The contribution to EBITDA from Financial Planning firm Tavistock’s advisory business rose 56% year-on-year to £1.4m for the six months ended 30 September.

Financial Planning revenues rose 16% year-on-year to £17m (H1 2021: £14.7m).

Brian Raven, chief executive at Tavistock, said the firm expects to make further advice firm acquisitions following the recent bolstering of its cash resources.

He said: “We are continuing to achieve strong organic growth and are well placed to pursue a targeted acquisition strategy.”

“The group’s cash resources have recently been bolstered by receipt of the first of three deferred consideration payments from Titan Wealth and an offer from the Bank of Ireland for up to £20 million to assist with executing our acquisition strategy.”

He added that the board was focused on replacing the profit contribution previously made by the firm’s investment management business, Tavistock Wealth Limited, which was sold in August.

The firm plans to fill this gap through acquisitions alongside the development of the existing business.

It is already “engaged in discussion” with several potential acquisition targets.

Earlier this month the Financial Planning firm sold its hybrid digital app business LEBC Hummingbird back to a wholly-owned subsidiary of original owner LEBC Holdings Limited for £3m. 

Tavistock acquired LEBC Hummingbird in May for £3m from retirement adviser LEBC.

In January Tavistock bought a 21% stake in LEBC stake from the founder's widow for £10m. LEBC had struggled since the unexpected death of its CEO and founder, Chartered Financial Planner Jack McVitie, 57, in 2020.

Tavistock also continued its strategic share buyback programme in the six months ended 30 September, with 3.3m shares purchased during the period.