StockMarketWire.com - Tavistock investments has announced details on its trading performance for the year ending 31 March 2021.

The Group’s unaudited accounts reveal an EBITDA of approximately £2.77 million, an increase of 50% from the year before.

The company says the development is due to increasing gross margins by £355,000 and reducing overheads by approximately £565,000.

Pre-tax profit, when factoring in a £1.2 million cost to cover a reorganisation project, came to £1.1 million.

In addition, the company has acquired the business and assets of Chater Allan Financial Services, an independent advisory business based in Cambridge.

Brian Raven, Tavistock's chief executive, commented: ‘It has been a tremendous team effort to achieve all that we have over the last year and I thank every member of staff for their loyalty and support. Yesterday we announced the launch of our long-term strategic partnership with Titan Wealth and our commitment to accelerate the growth of our advice business, so I am particularly pleased to welcome on board everyone from Chater Allan.’

The acquisition has added approximately £110 million to the Group's funds under advice and is expected to contribute to the Group's profitability in the current financial year.


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