Tavistock Investments falls short on earnings

Fund manager Tavistock Investments warned investors on Thursday that results for its current trading year looked set to be "lower than previously anticipated".

However, Tavistock said its results would still demonstrate "meaningful growth", leading the group to retain its stated ambition of paying a maiden dividend.

The AIM-listed outfit pointed to headwinds, in the form of Brexit uncertainties, difficult global financial market conditions and investor anxiety, as reasons for its slowed pace funds under discretionary management growth and profitability.

Tavistock did note that, unlike many of its competitors, FUM were increasing year-on-year and earnings were expected to "grow significantly" - just not to the level management had hoped.

"Great strides have been made in the development of the business during the year, with the launch of two new protected products and significant investment in the development of i-stock, the Company's D2C smartphone app," said Tavistock.

"Strategic partnerships have also been signed with Lighthouse Group and the Law Society. All of these initiatives are expected to bear fruit during the next financial year."

As of 1030 GMT, Tavistock shares had slumped 10.45% to 3p.