REG - Tavistock Investment - Trading update and interim dividend declaration

Tavistock InvestmentsAnnouncement

05/10/2023 07:00

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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 £17.2 million (prior
year equivalent period: £14.5 million), gross margin has increased by 40% to
£6.7 million (prior year equivalent period: £4.8 million) and EBITDA
(earnings before interest taxation depreciation and amortisation) has risen
thirteenfold to £1.6 million (prior year equivalent period: EBITDA loss
£0.14 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 £6 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 5656

 (Nominated adviser and broker)

 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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