Tavistock earnings more than double as company reports first profit

Tavistock Investments’ annual earnings more than doubled as the investment management company reported its first full-year profit.

Underlying earnings before interest, tax and other items for the year to the end of March rose to £894,000 from £384,000 a year earlier as revenue increased 47% to £28.8m. The company swung to a £221,000 pre-tax profit from a loss of £1.2m.

Funds under management at the AIM-listed company rose to £866m from £603m and advisory revenues rose 41% to £25.2m.

Brian Raven, Tavistock’s chief executive, said: "We are continuing to deliver increases in funds under management and to develop our advisory business. The strong organic growth we have seen this year is recognition of the trust our clients, advisers and strategic partners are placing in our business. I am very proud of what the team has achieved this year and confident in our future growth prospects."

At 09:29 BST Tavistock shares were up 3.3% to 3p.