The takeover of an IFA firm has helped a business to double its funds under management over the past year.

Tavistock Investments said its positive results for the six-month period ending 30 September were driven by the acquisition of Abacus Associates Financial Services, in April.

The advisory operations have “seen spectacular organic growth in the period with the number of advisers within Abacus increasing by over 45%”, the company reported.

Tavistock also got approval from the FCA last month, to complete the acquisition of Price Bailey Financial Services.

Overall, it has over 300 advisers in the group and in excess of £4 billion in assets under advice.

The period under review resulted in “a dramatic increase in funds under management, with the total having more than doubled over the past year to £690 million; £540 million of which is being managed on a discretionary basis”.

Adjusted EBITDA profits improved, from a loss of £63k in the equivalent period last year to a profit of £109k this year. The firm said its reported loss from operations has fallen by 16% from the equivalent period last year to £688k.

At the end of September, the Group had net assets of £14.91 million – up from £10.33 million on 30 September 2015 – which included cash resources of £3.8 million, down £2700k from £4 million in 2015.

Brian Raven, chief executive, said: “The board will continue to focus on improving the operation efficiency of the group’s existing businesses, removing cost and reducing risk where possible.

“We will also grow the advisory businesses through additional recruitment and the wealth management business by increasing the level of funds managed on a discretionary basis.

“This will be achieved both within the group and by offering our investment management services to outside firms.”