Tavistock Investments has reported a loss of almost £1m for its financial year ending 31 March 2023 but said it would continue to pursue further acquisitions with up to £64m available.
The operating loss of £940,000 pounds follows a profit of £30.67m for the financial advice firm in the previous year.
The loss happened in what Tavistock said was a year of transition for the company, and it noted last year’s profit included an exceptional gain on the sale of Tavistock Wealth.
Meanwhile, revenue for the company stayed steady at £34m, though EBITDA (earnings before interest, taxes, depreciation, and amortisation) declined to £140,000, down from £1.37m in 2022.
Not reflected in the results is the post balance sheet acquisition of Precise Protect in April 2023.
Tavistock said Precise Protect is a profitable and fast-growing UK wide protection business which has a network of over 200 advisers and over 30,000 clients
“Precise Protect is led by an experienced and dedicated specialist team and the board believes that the business will be a major contributor to the profitability of the group,” Tavistock said.
Overall, Tavistock said it has more than 400 advisers and other business introducers looking after more than 110,000 private clients with estimated assets of £6bn, as well as 350 corporate and affinity clients with some 16,000 employees.
Tavistock said it is “well placed to pursue further acquisitions with up to a further £14m of deferred consideration receivable from the sale of Tavistock Wealth and £50m debt funding facility from the Bank of Ireland.”
Looking ahead, the company plans to extract further operational benefits from its ongoing data mining project.
Tavistock CEO Brian Raven (pictured) said: “The past financial year has seen Tavistock develop into a leaner, more efficient business, creating the right foundations for growth.
“Through the restructuring of our advice business and the use of technology, the group is now able to operate on a much larger scale and embark on the next phase of our growth plan.
“We are focused on building a large and profitable financial advisory business through acquisitions and continued organic growth.
“The group is well placed with a strong capital base and list of potential targets with which we are already engaged.
“This growth strategy is already underway, with the acquisition of Precise Protect in April of this year, doubling the number of advisers within the group. We expect this business to contribute significantly to growth in the next financial year.”