LONDON (Alliance News) - Tavistock Investments PLC on Thursday said it can look forward to "improved performance" in the second half of its financial year.
The company said it is planning to introduce a "dividend stream" for the benefit of shareholders, with the financial year to March 31, 2017 currently seen as the "earliest practical opportunity" to do so.
Tavistock Investments said its pretax loss widened to GBP1.6 million in the six months ended September 30, the first half of its financial year, from GBP920,000 in the corresponding period the prior year.
"The results for the period under review have inevitably been adversely impacted by the losses generated by Financial Group's now discontinued business activities. However, as the integration process has now been completed, we can look forward to reporting improved trading results in the second half of the year," Executive Chairman Oliver Cooke said in a statement.
"With over GBP4.0 million of available cash resources, the group is well placed to take advantage of the opportunities that it has to further develop the business. The company's share price has almost trebled in the nine months since its last fundraising in February 2015, so it would therefore be reasonable to assume that the company could access capital markets should it require to raise additional development funding," Cooke said.
"During the period under review we have investigated a number of potential acquisition opportunities, but none matched our strategic development criteria," he added.
Shares in Tavistock were down 0.6% at 5.79 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Tavistock (TAVI)