Half-year Results

Tavistock announces its unaudited interim results for the six months ended 30 September 2023.

Ongoing advisory business highlights:

• Trading in first half of current financial year significantly ahead of equivalent period last year.
• Revenue up 19% compared to same period last year to £20.6 million (H1 2022: £17.3 million).
• Gross profit up 34% to £7.7 million (H1 2022: £5.8 million).
• Adjusted EBITDA up twelvefold to £1.7 million (H1 2022: £0.14 million).
• Reported profit from operations up 294% to £0.9 million (H1 2022: loss £0.5 million).
• An interim dividend (announced on 5 October 2023) of 0.07p per share paid on 15 December 2023 (matching dividend paid in July 2022).

Brian Raven, Tavistock's Chief Executive, said: "I am pleased with the Company's strong growth during the first half of this financial year and the successful integration and rebranding of Precise Protect, now Tavistock Protect, which is set to be a major contributor to future profitability of the Group. The Company's cash resources have been bolstered recently by receipt of the second of three deferred consideration payments from Titan Wealth."

TAVISTOCK INVESTMENTS PLC

CHAIRMAN'S STATEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

I am pleased to advise that trading in the first half of the current financial year is significantly ahead of the equivalent period in the previous financial year.

The Company's unaudited interim accounts for the six-month period to 30 September 2023 show that gross revenues have increased by 19% to £20.6 million (prior year equivalent period: £17.3 million), gross margin has increased by 34% to £7.7 million (prior year: £5.8 million), reported profit from operations has increased by 294% to £0.9 million (prior year: loss £0.5 million) and EBITDA (earnings before interest taxation depreciation and amortisation) has risen twelvefold to £1.7 million (prior year: EBITDA £147k).

The Company announced the acquisition of Precise Protect Ltd in April 2023 and it has since been rebranded Tavistock Protect Limited ("Tavistock Protect"). Tavistock Protect is a profitable and fast-growing UK wide protection business based in Bangor, Northern Ireland. The Board believes that it will be a major contributor to the future profitability of the Group and is pleased to report that it has been successfully integrated into the Group.

Tavistock now has a network of over 400 advisers and other business introducers working with more than 110,000 UK clients, whose assets are estimated to exceed £5.7 billion in value, as well as 350 corporate and affinity clients with some 16,000 employees. The Company is thus well placed to pursue its ambitious growth plans.

The Company has implemented the new Consumer Duty regime and has completed its review of all British Steel Defined Benefit Pension Transfer cases with minimal uninsured cost being incurred.

Financial performance during the period

The table below compares the Company's performance during the period under review with the equivalent period during the last financial year.

Adjusted EBITDA (defined as being Earnings Before Interest, Taxation, Depreciation and Amortisation as adjusted to remove the distorting effect of one-off gains and losses arising on acquisitions/disposals, as well as other non-cash items) is highlighted as the Board considers this, rather than Operating Profit, to be the best measure of the Company's underlying trading performance.

*After the period end, the Company received the second of three deferred consideration payments from Titan Wealth Services Limited which increased the Group's cash resources by c.£5 million.

Dividends

On 15 December 2023 the Company paid an interim dividend of 0.07p per share, which matches the dividend that was paid in July 2022.

LEBC

In November 2023, LEBC (in which Tavistock has a minority shareholding) announced that it had sold (subject to regulatory approval) its wholly owned subsidiary, Aspira Corporate Solutions Limited, to Titan Wealth Services Limited ("Titan") for an initial cash consideration of £20 million together with an additional deferred consideration of up to £25 million payable over the next three years. Payment of the deferred consideration is linked to Aspira's performance under Titan's ownership. Prior to the year end, the Board will give due consideration to the likely ultimate value of this transaction (after the impact of redress payments to be made in relation to poor past pension transfer advice) and review the carrying value of the Company's investment in LEBC.

Prospects

The Board's focus continues to be on optimising the Group's structure, generating the funding required for growth and maximising shareholder value.

I look forward to updating shareholders in due course.

Oliver Cooke

Chairman

TAVISTOCK INVESTMENTS PLC

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

TAVISTOCK INVESTMENTS PLC

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2023

The unaudited interim condensed consolidated financial statements were approved by the Board and authorised for issue on

18 December 2023.

Oliver Cooke

Chairman

TAVISTOCK INVESTMENTS PLC

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

TAVISTOCK INVESTMENTS PLC

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

ACCOUNTING POLICIES

Basis of preparation

The Financial Statements are presented in pound sterling and all values are rounded to the nearest thousandth (£'000), except when otherwise indicated.

The accounts have been prepared in accordance with accounting policies that are consistent with the March 2023 Report and Accounts and that are expected to be applied in the Report and Accounts of the year ending 31 March 2024.

The financial information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. Statutory accounts for Tavistock Investments Plc for the year ended 31 March 2023 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

SEGMENTAL INFORMATION

A segmental analysis of revenue and expenditure for the period is:

The segmental analysis above reflects the parameters applied by the Board when considering the Group's monthly management accounts. The Directors do not consider a division of the statement of financial position to be appropriate or useful for the purposes of understanding the financial performance and position of the Group.

During the period under review, the Group operated and earned revenue exclusively within the UK.