Tavistock Pledges Positive Annual ReturnsA turnaround in profit has been promised by Adviser network Tavistock when it announces its annual results, overturning a £1.65m loss following its buyout of struggling competitor Financial Ltd.
London, England, July 02, 2016 -- In an update released today, the company said “each of the organizations active businesses is now making sustained positive returns”.
The report refers to Tavistock Partners and Tavistock Financial, which supply several financial services to the network’s autonomous finance professionals. The group also includes Tavistock Wealth, which handles its funds.
Tavistock had a disappointing two year run announcing a £1.5m loss for half of 2015, falling further into debt following a £173,000 annual loss the previous year.
Richard Sharpe, Co-Head of Global Mergers & Acquisitions at Acom Tokyo Securities commented that recent Tavistock announcements represent a positive move for the group. “I think there is a certain amount of pressure on the company to deliver now, but that is not always a bad thing. Shareholders will feel a little safer on the back of the trade update as the firm have set out a clear goal for the coming year.”
Tavistock blamed the slump on one-time ‘restructuring’ payments incurred from its £2.8m takeover of Standard Financial last year, a company whose subsidiary, Financial Ltd, is currently being wound up. FTAdviser, the business news and analysis site, last month announced Tavistock is chasing former Financial Ltd compliance team members for millions of pounds in damages linked to ‘bad advice’.
Earlier last month, Tavistock CEO Brian Raven said how his company mediated an agreement with the Financial Conduct Authority to save the faltering advice network without taking on its debt. A previous business report on pension switching advice issues at Financial Ltd was released by the FCA four years earlier.
Also in the trading update, Tavistock said it now serves as a fully integrated, nationwide company providing many financial services, with over three hundred advisers and more than 60,000 clients around country.
The estimated value of assets under the firms influence is thought to be £4.5bn and assets under their direct management are over £435m. The update also said that approximately 70% of the organizations revenue is from repeat income.
Mr Raven added, “We’ve made excellent progress in the period since concluding our primary transactions, and we have our superb management and staff to thank for that.”
Acom Tokyo Securities Ltd
Richard Sharpe, Co-Head of Global Mergers & Acquisitions at Acom Tokyo Securities commented that recent Tavistock announcements represent a positive move for the group.
Acom Tokyo Securities Ltd
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