investment
in LEBC, and in the previous financial year the carrying value of the
investment was reduced to match this anticipated recovery value.
Titan Update
At a Court hearing held on 11 December 2025, the Company succeeded in
expanding the scope of its counterclaims against Titan to include, inter alia,
new causes of action in respect of Titan's Model Portfolio Service (MPS) for
breach of confidence, alleged misuse of trade secrets and copyright
infringement. The Court ruled in favour of Tavistock in respect of all matters
it considered and awarded us costs, instructing Titan to pay an initial
£250,000 on account within 28 days of the hearing.
Dividends
The Company is proposing to pay an interim dividend on 26 January 2026 of 0.1p
per share, which is an 11% increase on the dividend that was paid in January
2025. The Record Date for this dividend will be 5 January 2026 and the
Ex-Dividend date will be 2 January 2026.
Prospects
By the end of the current financial year the Board will have completed the
acquisition, integration and refinement of the key elements of the Group's
refocused service proposition. Thereafter, the focus will be on the completion
of AI developments and the onboarding of large numbers of profitable clients.
The Board anticipates that a successful roll out of the new proposition will
greatly enhance the value of the Company. I look forward to updating
shareholders in due course.
Oliver Cooke
Chairman
19 December 2025
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Unaudited Unaudited
6 months ended 6 months ended
30 September 30 September
2025 2024
Note £'000 £'000
Revenue 2 11,088 19,620
Cost of sales 2 (6,558) (12,495)
------------ ------------
Gross profit 4,530 7,125
Administrative expenses 2 (5,596) (7,313)
-------------- --------------
Loss from Total Operations (1,066) (188)
Adjusted EBITDA (685) 670
Depreciation & Amortisation (349) (807)
Share Based Payment (32) (51)
Exceptional costs - -
-------------- --------------
Loss from Operations (1,066) (188)
Finance costs (213) (152)
LLP members remuneration charged as an expense (548) (649)
------------ ------------
Loss before taxation (1,827) (989)
Taxation - -
------------ ------------
Loss Profit after taxation (1,827) (989)
------------ ------------
Loss after taxation and attributable to equity holders of the Parent and total
comprehensive income for the period
(1,827) (989)
====== ======
Loss per share
Basic 3 (0.33)p (0.18)p
====== ======
Diluted 3 (0.31) p 0.04p
====== ======
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
Unaudited Audited
30 September 2025 31 March 2025
Note £'000 £'000 £'000 £'000
ASSETS
Non-current assets
Tangible fixed assets 518 754
Intangible assets 4 20,755 20,599
Investments in associates 5 5,570 7,500
----------------- -----------------
Total non-current assets 26,843 28,853
Current assets
Trade and other receivables 22,309 17,984
Cash and cash equivalents 3,675 7,403
----------------- -----------------
Total current assets 25,984 25,387
----------------- -----------------
Total assets 52,827 54,240
LIABILITIES
Current liabilities (5,646) (7,396)
Non-current liabilities
Loan & Lease liability (4,164) (4,352)
Payments due regarding purchase of client lists (507) (686)
Provisions (2,235) (2,565)
Deferred taxation (6) (1)
------------------ ------------------
Total liabilities (12,558) (15,000)
------------------ ------------------
Total net assets 40,269 39,240
========= =========
Capital and reserves
Share Capital 6 5,602 5,602
Treasury Shares (3,227) (5,798)
Share Premium 6 1,828 1,828
Capital Redemption Reserve 6 534 534
Retained Earnings 35,532 37,074
------------------ ------------------
Total equity 40,269 39,240
========= =========
The unaudited interim condensed consolidated financial statements were
approved by the Board and authorised for issue on
19 December 2025.
Johanna Rager
Finance & Operations Director
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Share Capital Treasury Share Premium Capital Redemption Reserve Retained Earnings Total Equity
Shares
£'000 £'000 £'000 £'000 £'000 £'000
31 March 2024 5,602 - 1,828 534 32,484 40,448
-------------- -------------- -------------- ------------- -------------- --------------
Profit after tax and total comprehensive income - - - - 6,932 6,932
Treasury Shares allocation - (5,798) - - - (5,798)
Equity settled share-based payments - - - - (234) (234)
Increase in interest of a controlled subsidiary - - - - (550) (550)
Tavistock Protect Adjustment - - - - (529) (529)
Disposal/Closure of subsidiary - - - - (624) (624)
Dividend payment - - - - (405) (405)
------------- ------------- -------------- ------------- --------------- --------------
31 March 2025 5,602 (5,798) 1,828 534 37,074 39,240
-------------- -------------- -------------- ------------- -------------- --------------
Loss after tax and total comprehensive income - - - - (1,827) (1,827)
Treasury Shares transfer to EBT - 2,571 - - 253 2,824
Equity settled share-based payments - - - - 32 32
-------------- -------------- -------------- -------------- -------------- --------------
Unaudited 30 September 2025 5,602 (3,227) 1,828 534 35,532 40,269
-------------- -------------- -------------- ------------- -------------- --------------
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Unaudited Audited
Period ended Year ended 31 March 2025
30 September 2025
£'000 £'000
Cash flows from operating activities
(Loss)/Profit before tax (1,574) 6,699
Adjustments for:
Share based payments 32 (234)
Depreciation on tangible fixed assets 218 605
Amortisation of intangible assets 132 3,336
Regulatory provisions - 780
Exceptional costs (253) 6,233
Finance income 213 339
Goodwill impairment - 5,493
EBT transfer 2,823 -
Cash received on sale of subsidiary entities - (21,360)
----------------- -----------------
Cash flows generated from/(used in) operating activities 1,591 1,891
before changes in working capital
Increase in trade and other receivables (3,910) (13,883)
(Increase)/Decrease in trade and other creditors (1,350) 6,257
----------------- -----------------
Cash used in Operations (3,669) (5,735)
Investing activities
Intangible assets - client lists and internally developed assets (284) (3,224)
Purchase of tangible fixed assets (18) (53)
Deferred consideration payments (679) (705)
Minority Interest income/(write down) 1,930 (2,679)
Acquisition of subsidiary - (7,004)
Amount owed on acquisition of subsidiary - (740)
Cash received on sale of subsidiary - 21,360
Cash received on acquisition of subsidiary - 621
----------------- -----------------
Net cashflow used in investing activities 949 7,576
Financing activities
Finance costs (213) (339)
New leases - 30
Lease repayment (217) (588)
New loans - 3,275
Loan repayments (578) (742)
Share based Buybacks - 213
Dividend payment - (405)
EBT Transfer gain 253 -
----------------- -----------------
Net cashflow generated (used in)/from financing activities (755) 1,444
----------------- -----------------
Net change in cash and cash equivalents (3,728) 3,285
Cash and cash equivalents at start of period 7,403 4,118
------------------ ------------------
Cash and cash equivalents at end of period 3,675 7,403
========= =========
NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
1. ACCOUNTING POLICIES
Basis of preparation
The Consolidated Financial Statements have been prepared in accordance with UK
adopted International Financial Reporting Standards ("IFRS") in conformity
with the requirements of the Companies Act 2006.
The Financial Statements are presented in pound sterling and all values are
rounded to the nearest thousand (£'000), except when otherwise indicated.
The accounts have been prepared in accordance with accounting policies that
are consistent with the March 2025 Report and Accounts and that are expected
to be applied in the Report and Accounts of the year ending 31 March 2026.
The financial information does not constitute statutory accounts within the
meaning of section 435 of the Companies Act 2006. Statutory accounts for
Tavistock Investments Plc for the year ended 31 March 2025 have been delivered
to the Registrar of Companies. The auditors' report on those accounts was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under Section 498 (2) or (3) of the Companies Act
2006.
2. SEGMENTAL INFORMATION
A segmental analysis of revenue and expenditure for the period is:
Group Investment Management Advisory Unaudited 30 September 2025 Unaudited 30 September 2024
(Plc) Business
£'000 £'000 £'000 £'000 £'000
Revenue - 2,686 8,402 11,088 19,620
Cost of sales (63) (1,916) (4,579) (6,558) (12,495)
------------- ------------- ------------- ------------- -------------
Gross profit (63) 770 3,823 4,530 7,125
------------- ------------- ------------- ------------- -------------
Attributed Expenses (2,062) (883) (2,619) (5,564) (7,262)
Other Administrative expenses
Share based payments (32) (51)
Regulatory provisions - -
------------- -------------
Loss from operations (1,066) (188)
====== ======
The segmental analysis above reflects the parameters applied by the Board when
considering the Group's monthly management accounts. The Directors do not
consider a division of the statement of financial position to be appropriate
or useful for the purposes of understanding the financial performance and
position of the Group.
During the period under review, the Group operated and earned revenue
exclusively within the UK.
3. LOSS PER SHARE Unaudited Unaudited
6 months ended 6 months ended
30 September 2025 30 September 2024
Loss per share has been calculated using the following:
Loss after taxation (£'000) (1,827) (989)
Weighted average number of shares ('000s) 560,429 560,429
-------------- --------------
Loss per ordinary share (0.33)p (0.18)p
====== ======
Weighted average number of shares and share options 621,665 636,764
that were exercisable at period end ('000s) ====== ======
4. INTANGIBLE ASSETS Goodwill Internally
Client Arising on Developed
Lists Consolidation Assets Total
£'000 £'000 £'000 £'000
Cost
Balance at 1 April 2025 (Audited) 2,767 18,679 836 22,282
Additions 144 2 141 286
------------- ------------- ------------ ---------------
Balance at 30 September 2025 (Unaudited) 2,911 18,681 977 22,568
------------- ------------ ------------ ---------------
Accumulated amortisation
Balance at 1 April 2025 (Audited) 827 235 621 1,683
Amortisation 116 - 14 130
------------ ----------- ------------ ---------------
Balance at 30 September 2025 (Unaudited) 943 235 635 1,813
----------- ------------ ------------ ---------------
Net Book Value
------------ ------------ ------------ ------------
At 30 September 2025 (Unaudited) 1,967 18,446 343 20,755
====== ====== ====== =======
At 1 April 2025 (Audited) 1,940 18,444 215 20,599
====== ====== ====== =======
5. INVESTMENTS IN ASSOCIATES
Investments in Associates
Investments in Associates £'000
Cost
Balance at 1 April 2025 (Audited) 7,500
Dividend (1,930)
------------
Balance at 30 September 2025 (Unaudited) 5,570
======
Net Book Value
At 30 September 2025 (Unaudited) 5,570
======
At 1 April 2025 (Audited) 7,500
======
6. SHARE CAPITAL Unaudited Audited
30 September 2025 31 March
2025
£'000 £'000
Called up share capital
Allotted, called up and fully paid
560,429,005 Ordinary shares of 1 pence each 5,602 5,602
(31 March 2025: 560,429,005)
Treasury Shares (3,227) (5,798)
Capital Redemption Reserve 534 534
====== ======
2,909 338
Share Premium 1,828 1,828
------------ ------------
4,737 2,166
====== ======
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