Tavistock Investments' shares surge after FY results

Shares in Tavistock Investments are up almost 13% after it posted a wider full-year pre-tax loss of £2.8m, from a year-earlier loss of £0.98m, accompanied with an encouraging outlook.

"As approximately 75% of the Group's net revenues are represented by recurring income, future performance has become significantly more predictable," said Tavistock in a statement.

Revenue rose to £29.2m, from £4.99m. Net assets totalled £8.9m, from £11.42m.

"Tavistock has emerged from a period of consolidation more successful than ever, moving into profitability and increasing total revenue by a significant margin," said chief executive Brian Raven.

"We have exceeded market expectations and now look ahead to what I am confident will be another highly successful financial year," he added.

At 12:40 BST, shares in Tavistock are up 12.6% to 7.15p.