Interim Results

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RNS Number : 5474M Tavistock Investments PLC 23 December 2025  

Tavistock Investments Plc   ("Tavistock", the "Company" or the "Group")   Interim Results     23 December 2025   Tavistock (AIM: TAVI) announces its unaudited interim results for the six-month period ended 30 September 2025, and increased dividend. This results announcement comes in the context of a period of transition for the Company as it undertakes a significant strategic realignment to become a fintech business. Integral to this is making extensive but appropriate use of AI to provide cost-effective financial advice and investment management services to all UK adults, regardless of their income levels or wealth. Key Points ·      Strategic refocus enabled by the recent advisory network disposal for £36 million ·      Further progress thanks to like-minded businesses - Alpha Beta Partners and Lifetime Financial - joining the Group ·      Tavistock set to leverage opportunities in the retail financial sector arising from current lack of appropriate advisory support and rising retail investor willingness to embrace AI in managing their finances: o  Over 91% of UK adults neglected by retail financial services sector (source: FCA Financial Lives Survey 2024, published 16 May 2025) o  22% of workers admit financial worries have impacted performance at work (source: Building Societies Association research published 22 September 2025) o  56% of adults now using AI to help manage their money (source: Lloyds Banking Group Consumer Digital Index, 22 September 2025) o  83% of AI users worry about data privacy and 80% about receiving inaccurate or outdated information (source: Lloyds Index) o  Advisory firms providing services to fewer clients owing to increasing regulatory costs and downward price pressure ·      Tavistock developing a hybrid retail market service combining the best human advice available with appropriate use of AI ·      Dividend increased by 11% and being paid on 26 January 2026. Brian Raven, Tavistock's Chief Executive, commented: "We care passionately about empowering people, regardless of their personal wealth, to live more confident lives and control their financial future. The Board believes that our new hybrid service will bring about real change, enabling everyone to access effective financial advice, combining personal service with the efficiencies AI can bring. It will offer people the best of both worlds, avoiding the pitfalls of using AI unguided."   For further information:  

Tavistock Investments Plc Oliver Cooke (Chairman) Brian Raven (Chief Executive)  

Tel: 01753 867000

Allenby Capital Limited (Nominated adviser and broker) Corporate Finance: Nick Naylor, Nick Athanas Sales and Corporate Broking: Tony Quirke  

  Tel: 020 3328 5656

Flagstaff Communications (Financial PR/IR)                                                                                               Tim Thompson Alison Allfrey Anna Probert

tavistock@flagstaffcomms.com Tel: 0207 129 1474

    TAVISTOCK INVESTMENTS PLC   CHAIRMAN'S STATEMENT   FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025  

 

Background   The Board believes that the most exciting aspect of the Group's current activity is its refocusing as a fintech business to make extensive use of AI (artificial intelligence) to provide cost effective financial advice and investment management services to all UK adults regardless of wealth. As was outlined in the Company's financial statements for the year ended 31 March 2025, 91% of adults are currently being neglected by the financial services sector.  Further detail can be found below.   This refocus has been enabled by the most recent of two significant disposals made by the Group. This was the sale in 2024 of Tavistock Partners and its RI network to Saltus for £36m and this followed the sale of Tavistock Wealth for £31m in 2021. A key element to the success of the refocus has been the persuading of like-minded businesses to join the Group - Alpha Beta Partners and Lifetime Financial Management.   Such a significant realignment of the Group's proposition has inevitably resulted in a period of transition as the Group moves from how it operated historically to how it will perform in future. Before we provide an update on strategic progress, we report on the interim performance this financial period.   Financial performance during the period   The Company's performance during the period, and during the equivalent period last year, is reported in the Interim Condensed Consolidated Statement of Comprehensive Income set out below. However, a like for like comparison of the Results from Continued Operations is summarised in the table below.   Adjusted EBITDA (defined as being Earnings before Interest, Taxation, Depreciation and Amortisation as adjusted to remove the distorting effect of one-off gains and losses arising on acquisitions/disposals, as well as other non-cash items) is highlighted as the Board considers this, rather than Operating Profit, to be the best measure of the Company's underlying performance.  

RESULTS FROM ONGOING ACTIVITIES  

6 months ended

6 months ended

Movement

30 Sept '25

30 Sept '24

£'000s

£'000s

Gross revenues

11,088

9,050

23% increase

Adjusted EBITDA Loss

(685)

(1,217)

44% decrease

Depreciation & Amortisation

(349)

(414)

16% decrease

Share based payments

(32)

(51)

37% decrease

Reported Loss from Operations

(1,066)

 (1,682)

37% decrease

Loss per ordinary share

(0.33)p

(0.44)p

25% decrease

Net assets at Interim end

40,269

39,510

2% increase

Cash resources at Interim end

3,675

2,909

26% increase

  Group Refocus   The FCA's 2024 Financial Lives Survey indicated that 91% of UK adults do not have access to the guidance they need to make informed financial decisions. This situation is being worsened by the increased regulatory burden being imposed on advice businesses, and by intensified downward price pressure within the sector. The combination of these factors is compelling financial advisory firms to deliver services that cost more to provide, but to do so at a lower price, all the while carrying a greater level of advice risk. In response, many such firms have stopped, or are actively considering stopping, the provision of support to clients that they consider to be of too low a value to be commercially viable to retain.   Tavistock believes that this situation must change and is refocusing its business to empower people, regardless of their current wealth, to live better, more confident lives by giving them the support they need to control their financial future.   Through the acquisition of Lifetime Financial Management, announced in September 2025, Tavistock has now established a proven, hybrid model that breaks down the traditional barriers to financial advice. The appropriate use of AI in support of professional advisers greatly reduces the cost of delivering support to clients, especially those clients that other firms have been turning away.   It is the Board's firm belief that the deployment of AI technology, as a key component within Tavistock's business proposition, will enable the Group to support a much higher number of clients in an efficient, profitable, and fully compliant manner. In so doing, the Company will become an increasingly prominent player in the UK financial services sector which, in turn, will lead to a significant enhancement of shareholder value.   Saltus Update   In December 2025, the Company expects to receive some £9.5 million from Saltus in settlement of the first deferred consideration relating to the sale of Tavistock Partners Limited. The second, and final, deferred consideration payment of £4.7 million will then become unconditional and be receivable in December 2026.   Alpha Beta Partners (ABP) Update   ABP is a valuable addition to the Group and a key component in Tavistock's refocused proposition. However, shortly after joining the Group, one of ABP's largest clients was acquired by a competitor which led to a termination of its relationship with ABP. During the period, ABP's management team has worked hard to mitigate the financial impact of this client loss. To their credit, the team has successfully developed several new growth initiatives, the benefits of which will be seen in the last quarter of the current financial year and will be fully reflected in the results for the year to 31 March 2027.   LEBC Update   In September 2025, the Company received a dividend of £2 million from LEBC and it is the Board's current expectation that a further £1.75 million will be received in the next financial year and a further £3.75 million in the year after. The Board's current best estimate is that Tavistock will ultimately recover some £7.5 million of its original £10 million investment in LEBC, and in the previous financial year the carrying value of the investment was reduced to match this anticipated recovery value.   Titan Update   At a Court hearing held on 11 December 2025, the Company succeeded in expanding the scope of its counterclaims against Titan to include, inter alia, new causes of action in respect of Titan's Model Portfolio Service (MPS) for breach of confidence, alleged misuse of trade secrets and copyright infringement. The Court ruled in favour of Tavistock in respect of all matters it considered and awarded us costs, instructing Titan to pay an initial £250,000 on account within 28 days of the hearing.   Dividends   The Company is proposing to pay an interim dividend on 26 January 2026 of 0.1p per share, which is an 11% increase on the dividend that was paid in January 2025. The Record Date for this dividend will be 5 January 2026 and the Ex-Dividend date will be 2 January 2026.   Prospects   By the end of the current financial year the Board will have completed the acquisition, integration and refinement of the key elements of the Group's refocused service proposition. Thereafter, the focus will be on the completion of AI developments and the onboarding of large numbers of profitable clients. The Board anticipates that a successful roll out of the new proposition will greatly enhance the value of the Company. I look forward to updating shareholders in due course.   Oliver Cooke Chairman 19 December 2025     UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME   FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025  

 



 

Unaudited

Unaudited



 

6 months ended

6 months ended



 

30 September

30 September



 

2025

2024



Note

£'000

£'000

 



 

 

Revenue

2

11,088

19,620









Cost of sales

2

(6,558)

(12,495)





------------

------------

Gross profit



4,530

7,125









Administrative expenses

2

(5,596)

(7,313)





--------------

--------------

Loss from Total Operations



(1,066)

(188)









Adjusted EBITDA



 (685)

 670

Depreciation & Amortisation



 (349)

 (807)

Share Based Payment



(32)

(51)

Exceptional costs



-

-





--------------

--------------

Loss from Operations



(1,066)

(188)















Finance costs



(213)

(152)

LLP members remuneration charged as an expense



(548)

(649)





------------

------------

Loss before taxation



(1,827)

(989)









Taxation



-

-

 



------------

------------

Loss Profit after taxation



(1,827)

(989)

 







 



------------

------------

Loss after taxation and attributable to equity holders of the Parent and total comprehensive income for the period

   

  (1,827)

  (989)





======

======

Loss per share







Basic

3

(0.33)p

(0.18)p





======

======









Diluted

3

(0.31) p

0.04p





======

======

    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION   AS AT 30 SEPTEMBER 2025  

 



 

Unaudited

Audited



 

30 September 2025

31 March 2025



Note

£'000

£'000

£'000

£'000

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Tangible fixed assets



518



754



Intangible assets

4

20,755



20,599



Investments in associates

5

5,570

 

7,500

 





-----------------

 

-----------------

 

Total non-current assets



26,843

 

28,853







 



 

Current assets



 



 

Trade and other receivables



22,309

 

17,984

 

Cash and cash equivalents



3,675

 

7,403

 





-----------------

 

-----------------

 

Total current assets

 

 

25,984

 

25,387







-----------------



-----------------

Total assets



52,827

 

54,240

 



 



 

LIABILITIES



















Current liabilities



(5,646)

 

(7,396)







 



 

Non-current liabilities









Loan & Lease liability



(4,164)



(4,352)

Payments due regarding purchase of client lists



(507)



(686)

Provisions



(2,235)



(2,565)

Deferred taxation



(6)



(1)







------------------



------------------

Total liabilities



(12,558)

 

(15,000)

 



------------------

 

------------------

Total net assets



40,269

 

39,240







=========



=========

Capital and reserves









Share Capital

6



5,602



5,602

Treasury Shares



(3,227)



(5,798)

Share Premium

6



1,828



1,828

Capital Redemption Reserve

6



534



534

Retained Earnings



35,532



37,074







------------------



------------------

Total equity



40,269

 

39,240







=========



=========

  The unaudited interim condensed consolidated financial statements were approved by the Board and authorised for issue on 19 December 2025.   Johanna Rager Finance & Operations Director     UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY   FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025  

 



Share Capital

Treasury Shares

Share Premium

Capital Redemption Reserve

Retained Earnings

Total Equity



£'000

£'000

£'000

£'000

£'000

£'000

 









 

31 March 2024

5,602

-

1,828

534

32,484

40,448

 

 

--------------

--------------

--------------

-------------

--------------

--------------

 

Profit after tax and total comprehensive income

-

-

-

-

6,932

6,932

 

Treasury Shares allocation

-

(5,798)

-

-

-

(5,798)

 

Equity settled share-based payments

-

-

-

-

(234)

(234)

 

Increase in interest of a controlled subsidiary

-

-

-

-

(550)

(550)

 

Tavistock Protect Adjustment

-

-

-

-

(529)

(529)

 

Disposal/Closure of subsidiary

-

-

-

-

(624)

(624)

 

Dividend payment

-

-

-

-

(405)

(405)

 



-------------

-------------

--------------

-------------

---------------

--------------

 

31 March 2025

5,602

(5,798)

1,828

534

37,074

39,240

 



--------------

--------------

--------------

-------------

--------------

--------------

 

Loss after tax and total comprehensive income

-

-

-

-

(1,827)

(1,827)

 

Treasury Shares transfer to EBT

-

2,571

-

-

253

2,824

 

Equity settled share-based payments

-

-

-

-

32

32

 



--------------

--------------

--------------

--------------

--------------

--------------

 

Unaudited 30 September 2025

5,602

(3,227)

1,828

534

35,532

40,269

 



--------------

--------------

--------------

-------------

--------------

--------------

 







    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS   FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025  

 



 

Unaudited

 

Audited



 

Period ended 30 September 2025

 

Year ended                  31 March 2025



 

£'000

 

£'000

Cash flows from operating activities

 

 

 

 

(Loss)/Profit before tax



(1,574)



6,699

Adjustments for:







Share based payments



32



(234)

Depreciation on tangible fixed assets



218



605

Amortisation of intangible assets



132



3,336

Regulatory provisions



-



780

Exceptional costs



(253)



6,233

Finance income



213



339

Goodwill impairment



-



5,493

EBT transfer



2,823



-

Cash received on sale of subsidiary entities



-



(21,360)





-----------------



-----------------

Cash flows generated from/(used in) operating activities



1,591

 

1,891

before changes in working capital







 







Increase in trade and other receivables



(3,910)



(13,883)

(Increase)/Decrease in trade and other creditors



(1,350)



6,257

 



-----------------



-----------------

Cash used in Operations



(3,669)

 

(5,735)

 







Investing activities



 



 

Intangible assets - client lists and internally developed assets



(284)



(3,224)

Purchase of tangible fixed assets



(18)



(53)

Deferred consideration payments



(679)



(705)

Minority Interest income/(write down)



1,930



(2,679)

Acquisition of subsidiary



-



(7,004)

Amount owed on acquisition of subsidiary



 -



(740)

Cash received on sale of subsidiary



-



21,360

Cash received on acquisition of subsidiary



       -



621

                                              



-----------------

 

-----------------

Net cashflow used in investing activities



949



7,576

 



 

 

 

Financing activities







Finance costs



(213)



(339)

New leases



-



30

Lease repayment



(217)



(588)

New loans



-



3,275

Loan repayments



(578)



(742)

Share based Buybacks



-



213

Dividend payment



-



(405)

EBT Transfer gain



253



-





-----------------



-----------------

Net cashflow generated (used in)/from financing activities



(755)



1,444





-----------------



-----------------

Net change in cash and cash equivalents



(3,728)

 

3,285

 



 

 

 

Cash and cash equivalents at start of period



7,403

 

4,118

 



------------------

 

------------------

Cash and cash equivalents at end of period



3,675

 

7,403

   



=========

 

=========

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS   FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025  

 

1.         ACCOUNTING POLICIES   Basis of preparation   The Consolidated Financial Statements have been prepared in accordance with UK adopted International Financial Reporting Standards ("IFRS") in conformity with the requirements of the Companies Act 2006.   The Financial Statements are presented in pound sterling and all values are rounded to the nearest thousand (£'000), except when otherwise indicated.

The accounts have been prepared in accordance with accounting policies that are consistent with the March 2025 Report and Accounts and that are expected to be applied in the Report and Accounts of the year ending 31 March 2026.

The financial information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. Statutory accounts for Tavistock Investments Plc for the year ended 31 March 2025 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

2.         SEGMENTAL INFORMATION   A segmental analysis of revenue and expenditure for the period is:  

 



Group (Plc)

Investment Management

Advisory Business

Unaudited 30 September 2025

Unaudited 30 September 2024

 



£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

Revenue

-

2,686

8,402

11,088

19,620

 







 

 

 

Cost of sales

(63)

(1,916)

(4,579)

(6,558)

(12,495)

 



-------------

-------------

-------------

-------------

-------------

 

Gross profit

(63)

770

3,823

4,530

7,125

 



-------------

-------------

-------------

-------------

-------------

 

Attributed Expenses

(2,062)

(883)

(2,619)

(5,564)

(7,262)

 







 

 







 

 

Other Administrative expenses



 

 

 

Share based payments





(32)

(51)

 

Regulatory provisions



-

-

 





-------------

-------------

 

Loss from operations



(1,066)

(188)

 

 





======

======









    The segmental analysis above reflects the parameters applied by the Board when considering the Group's monthly management accounts. The Directors do not consider a division of the statement of financial position to be appropriate or useful for the purposes of understanding the financial performance and position of the Group.   During the period under review, the Group operated and earned revenue exclusively within the UK.    

3.

LOSS PER SHARE

Unaudited

Unaudited

 

 

6 months ended

6 months ended

 

 

30 September 2025

30 September 2024



Loss per share has been calculated using the following:







Loss after taxation (£'000)

(1,827)

(989)



Weighted average number of shares ('000s)

560,429

560,429





                                       --------------

                                       --------------



Loss per ordinary share

                    (0.33)p

                    (0.18)p





                                         ======

                                         ======











Weighted average number of shares and share options

                  621,665

                  636,764



that were exercisable at period end ('000s)

======

======



 

4.

INTANGIBLE ASSETS

 

Goodwill

Internally

 

 

 

Client

Arising on

Developed

 

 

 

Lists

Consolidation

Assets

Total





£'000

£'000

£'000

£'000



Cost









Balance at 1 April 2025 (Audited)

2,767

18,679

836

22,282



Additions

144

2

141

286





-------------

                   -------------

------------

---------------



Balance at 30 September 2025 (Unaudited)

2,911

18,681

977

22,568





-------------

                     ------------

------------

---------------



 









Accumulated amortisation









Balance at 1 April 2025 (Audited)

827

235

621

1,683



Amortisation

116

-

14

130





------------

                      -----------

------------

---------------



Balance at 30 September 2025 (Unaudited)

943

235

635

1,813





-----------

                    ------------

------------

---------------



 









Net Book Value











------------

------------

------------

------------



At 30 September 2025 (Unaudited)

1,967

18,446

343

20,755





======

                  ======

======

=======



At 1 April 2025 (Audited)

1,940

18,444

215

20,599





======

                   ======

======

=======

   

5.

INVESTMENTS IN ASSOCIATES

 

 

 

 

 

Investments in Associates



Investments in Associates

 

£'000



 







Cost







Balance at 1 April 2025 (Audited)



7,500



Dividend



(1,930)







------------



Balance at 30 September 2025 (Unaudited)



5,570







======











Net Book Value







At 30 September 2025 (Unaudited)

 

5,570







======



At 1 April 2025 (Audited)



7,500







======





 

 

 

6.

SHARE CAPITAL   

Unaudited

Audited

 

 

30 September 2025

31 March 2025





£'000

£'000



Called up share capital













Allotted, called up and fully paid







560,429,005 Ordinary shares of 1 pence each

5,602

5,602



(31 March 2025: 560,429,005) Treasury Shares

  (3,227)

  (5,798)



Capital Redemption Reserve

534

534





======

======





2,909

338











Share Premium

1,828

1,828





------------

------------





4,737

2,166





======

======

       

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