Tavistock has seen its revenue increase by 19 per cent while the Titan Wealth deal boosted the firm's cash resources, according to its latest results.
The firm saw revenue increase by 19 per cent to reach £20.6mn in the six months ended September 30, 2023.
In the same period last year, this stood at £17.3mn.
In an update today (December 19), the firm said gross profit was up 34 per cent to £7.7mn, up from £5.8mn in H1 2022.
Adjusted Ebitda was also up twelvefold to £1.7mn from £0.14mn.
Brian Raven, chief executive at Tavistock, said: “I am pleased with the company’s strong growth during the first half of this financial year and the successful integration and rebranding of Precise Protect, now Tavistock Protect, which is set to be a major contributor to future profitability of the group.
In April, the firm announced the acquisition of Precise Protect Ltd and it has since been rebranded to Tavistock Protect.
The business is based in Bangor, Northern Ireland and the board believes that it will be a major contributor to the future profitability of the group.
Raven added: “The company’s cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth.”
The company received the second of three payments from Titan Wealth Services which increased the group's cash resources by £5mn.
Tavistock now has a network of over 400 advisers and other business introducers working with more than 110,000 UK clients, whose assets are estimated to exceed £5.7bn in value, as well as 350 corporate and affinity clients with some 16,000 employees.
The firm said it has also implemented the new consumer duty regime and has completed its review of all British Steel defined benefit pension transfer cases with minimal uninsured cost being incurred.
sonia.rach@ft.com
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