Tavistock interim loss widens amid 'significant strategic realignment'

Tavistock Investments PLC on Tuesday reported weaker interim top and bottom lines as the company seeks to refocus as a fintech business.

The Ascot, England-based financial advice and investment management firm posted a pretax loss of £1.8 million for the six months that ended September 30, widening from £989,000 a year earlier.

Driving the weaker bottom line was a 43% reduction in the top line, as revenue fell to £11.1 million from £19.6 million.

Tavistock explained that these results come in the context of a ‘period of transition’ for the business, as it seeks a ‘significant strategic realignment’ to become a fintech business.

The company is seeking to refocus such that it can make ‘extensive’ use of AI to provide ‘cost-effective financial advice and investment management services to all UK adults’, regardless of their wealth.

Tavistock stated that through the deployment of AI, it expects to support a much higher number of clients in an ‘efficient, profitable, and fully compliant manner.’ Through this, it sees itself becoming ‘an increasingly prominent player in the UK financial services sector’.

The company declared an interim dividend of 0.1 pence per share, up 11% from 0.09p a year prior.

Shares in Tavistock were up 0.5% at 4.27 pence on Tuesday afternoon in London.

‘We care passionately about empowering people, regardless of their personal wealth, to live more confident lives and control their financial future.

‘The board believes that our new hybrid service will bring about real change, enabling everyone to access effective financial advice, combining personal service with the efficiencies AI can bring. It will offer people the best of both worlds, avoiding the pitfalls of using AI unguided,’ said Chief Executive Brian Raven.

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