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(Sharecast News) - Tavistock, the AIM-listed financial advisory company, nearly halved adjusted losses in the first half on the back of a strong increase in underlying revenues as it continues its transition to a fintech business.
The firm, which has undergone a "significant realignment" with the recent sale of its advisory network, is refocusing as a fintech business to use AI to provide financial advice and investment management services.
As a result of the restructuring, statutory results showed a big year-on-year fall in revenues to 11.1m over the six months to 30 September, from 19.6m the year before, while the adjusted EBITDA loss swelled to 1.1m from 0.2m.
However, results from ongoing activities showed a 23% increase in gross revenues to 11.1m, while the adjusted EBITDA loss fell to 0.69m from 1.22m.
The company raised its interim dividend by 11% to 0.1p per share, to be paid on 26 January.
Looking ahead, Tavistock believes that the deployment of AI will help it support a "much higher number of clients in an efficient, profitable, and fully compliant manner".
Commenting on the firm's transition, chair Oliver Cooke said: "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."
Tavistock shares were down 1.8% at 4.18p by 0922 GMT.
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