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(Alliance News) - Tavistock Investments PLC on Thursday posted a narrowed loss for the first half of its financial year thanks to an improved performance from its Investment Management segment.
The fund management firm posted a GBP132,000 pretax loss for the six months ended September 30, more than halved from its GBP320,000 loss a year before.
Revenue rose 2.1% to GBP14.3 million from GBP14.0 million, lifting gross profit by 1.8% to GBP5.8 million from GBP5.7 million. This was thanks to a rise in Investment Management revenue of 13% to GBP2.7 million from GBP2.4 million, while Advisory Support revenue held steady at GBP11.6 million.
Total funds under management rose 18% to GBP1.1 billion from GBP941 million.
Chair Oliver Cooke said: "Solid progress has been made with the development of the business during the period, but at present it is very difficult to predict how markets will react and how investors may behave in the months ahead. Political events might also have a significant impact on our business.
"The management team will maintain its focus on a three stranded strategy for the development of the business. The first strand being to bring to fruition and to maximise asset inflows from the key initiatives referred to above; the second strand is to enter into a number of strategic partnerships with the larger entities with whom discussions are currently being held; and the third is to explore suitable acquisition opportunities."
Shares in Tavistock were down 3.6% at 2.12 pence in London on Thursday afternoon.
By Anna Farley; annafarley@alliancenews.com
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