Advice firm Tavistock Investments reported a £240,000 pre-tax profit in the first half of the year, reversing an £863,000 loss in the corresponding period last year.
In interim results for the six months to 30 September it cited the £7m April acquisition of Precise Protect as a key feature of its improved performance.
That has since been rebranded as Tavistock Protect Limited, with Tavistock describing the Bangor, Northern Ireland-based business a “profitable and fast growing UK wide protection business”.
The group’s board said it “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.”
Tavistock also held a 21% stake in advice firm LEBC, bought for £10m, which agreed a merger with Aspira in August.
The results revealed trading in the first half of the current financial year was significantly ahead of the equivalent period last year.
Group revenue was up 19% to £20.6m from £17.3m and reported profit from operations was up 294% to £900,000 compared to a £500,000 loss over the same period last year.
But the protection arm was singled out for praise.
Brian Raven, chief executive at Tavistock, said: “I am pleased with the company’s strong growth during the first half of this financial year and the successful integration and rebranding of Precise Protect, now Tavistock Protect, which is set to be a major contributor to future profitability of the group.
“The company’s cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth.”
