Tavistock Investments PLC - Bracknell-based fund manager - Pretax loss for six months ended September 30 widens to GBP416,000 from GBP132,000 as revenue falls to GBP13.4 million from GBP14.3 million while administrative expenses rise to GBP6.0 million from GBP5.8 million. Level of funds under management stays steady at GBP1.1 billion. Prepares to launch new low-cost platform service, the Tavistock Platform, to be used by clients of Tavistock Investment advisers. Says: "It is currently difficult to assess precisely how the group will perform in the second half of its financial year, given the variable possibilities with regard to the Brexit outcome, the government's public health policy and the impact on markets of the US Presidential election result." But initiatives underway will allow it to keep increasing operating profit and recommence dividend payment.
Brian Raven, chief executive of Tavistock Investments: "In a year of unprecedented pressure on our business, I am delighted by our group's performance and by how well our management team has adapted. We have undertaken a comprehensive cost saving exercise and are accelerating plans to significantly scale up our business. I am confident that these initiatives will enable us to deliver greater value to our shareholders and look forward to managing a growing dividend for their benefit."
Current stock price: 1.56 pence; down 5.5% on Tuesday
Year-to-date change: down 26%
By Anna Farley; annafarley@alliancenews.com
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Tavistock (TAVI)