Tavistock Investments made a profit of £221,000 following a restructure of its advice services.

The acquisitive firm’s financial results, for the year ended 31 March, also showed funds under management increased 44%, from £603m in 2017 to £866m this year.

Total revenues rose by 47% from £19.5% to £28.8m and revenues generated by ongoing advice business increased 41% to £25.2m (2017: £17.9m). 

The results also revealed that 23 firms outside of the group's ownership had now signed up to use Tavistock Wealth's investment services.   

The period saw the firm dispose of network subsidiary Tavistock Financial, for £1m.

Following the sale of Tavistock Financial the company retained 58 advisers, who were transferred into The Tavistock Partnership prior to disposal. 

The firm used £23m in its share premium account to remove a negative balance and create distributable reserves, a prerequisite for the future payment of dividends.

Another highlight included the launch, in May, of two new protected funds with capital guarantees provided to investors by Morgan Stanley & Co.
 
Brian Raven, group chief executive, said: “We are continuing to deliver increases in funds under management and to develop our advisory business.

“The strong organic growth we have seen this year is recognition of the trust our clients, advisers and strategic partners are placing in our business.

“Our commitment to develop new products and services that respond to evolving investors' needs, such as greater capital protection, will continue to be a key driver for the group.”

He added: “I am very proud of what the team has achieved this year and confident in our future growth prospects.”