LONDON (Alliance News) - Tavistock Investments PLC Friday said it is focused on becoming profitable and ensuring the smooth operation of the acquisitions it made at the end of May.
Tavistock Investments completed the reverse acquisitions of County Life & Pensions Ltd, an independent financial advisory business based in Kegworth, Derbyshire, and of Blacksquare Ltd, a discretionary investment management business based in Windsor, Berkshire, at the end of May.
These two businesses were subsequently renamed Tavistock Partners Ltd and Tavistock Wealth Ltd. They will form the cornerstone of a larger, integrated financial services business, according to Tavistock.
"The board's focus over the second half of the year will be on ensuring that Tavistock Wealth and Tavistock Partners operate together as a seamless whole and that progress is made toward profitable trading at the group level," Executive Chairman Oliver Cooke said in a statement.
"Thereafter our focus will be on increasing the scale of the business and I look forward to updating shareholders on progress in due course," Cooke added.
The news came as Tavistock Investments reported a GBP172,000 loss for the six months ended June 30, compared with a GBP270,000 loss for the corresponding period last year. Revenue increased to GBP298,000 from GBP141,000, while it cut administrative expenses to GBP287,000 from GBP313,000.
Loss before interest, taxation, depreciation and amortisation was also GBP172,000, which the company said refkected the extent to which wider group costs exceeded the profits generated within Tavistock Partners during the period under review.
Tavistock Investments shares were Friday untraded at 5.75 pence.