(Alliance News) - Tavistock Investments PLC on Thursday said it notched its six successive year of growth in funds under management, despite a market downturn as the period drew to a close.
In the six months to March 31, revenue rose 5.3% to GBP28.8 million from GBP27.3 million. Its pretax loss, however, widened to GBP5.7 million from GBP118,000.
Administrative expenses rose 57% to GBP17.2 million.
Funds under management rose 6% to GBP1 billion from GBP945 million, rising for the " 6th consecutive year - despite the sharp decline in financial markets towards year-end", Tavistock explained.
"We have traded ahead of the board's expectations for the first quarter of the new financial year. Maintaining our focus on tight financial management, we are implementing a group wide reorganisation that will achieve savings of over GBP700,000 a year. We remain confident that the business will emerge from the current crisis in good shape," Chief Executive Brian Raven said.
Shares in the company surged 19% in London on Thursday, closing at 1.90 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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Tavistock (TAVI)