Last year the group gained a windfall profit of £30.67m after the sale of its Tavistock Wealth arm. 

Tavistock sold its investment arm Tavistock Wealth Limited to Titan Wealth in August 2021 for an initial sum of £20m.

The majority of revenues for the latest year, ended 31 March 2023, were generated by Tavistock’s advisory business, which produced 96% of gross revenues.

Gross revenues for the advisory business rose 4.5% to £32.7m (2022: £31.3m) and the advisory businesses’ gross profit contribution rose by 6% to £10.6m.

With the sale of Tavistock Wealth, the firm has tilted towards its advisory business. 

Gross revenues for the Tavistock group were in line with the previous year at £34m however adjusted EBITDA (an indicator of profitability) fell to £0.14m (2022: £1.37m.).

In April 2022 Tavistock acquired a 21% stake in pensions adviser LEBC Holdings Limited, which it them sold back to original owner Hummingbird Limited for the same as originally paid.

In April 2023, Tavistock acquired adviser network, insurance and protection business Precise Protect, adding 200 advisers and 30,000 clients.

Tavistock now has more than 400 advisers looking after over 110,000 private clients with estimated assets of £6bn.

The firm said it plans more acquisitions, with up to £64m to spend from its sale of Tavistock Wealth and debt funding facility from the Bank of Ireland.

Brian Raven, group CEO of Tavistock, said: “The past financial year has seen Tavistock develop into a leaner, more efficient business, creating the right foundations for growth. Through the restructuring of our advice business and the use of technology, the group is now able to operate on a much larger scale and embark on the next phase of our growth plan.

“We are focused on building a large and profitable financial advisory business through acquisitions and continued organic growth. The group is well placed with a strong capital base and list of potential targets with which we are already engaged. This growth strategy is already underway, with the acquisition of Precise Protect in April of this year, doubling the number of advisers within the group. We expect this business to contribute significantly to growth in the next financial year."

In August 2022, Tavistock bought back 3,000,000 of its ordinary shares of 1p each at a price of 9.35p per share and in November 2022, the company bought back a further 300,000 shares at a price of 7p per share. These shares were subsequently cancelled, enhancing earnings per share and value of shares remaining in issue. This enabled the firm to maintain its dividend at 0.07p per share.

• Story has been updated to make clear that Tavistock Wealth was sold in the previous company year. Apologies for the error.

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