Shares of Tavistock Investments experienced a significant boost after the company announced its pretax profit for the first half of fiscal 2024, along with higher revenue.

Share Price Surge

At 0807 GMT, shares rose by 13%, or 0.50 pence, reaching 4.38 pence.

Impressive Financial Performance

Tavistock, a prominent U.K. financial-services group, revealed that its pretax profit for the six months ended September 30 totaled £240,000 ($303,576). This marks a remarkable turnaround from the previous year when the company reported a loss of £863,000 during the same period.

Furthermore, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged from £147,000 to £1.8 million.

Robust Revenue Increase

The group’s revenue witnessed a notable 19% increase, climbing to £20.6 million from £17.3 million. This growth was predominantly driven by an expanded network of advisers and the rapid expansion of their U.K.-wide protection business, headquartered in Bangor, Northern Ireland. Consequently, the gross margin soared by 34%.

Dividend Announcement

The board of Tavistock has declared an interim dividend of 0.07 pence per share, aligning with the company’s established policy.

Positive Outlook

Chief Executive Brian Raven expressed satisfaction with the strong growth displayed by the company in the first half of the financial year. He also emphasized the successful integration and rebranding of Precise Protect, now known as Tavistock Protect. Raven believes this development will play a significant role in bolstering future profitability for the group.

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