Tavistock trades resiliently amid Covid-19 pandemic

Financial services group Tavistock Investments said on Tuesday that its financial performance during the Covid-19 pandemic had been "resilient".

Tavistock stated the primary impact of the coronavirus pandemic and associated lockdowns had been a reduction in new advisory business levels, which were influenced by advisers' ability to meet with clients.

However, the AIM-listed company stated that because it benefits from "a high level of recurring income", it currently expects to report gross revenues for the financial year broadly in line with the prior year.

Tavistock added that prudent management of costs had also protected it, with an appropriate structure now in place to support the group's future growth, and added that it now expects to report underlying for the year ending 31 March to be "significantly ahead" of last year.

Chief executive Brian Raven said: "The company is now in a strong position to accelerate its growth over the next few years and by so doing, deliver increased value to our shareholders and an enhanced service to our clients."

As of 0920 GMT, Tavistock shares had surged 20.89% to 2.30p.