Tavistock Investments

TAVI · AIM · Financial Services · mcap £9.0m · 2.0p

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Financials · LTM to 31 Mar 26

Source: results 24 Sep 26 ↗

Revenue: £23.2m
Operating profit: −£8.1m
Net income: −£8.6m
Free cash flow: −£6.1m
Net cash: £4.5m
Market cap: £9.8m
EV / EBIT: –
FCF yield: −61.8%
Price / book: 0.3×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 23 Dec 25 ↗

Revenue: £11.1m
Operating profit: −£1.1m
Net income: −£1.8m
Cash from operations: −£3.7m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest annual Latest interim

Results for the year ended 31 March 2026, published 24 Sep 26 · read the announcement ↗

Consolidated Statement of Comprehensive Income · For the year ended 31 March 2026

	31 March 2026 £'000	31 March 2025 £'000
Revenue	23,170	32,628
Cost of sales	(14,517)	(19,882)
Gross profit	8,653	12,746
Administrative expenses	(16,770)	(23,061)
Gain on Sale	-	20,032
(Loss)/Profit from Total Operations	(8,117)	9,717
MEMORANDUM ONLY- Adjusted EBITDA	(2,099)	1,761
Depreciation & amortisation 10&11	(1,048)	(3,941)
Impairment to goodwill and other intangibles	(52)	(234)
Share based payments	(64)	446
Share based buybacks	-	(213)
Write off irrecoverable trade receivables	(591)	(144)
Gain on reassessment of recoverable amount of receivable	400	-
Gain on sale of subsidiary	-	20,032
Subsidiary LLP members remuneration as an expense	(1,250)	(1,356)
Other non-recurring costs	(3,413)	(6,635)
(Loss)/Profit from Operations	(8,117)	9,717
Net finance expense	(420)	(339)
Impairment of investment in associate	-	(2,679)
(Loss)/Profit before taxation	(8,537)	6,699
Taxation charge	(15)	(1)
(Loss)/Profit after taxation and attributable to equity holders of the parent and total comprehensive income for the year	(8,552)	6,698
(Loss)/Profit per share
Basic	(1.53)p	1.20p
Diluted	(1.35)p	1.06p

Consolidated Statement of Financial Position · As at 31 March 2026

	31 March 2026 £'000	31 March 2025 (Restated) £'000
ASSETS
Non-current assets
Intangible assets	20,838	20,599
Tangible fixed assets	1,082	754
Trade and other receivables	1,916	7,500
Total non-current assets	23,836	28,853
Current assets
Trade and other receivables	10,560	17,984
Cash and cash equivalents	9,241	7,403
Total current assets	19,801	25,387
Total assets	43,637	54,240
LIABILITIES
Current liabilities
Trade and other payables	(2,907)	(5,909)
Borrowings	(1,857)	(1,136)
Lease liabilities	(352)	(352)
Provisions	(2,047)	(1,063)
Total current liabilities	(7,163)	(8,459)
Non-current liabilities
Borrowings	(2,876)	(4,183)
Lease liabilities	(698)	(169)
Other payables	(34)	(686)
Deferred taxation	-	(1)
Provisions	(2,488)	(1,502)
Total non-current liabilities	(6,096)	(6,541)
Total liabilities	(13,259)	(15,000)
Total net assets	30,378	39,240
Capital and Reserves
Share Capital	5,602	5,602
Treasury Shares	(5,798)	(5,798)
Share Premium	1,828	1,828
Capital Redemption Reserve	534	534
Retained Earnings	28,212	37,074
Total equity	30,378	39,240

Consolidated Statement of Cash Flows · For the year ended 31 March 2026

	31 March 2026 £'000	31 March 2025 (Restated) £'000
Cash flow from operating activities
Profit/(Loss) before taxation	(8,537)	6,699
Adjustments for
Share based payments	64	(234)
Depreciation of tangible fixed assets	648	605
Amortisation of intangible assets	400	3,336
Write off other receivables	-	8,912
Write off irrecoverable trade receivables	591	-
Net finance expense	420	339
Impairment of intangible assets	52	-
Gain on sale of subsidiary entities	-	(20,032)
Cash flows from operating activities before changes in working capital	(6,362)	(375)
Decrease/(increase) in trade and other receivables	582	(4,730)
(Decrease)/Increase in trade and other creditors	(1,168)	461
Increase/(decrease) in provisions	1,972	-
Cash used in Operations	(4,976)	(4,644)
Investing activities
Purchase of client lists and internally developed assets	(592)	(1,386)
Purchase of tangible fixed assets	(40)	(53)
Increase in interest in controlled subsidiary	-	(550)
Deferred consideration payments	(1,390)	(705)
Return of capital from investment	1,930	-
New loans issued	(25)	-
Payment for acquisition of subsidiary, net of cash acquired	-	(6,383)
Cash received on sale of subsidiary entities	9,448	21,360
Net cashflow used from investing activities	9,331	12,283
Financing activities
Net interest paid	(420)	(339)
New leases	-	30
Lease principal repayments	(447)	(588)
Loan repayments	(1,209)	(742)
New loans received	-	3,275
Repurchase of own shares	-	(5,798)
Share based buybacks	-	213
Dividend payment	(441)	(405)
Net cashflow from financing activities	(2,517)	(4,354)
Net change in cash and cash equivalents	1,838	3,285
Cash and cash equivalents at start of the year	7,403	4,118
Cash and cash equivalents at end of the year	9,241	7,403
Movement in net debt
31 March 2026 31 March 2025
£'000 £'000
Net increase/(decrease) in cash and cash equivalents	1,838	3,285
New loans liability	(623)	(3,275)
New lease liability	(976)	(30)
Lease repayment	447	588
Loan repayment	1,209	742
Movement in net debt in the year	1,895	1,310
Net debt at start of year	1,563	253
Net debt at end of year	3,458	1,563
The net debt comprises
31 March 2026 31 March 2025
£'000 £'000
Cash	9,241	7,403
Current loans	(1,857)	(1,136)
Current leases	(352)	(352)
Non-current loans	(2,876)	(4,183)
Non-current leases	(698)	(169)
Net debt at end of year	3,458	1,563

Half-year Results, published 23 Dec 25 · read the announcement ↗

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME · FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

	Unaudited 6 months ended 30 September 2025 £'000	Unaudited 6 months ended 30 September 2024 £'000
Revenue	11,088	19,620
Cost of sales	(6,558)	(12,495)
------------ ------------
Gross profit	4,530	7,125
Administrative expenses	(5,596)	(7,313)
-------------- --------------
Loss from Total Operations	(1,066)	(188)
Adjusted EBITDA	(685)	670
Depreciation & Amortisation	(349)	(807)
Share Based Payment	(32)	(51)
Exceptional costs	-	-
-------------- --------------
Loss from Operations	(1,066)	(188)
Finance costs	(213)	(152)
LLP members remuneration charged as an expense	(548)	(649)
------------ ------------
Loss before taxation	(1,827)	(989)
Taxation	-	-
------------ ------------
Loss Profit after taxation	(1,827)	(989)
------------ ------------
Loss after taxation and attributable to equity holders of the Parent and total comprehensive income for the period	(1,827)	(989)
====== ======
Loss per share
Basic	(0.33)p	(0.18)p
====== ======
Diluted	(0.31) p	0.04p

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION · AS AT 30 SEPTEMBER 2025

	Unaudited 30 September 2025	Audited 31 March 2025
ASSETS
Non-current assets
Tangible fixed assets	518	754
Intangible assets	20,755	20,599
Investments in associates	5,570	7,500
----------------- -----------------
Total non-current assets	26,843	28,853
Current assets
Trade and other receivables	22,309	17,984
Cash and cash equivalents	3,675	7,403
----------------- -----------------
Total current assets	25,984	25,387
----------------- -----------------
Total assets	52,827	54,240
LIABILITIES
Current liabilities	(5,646)	(7,396)
Non-current liabilities
Loan & Lease liability	(4,164)	(4,352)
Payments due regarding purchase of client lists	(507)	(686)
Provisions	(2,235)	(2,565)
Deferred taxation	(6)	(1)
------------------ ------------------
Total liabilities	(12,558)	(15,000)
------------------ ------------------
Total net assets	40,269	39,240
========= =========
Capital and reserves
Share Capital	5,602	5,602
Treasury Shares	(3,227)	(5,798)
Share Premium	1,828	1,828
Capital Redemption Reserve	534	534
Retained Earnings	35,532	37,074
------------------ ------------------
Total equity	40,269	39,240
========= =========
19 December 2025.
Johanna Rager
Finance & Operations Director
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
£'000 £'000 £'000 £'000 £'000 £'000
31 March 2024	32,484	40,448
Profit after tax and total comprehensive income	6,932	6,932
Treasury Shares allocation	-	(5,798)
Equity settled share-based payments	(234)	(234)
Increase in interest of a controlled subsidiary	(550)	(550)
Tavistock Protect Adjustment	(529)	(529)
Disposal/Closure of subsidiary	(624)	(624)
Dividend payment	(405)	(405)
31 March 2025	37,074	39,240
Loss after tax and total comprehensive income	(1,827)	(1,827)
Treasury Shares transfer to EBT	253	2,824
Equity settled share-based payments	32	32
Unaudited 30 September 2025	35,532	40,269

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS · FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

	Unaudited Period ended 30 September 2025 £'000	Audited Year ended 31 March 2025 £'000
Cash flows from operating activities
(Loss)/Profit before tax	(1,574)	6,699
Adjustments for
Share based payments	32	(234)
Depreciation on tangible fixed assets	218	605
Amortisation of intangible assets	132	3,336
Regulatory provisions	-	780
Exceptional costs	(253)	6,233
Finance income	213	339
Goodwill impairment	-	5,493
EBT transfer	2,823	-
Cash received on sale of subsidiary entities	-	(21,360)
----------------- -----------------
Cash flows generated from/(used in) operating activities	1,591	1,891
before changes in working capital
Increase in trade and other receivables	(3,910)	(13,883)
(Increase)/Decrease in trade and other creditors	(1,350)	6,257
----------------- -----------------
Cash used in Operations	(3,669)	(5,735)
Investing activities
Intangible assets - client lists and internally developed assets	(284)	(3,224)
Purchase of tangible fixed assets	(18)	(53)
Deferred consideration payments	(679)	(705)
Minority Interest income/(write down)	1,930	(2,679)
Acquisition of subsidiary	-	(7,004)
Amount owed on acquisition of subsidiary	-	(740)
Cash received on sale of subsidiary	-	21,360
Cash received on acquisition of subsidiary	-	621
----------------- -----------------
Net cashflow used in investing activities	949	7,576
Financing activities
Finance costs	(213)	(339)
New leases	-	30
Lease repayment	(217)	(588)
New loans	-	3,275
Loan repayments	(578)	(742)
Share based Buybacks	-	213
Dividend payment	-	(405)
EBT Transfer gain	253	-
----------------- -----------------
Net cashflow generated (used in)/from financing activities	(755)	1,444
----------------- -----------------
Net change in cash and cash equivalents	(3,728)	3,285
Cash and cash equivalents at start of period	7,403	4,118
------------------ ------------------
Cash and cash equivalents at end of period	3,675	7,403

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 24 Sep 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	23.2	32.6
Gross profit	8.7	12.7
Adjusted EBITDA	(2.1)	1.8
Operating profit	(8.1)	9.7
Depreciation (owned assets)	0.6	0.6
Amortisation	0.4	3.3
Share-based payments	(0.1)	0.4
Operating profit to net income
Finance costs	(0.4)	(0.3)
Profit before tax	(8.5)	6.7
Tax	(0.0)	(0.0)
Net income (owners)	(8.6)	6.7
Per share
EPS basic	(1.5p)	1.2p
EPS diluted	(1.4p)	1.1p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	12.1	11.1	13.0	19.6
Gross profit	4.1	4.5	5.6	7.1
Adjusted EBITDA	(1.4)	(0.7)	1.1	0.7
Operating profit	(7.1)	(1.1)	9.9	(0.2)
Depreciation (owned assets)	0.4	0.2	–	–
Amortisation	0.3	0.1	–	–
Share-based payments	(0.0)	(0.0)	0.5	(0.1)
Operating profit to net income
Finance costs	(0.2)	(0.2)	(0.2)	(0.2)
Profit before tax	(6.7)	(1.8)	7.7	(1.0)
Net income (owners)	(6.7)	(1.8)	7.7	(1.0)
Per share
EPS basic	(1.2p)	(0.3p)	1.4p	(0.2p)
EPS diluted	(1.0p)	(0.3p)	1.0p	0.0p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	(5.0)	(4.6)
Investing activities
Capex (PP&E)	(0.0)	(0.1)
Capex (intangibles)	(0.6)	(1.4)
Financing activities
Lease principal paid	(0.4)	(0.6)
Dividends paid	(0.4)	(0.4)
Share buybacks	0.0	(5.8)

	H2 Mar 26	H1 Sep 25
Operating activities
Cash from operations	(1.3)	(3.7)
Investing activities
Capex (PP&E)	(0.0)	(0.0)
Capex (intangibles)	(0.3)	(0.3)
Financing activities
Lease principal paid	(0.2)	(0.2)
Dividends paid	(0.4)	0.0

	FY Mar 26	FY Mar 25
Non-current assets
Other intangibles	–	20.6
Property, plant & equipment	1.1	0.8
Associates & JVs	–	7.5
Non-current assets	23.8	28.9
Current assets
Trade receivables	10.6	18.0
Cash	9.2	7.4
Current assets	19.8	25.4
Total assets	43.6	54.2
Current liabilities
Trade payables	2.9	5.9
Borrowings, current	1.9	1.1
Lease liabilities, current	0.4	0.4
Current liabilities	7.2	8.5
Non-current liabilities
Borrowings, non-current	2.9	4.2
Lease liabilities, non-current	0.7	0.2
Non-current liabilities	6.1	6.5
Total liabilities	13.3	15.0
Equity
Total equity	30.4	39.2
Net cash and other figures
Treasury shares	-5.8m	-5.8m

	H2 Mar 26	H1 Sep 25	H2 Mar 25
Non-current assets
Other intangibles	–	20.8	20.6
Property, plant & equipment	1.1	0.5	0.8
Associates & JVs	–	5.6	7.5
Non-current assets	23.8	26.8	28.9
Current assets
Trade receivables	10.6	22.3	18.0
Cash	9.2	3.7	7.4
Current assets	19.8	26.0	25.4
Total assets	43.6	52.8	54.2
Current liabilities
Trade payables	2.9	–	5.9
Borrowings, current	1.9	–	1.1
Lease liabilities, current	0.4	–	0.4
Current liabilities	7.2	5.6	8.5
Non-current liabilities
Borrowings, non-current	2.9	–	4.2
Lease liabilities, non-current	0.7	–	0.2
Non-current liabilities	6.1	6.9	6.5
Total liabilities	13.3	12.6	15.0
Equity
Total equity	30.4	40.3	39.2
Net cash and other figures
Treasury shares	-5.8m	–	-5.8m

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.