Tavistock Investments plc

 

("Tavistock" or the "Company")

 

Results for the year ended 31 March 2026

 

 

24th September 2026

 

Tavistock (AIM:TAVI), the investment advice company, is pleased to announce its financial results for the year ended 31 March 2026 (the "2026 Accounts").

 

2026 Financial Summary

 

 

2026 Operational Summary

 

 

Brian Raven, Group Chief Executive, said:

 

"2026 has been a pivotal first stage in our two-year transformation towards a financial ecosystem serving retail and professional clients, through a dynamic customer approach and carefully selected partnerships. Moving forward as TAVI, the company will have an optimal framework for offering its investment, growth and financial wellbeing services.  

 

Our financial performance this year should be seen in the context of necessary steps taken to refocus   our services proposition. Looking forward to 2027, our priorities are to complete the integration of the key new businesses underpinning our new advisory ecosystem, and to seize the opportunities our new scale and positioning present.”

 

Posting of Annual Report and Accounts

 

A copy of the 2026 Accounts is available on the Company's website at: www.tavistockinvestments.com and will be sent to shareholders by month end.

 

 

ENDS

 

For further information:

 

Tavistock Investments Plc Brian Raven	Tel: 01753 867000
Canaccord Genuity Limited (Nominated adviser and broker) Stuart Andrews	Tel: 020 7523 8318
Flagstaff Communications (Financial PR/IR)                                                                                               Tim Thompson Alison Allfrey Anna Probert	[email protected] Tel: 0207 129 1474

 

 

 

TAVISTOCK INVESTMENTS PLC

Report and Financial Statements

For the year ended 31 March 2026

Chairman's Statement

For the year ended 31 March 2026

The year under review is the first of a two-year transition of the company from a traditional, integrated, retail financial services business towards a newly created, modern financial ecosystem serving retail and professional clients both directly and through strategic partnerships.

Branding

We had previously announced that, as part of the transition, the business would be rebranding as the ‘Vertex Group’. However, after further deliberation, we have decided to adopt our current stock market ticker, TAVI, as our new master brand instead. This maintains continuity with the Group's heritage while creating a shorter, more contemporary brand name which better reflects the dynamic scale and direction of the Group’s expected evolution.

TAVI provides a simple and scalable framework in which the Group’s investment, growth and financial wellbeing propositions can sit coherently, including TAVI Invest, TAVI Platform, TAVI Growth and TAVI Money. In due course, the Group will therefore become TAVI Group PLC. The proposed TAVI brand’s design and colour palette are shown on the inside back cover of this report.

Strategy

The Financial Conduct Authority’s (FCA) 2024 Financial Lives Survey found that the financial services sector failed to cater for the financial advisory needs of 91% of UK adults. Most alarmingly, it reported that 54% of UK adults now turn to AI for financial advice, even though 80% of them worry about receiving inaccurate or outdated information from AI and 51% would prefer help from a human adviser. The same survey also concluded that 59% of adults faced difficulties with financial matters. We believe this situation must change.

The Tavistock philosophy is that everyone deserves financial peace of mind and we have an unwavering commitment to reformulating financial services so that they work for everyone, not just the privileged few. We want to empower people to live better, more confident lives by giving them control over their financial future.

Retail Financial Advice

Our restructuring has been financed by significant disposals from the Group and achieved by like-minded firms joining us. Alpha Beta Partners (ABP) is an asset manager and product developer with an excellent track record. Lifetime Financial Management and Plus Group are fintech firms that already work together delivering integrated advice and support which makes appropriate use of AI to supercharge productivity.

TAVI has brought together a suite of complementary capabilities which embody the advisory needs being sought by financial market retail investors. Rather than operating as a collection of isolated businesses, the Group has created a scalable and connected digital infrastructure with a single, aligned strategic direction, combining:

• Advisory capability
• Investment capability
• Technology and AI
• Operational support
• Employer financial wellbeing
• Marketing capability
• Consumer engagement.

TAVI is keen to become a dominant force providing personalised, human-centric financial advice and well-being to everyone regardless of wealth. Competition in our niche is limited and, despite enormous investment, it appears that robo-advice remains both unpopular with consumers and unfit for the D2C market.

Professional Services

Our view is that AI will disrupt retail financial services, but it will not eliminate the need for advisers. Instead, it will truly open up financial advice to retail investors beyond the privileged few. The most valuable firms will not be replaced by AI. They will be supercharged by it.

TAVI plans to launch the Fluid Platform developed by its most recently acquired subsidiary, Plus Group, during 2027.

Fluid exists to help advisory firms serve many more people – profitably, consistently and accurately – by doing the work behind the advisory process faster and better, while keeping the adviser firmly in the chair.

Fluid is the AI intelligence layer for advisory firms – a coordinated team of specialist agents which reads, reasons and acts across the systems that firms already have. Fluid shows AI and human expertise working as one, enabling TAVI, and in time other third-party advisory firms in due course, to boost productivity and reduce operating costs significantly, whilst maintaining a real time client profile across their entire client base.

Most adviser AI tools are single-purpose assistants or chat interfaces over discrete features. Fluid’s agents share a central data layer and ‘master orchestrator’ called Fluid Intelligence – so the meeting agent briefs the fact-find agent, which informs the suitability agent, which is checked by the compliance agent, in a virtuous circle. The benefits of efficient technology with the irreplaceable overlay of human judegment.

Market Opportunity

The UK financial advice market is undergoing significant structural change as advisory firms face increasing pressure from:

• Rising operational costs
• Consumer Duty requirements
• Regulatory complexity
• Capacity constraints
• Recruitment challenges
• Increasing client expectations.

At the same time, millions of consumers remain under-served by traditional advisory models. The Board believes that these factors combine to create a significant commercial opportunity which the Group is uniquely positioned to address. Its differentiation stems from the fact that its ecosystem’s capabilities are already operationally proven rather than merely conceptual.

TAVI Group Principles

• Human expertise always remains central.
• AI accelerates administrative and analytical processes.
• Human judgement remains accountable.
• AI supports better client outcomes. It does not replace adviser relationships.
• Transparency and governance underpin all services.
• We are not replacing people. We are supercharging operations.

TAVI Group Launch

TAVI will formally launch its AI-enabled financial ecosystem to consumers, employers and advisory firms in 2027, both directly and through strategic partnerships. TAVI will take on lower value clients being rejected by adviser firms as well as provide fluid platform services to those firms wanting to continue supporting them.

Financial Performance

The Group’s financial performance has been satisfactory during a year in which the principal focus has been on the corporate activity required to equip the Group to deliver its refocused services proposition.

Adjusted EBITDA is defined as 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. The Board considers adjusted EBITDA, rather than Operating Profit, to be the best measure of the Company’s underlying performance.

Following the disposal of two trading subsidiaries to Saltus in the previous financial year, the Group is reporting consolidated gross revenues of £23.2 million (2025: £32.6 million) and adjusted EBITDA of £(2.1) million (2025: £1.8 million).

As a one-off exceptional cost, the Group has prudently written off several deferred items predominantly relating to past business acquisitions and disposals as well as to the refocusing of the Group’s activity. These items are addressed in more detail in the notes to the accounts. After exceptional costs, the Group is reporting an Operating Loss of £8.1 million (2025: profit of £9.7 million).

	FY26 £’000	FY25 £’000
Revenues	23,170	32,628
Adjusted EBITDA	-2,099	1,761
Profit/(Loss) from Operations	-8,117	9,717

 

Tavistock Protect

Much work has been undertaken to improve Protect’s systems, processes and operations. The results are beginning to be reflected in the Company’s performance, with further improvements anticipated. During the year under review, Protect reported gross revenues of £10.42 million (2025 £9.44 million) and EBITDA of £0.97 million (2025 £1.54 million). The Directors believe that the company is now well placed for strong and profitable growth.

Other Group Matters

Saltus

In December 2025 the Company received £9.5 million in settlement of the first deferred consideration relating to the sale of Tavistock Partners Limited. The final, unconditional, deferred consideration payment of £4.7 million is due to be paid in December 2026.

LEBC

A dividend of £1.93 million was received in September 2025 and a further dividend of £1.74 million has been received during the current financial year. It is the Directors current expectation that a further £4.23 million will ultimately be received from LEBC.

Titan

Tavistock and Titan recently confirmed that they have settled all legal claims and counterclaims resulting from Tavistock’s termination of their strategic partnership.

Auditors

In March 2026, the Company was pleased to announce the appointment of MHA Audit Services LLP (trading as "MHA", a member of the Baker Tilly International network) as the Company's auditor.

Nominated Advisor

In January 2026, the Company was pleased to announce the appointment of Canaccord Genuity Limited as the Company's Nominated Adviser and Sole Broker.

PII Renewal

It is a tribute to the continuing high standard of the Group’s operational oversight and compliance processes that the Group has once again secured the renewal of its professional indemnity insurance cover with the same insurer, at the same level of cover, but with lower excess exposure and a significantly lower premium versus prior years.

Staff

I would like to express my gratitude to the Tavistock team for their hard work and dedication during a year which has enabled us to achieve so much.

Prospects

The Group now has all key components in place to deliver its refocused service proposition. The priority for the remainder of the current financial year and in 2027 will therefore be on completing the integration of these businesses and successfully addressing our new, much larger, business opportunity.

The Board believes that a successful roll-out of our strategy will greatly enhance the value of the Company and I look forward to updating shareholders in due course.

Strategic Report

For the year ended 31 March 2026

The Directors present their Strategic Report on the Group for the year ended 31 March 2026:

Introduction

S172 of the Companies Act 2006, places an obligation on the Board, both individually and collectively, to act in a manner which they consider, in good faith, to be most likely to promote the ongoing success of the Company for the benefit of its members.

When making strategic decisions In keeping with this obligation the Directors have, amongst other matters, given regard to the following:

• the likely long-term consequences of their decisions,
• the interests of the Company's employees,
• the need to foster the Company's relationships with its external partners,
• the impact of the Company's operations on both the community and the environment,
• the desirability of maintaining the Company's reputation for high standards of business conduct, and
• the need to act fairly between members of the Company.

In assessing the performance of the business, the Board has regard to the levels of Gross Revenue, Operating Profit and Adjusted EBITDA, and continually monitors, manages and adapts the Group's strategy to maximise them. Each of these measures is addressed in more detail in the Chairman's Statement.

Against this background, the Board has maintained a clear focus on the optimisation of the balance between regulatory and operational risk and potential commercial reward.

Consistent with this objective, the year under review was the first of a two-year transition of the Company from a traditional, integrated, retail financial services business to a modern financial ecosystem serving retail and professional clients both directly and through strategic partnerships. The Board has pursued several strategic initiatives in support of this transition, which can be summarised as follows.

The restructuring of the Group, financed by significant disposals, and achieved by like-minded firms joining the Group:

• Alpha Beta Partners, an asset manager and product developer with an excellent track record; and
• Lifetime Financial Management and Plus Group, fintech firms that already work together delivering integrated advice and support which makes appropriate use of AI in support of qualified professionals.

Rather than operating as a collection of isolated businesses, the Group has created a scalable and connected digital infrastructure with a single, aligned strategic direction, combining advisory, investment, technology and AI, operational support, employer financial wellbeing, marketing and consumer engagement capabilities.

The continued improvement of systems and operational processes of the Group's protection business, Tavistock Protect, has positioned that business for profitable and scalable growth.

A revision of the Group's branding plans is underway. The change of the Company's name will take effect in due course and is described more fully in the Chairman's Statement.

The Directors have reviewed the operation of the UK retail financial services industry and believe that the Group is uniquely positioned to address a large, significantly underserved market sector. The FCA's 2024 Financial Lives Survey found that the financial services sector failed to cater for the financial advisory needs of 91% of UK adults, while 59% of adults faced difficulties with financial matters and 54% now turn to AI for financial advice despite widespread concern about the accuracy of the information they receive.

The Board's vision is for the Group to become the UK's most trusted partner in financial well-being, empowering people to live better, more confident lives by giving them control over their financial future, regardless of how much they might have to invest. The Group will formally launch its AI-enabled financial ecosystem to consumers, employers and advisory firms in early 2027, and plans to launch the Fluid Platform, developed by its most recently acquired subsidiary Plus Group, during 2027. This will enable the Group, and in time third-party advisory firms, to serve many more people while keeping human expertise central and accountable.

Further details on each of these initiatives can be found in the Chairman's Statement.

Other matters of Significance

Titan

Tavistock and Titan have settled all legal claims and counterclaims resulting from Tavistock's termination of their strategic partnership. By agreement, the details of the settlement remain confidential.

Saltus

In December 2025 the Company received £9.45 million in settlement of the first deferred consideration relating to the sale of Tavistock Partners Limited. The final, unconditional, deferred consideration payment of £4.72 million is due to be paid in December 2026.

LEBC

A dividend of £1.93 million was received in September 2025 and a further dividend of £1.74 million has been received during the current financial year. It is the Directors current expectation that a further £4.23 million will ultimately be received from LEBC.

Change of Advisers

In January 2026, the Company appointed Canaccord Genuity Limited as its Nominated Adviser and Sole Broker, and in March 2026 it appointed MHA Audit Services LLP as the Company's auditor.

Regulatory Regime

The Board is mindful of the fact that the Company faces the usual risks associated with operating in a highly regulated environment.

The Group has once again secured the renewal of its professional indemnity insurance cover with the same insurer, at the same level of cover, but with lower excess exposure and a significantly lower premium versus prior years. This is a tribute to the continuing high standard of the Group's operational oversight and compliance processes.

Current Objectives and Future Developments

In the current year the Board's objectives are to complete the integration of the businesses that have joined the Group, to extract further improvement from Tavistock Protect, and to prepare for the launch of the Group's refocused service proposition, as has been referred to in greater detail in the Chairman's Statement.

Financial Performance

The Company's financial performance is addressed in more detail in the Chairman's Statement.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Group are considered as financial and non-financial.

The financial risks relate to credit, liquidity and interest rate risks upon which further detail can be found in Note 17 to the financial statements.

Non-financial risks relate to regulatory and compliance requirements, market and economic conditions, and the ability to execute the Group’s growth strategy, integrating acquisitions successfully. The Group actively monitors these risks through its established governance, risk management and operational improvement processes.

Corporate Governance

Corporate Governance activities are set out separately within the Corporate Governance Report on pages 8 to 12.

Gender Diversity

At 31 March 2026, the Group had 3 male and 1 female Directors and 37 male and 75 female employees.

Prospects

The Group now has all key components in place to deliver its refocused service proposition, and a successful roll-out of the strategy is expected to give rise to a range of interesting opportunities and to greatly enhance the value of the Company.

The Board considers the Company's prospects to be excellent.

Approved by the Board of Directors and signed on its behalf by

Johanna Rager

Group Finance Director

23rd September 2026

Corporate Governance Report

For the year ended 31 March 2026

Introduction

It is the Board's view that good corporate governance reduces risk within the business, can promote confidence and trust amongst its stakeholders and underpins the effectiveness of the Company's management framework.

The Directors continue to reference the 2023 Quoted Companies Alliance Corporate Governance Code (the "QCA Code"), as being the basis of the Company's governance framework. The Board believes that the Company complies with the QCA Code so far as is practicable having regard to the size, nature and current stage of the Company's development.

The QCA Code includes ten broad principles that the Board holds in mind as it seeks to deliver growth to the Company's shareholders in the medium and long-term. These principles and the manner in which the Company seeks to comply with them can be summarised as follows:

Principle 1: Establish a purpose, strategy and business model which promote long-term value for shareholders

• The Board is aware of the ongoing interest in private equity funded consolidation activity within the financial services sector.
• The Board's strategy is to build a profitable financial advisory and wealth management business, addressing the needs of the many, rather than just the privileged few. Due consideration is paid to the balance between regulatory risk and potential commercial reward. By so doing, the Board will increase the Company's value to potential consolidators and will thereby create the potential for shareholders to achieve significant value from their investment in the Company.
• The Directors have reviewed the operation of the UK retail financial services industry and believe that they have identified a large, significantly underserved, market sector in which the Company's proven ability to develop, or acquire, new methodologies, together with its positive attitude to the deployment of technology, will enable the Group to flourish. Further details can be found in the Chairman's Statement.
• During the year, the Board has focused on the strategic realignment of the Group as a financial services business that addresses the needs of the many rather than just the privileged few. The business incorporates the appropriate use of artificial intelligence to provide cost-effective advisory and investment management services to UK retail clients regardless of their wealth. Significant progress has been made in the integration of both Alpha Beta Partners within the Group's investment proposition, and Lifetime Financial Management. Lifetime, which was acquired shortly after the year end, has developed a hybrid advisory model that combines professional advice with the appropriate use of technology. We have also continued automation of systems and operational processes across the Group, including for the Group's Protection business, Tavistock Protect.
• The Board remains willing to consider the profitable disposal of parts of the Company's operations in circumstances where the proceeds can be redeployed in a manner that is more beneficial for shareholders.
• The increase in the commercial value of the business will lead to a long-term improvement in shareholder value.
• Key risks have been addressed in the Strategic Report.

Principle 2: Promote a corporate culture that is based on ethical values and behaviours

• The Company's ethos is to always act with honour, dependability and vigilance. The Board also actively promotes a culture in which the client is placed at the centre of everything that the Company does.
• The Board believes that everyone, whether they are earning a low wage or building a career, deserves financial peace of mind. To this end, the Company's vision is to become the UK's most trusted partner in financial well-being, empowering people to live better, more confident lives by giving them control over their financial future.
• The Board places great emphasis on the wellbeing of the Company's employees and on providing a safe and secure environment for them. The Company's Employee Handbook provides a guideline for employees on the day-to-day operations of the Company.
• The Company is similarly committed to a transparent, flexible and open culture promoting family values and avoiding discrimination on the basis of gender, religious belief, age, ethnicity or sexual orientation.
• The Company is mindful of the need for, and is committed to, environmental responsibility and sustainability.

Principle 3: Seek to understand and meet shareholder needs and expectations

• The Board welcomes constructive engagement with shareholders.
• The Company believes that shareholder expectations are most effectively understood and managed through discussion with shareholders at the Company's Annual General Meeting and through the release of regulatory announcements.
• Board members make themselves available to meet with shareholders and with potential investors as and when required.
• The Executive Directors regularly engage with the Company's major shareholders and ensure that the views expressed by them are communicated fully to the Board.

Principle 4: Take into account wider stakeholder interests, including social and environmental responsibilities, and their implications for long-term success

• The Board recognises the importance of every member of the Tavistock team. Communication has been improved through the enhancement of the Company's intranet.
• The Board places great emphasis on the safety, wellbeing and mental health of all the Company's employees and has engaged in a number of initiatives to improve each of these.
• The Company also recognises the importance of engagement with all stakeholder groups, which, in addition to its employees, include investors, clients, strategic partners and the relevant authorities. The Board seeks to treat each of these groups in a fair and open manner.
• The Company endeavours to take account of, and to respond to, feedback received from any of these stakeholder groups.
• Environmental responsibility and sustainability are important to the Company, and several initiatives are being pursued to improve the recycling of paper, to reduce the use of plastics and to reduce the Company's carbon footprint through hybrid working, the greater use of online meeting technology and a reduction in the number of office premises.
• In pursuit of a net zero economy, the Company continues to offer both a subsidised cycle to work scheme, and a subsidised electric vehicle purchase scheme, both of which have been well received. The Company has also installed several charging points for use by staff driving hybrid or fully electric vehicles.
• The Company continues to support a national charity, the Clock Tower Foundation, and to encourage the involvement of staff in various local and national fund-raising events. Since the year end, colleagues from Alpha Beta Partners have taken part, for the second consecutive year, in a half-marathon hike through the Brecon Beacons in support of Cancer Research UK, raising £3,485.

Principle 5: Embed effective risk management, internal controls and assurance activities, considering both opportunities and threats, throughout the organisation

• Efficient and effective regulatory oversight reduces risk and creates an opportunity to deliver better service to the Group's end clients.
• The Company has designed and introduced a risk based approach to the on-going management of advice risk via the use of scorecards which are tailored for each adviser. These scorecards assess the performance of each adviser based on their experience, track record, business processed by product type and risk rating of the product type being recommended. The updating of these scorecards is fully automated, and they can be provided in real time to each adviser, manager, and business leader. The scorecards also highlight potential training requirements in particular product areas, which can be swiftly and effectively remediated.
• This risk based approach enables the business leaders to manage the levels of pre-sale and post-sale file checking dependent on both the advisers’ performance and each product type’s assessed risk. Certain higher risk products such as pension transfers and equity release recommendations will always require pre-sale checking. However, for most products, the level and frequency of oversight can be adjusted in real-time by reference to the individual's perceived performance risk.
• The Company has a dedicated Risk Management function, whose task is to identify, monitor and report on all aspects of risk faced by the business. This enables the Board to determine the level of risk appetite and to take steps in mitigation where appropriate.
• The effectiveness of the Company's structures and processes has been recognised by the professional indemnity insurance sector once more resulting in a significant reduction in premium and favourable excess terms.
• Commercial risks and opportunities are considered by the Board and by the Group's other operational boards, which are comprised of the Executive Directors and the heads of all major Group functions. The Board and the operating boards meet formally monthly and quarterly respectively.

Principle 6: Establish and maintain the Board as a well-functioning, balanced team led by the chair

• The composition, roles and responsibilities of the Board and of the various Committees are set out elsewhere in the Financial Statements. The number of meetings held and Directors' attendance are also detailed.
• The Board is led by a Non-Executive Chairman who is independent of the day to day running of the business.
• To enable the Board to discharge its duties in an effective manner, all Directors receive appropriate and timely information. The agenda for each meeting is determined by the Chairman who arranges for briefing papers to be distributed to all participants for consideration ahead of meetings. All meetings are minuted and the accuracy of the minutes is confirmed at the subsequent meeting before approval and signature by the Chairman.
• The Company's Non-Executive Chairman, Oliver Cooke, the Chief Executive, Brian Raven, and the Group Finance Director, Johanna Rager, have considerable experience of operating at board level in both public and private companies. The Non-Executive Chairman is a qualified Chartered Accountant and has served as finance director on the boards of various public companies. The Chief Executive has held many sales, operational and leadership roles at board level within public companies. The Group Finance Director has held senior positions within several international companies. The Company's Non-Executive Director, Peter Dornan, has extensive sector knowledge and experience and comes from a strong regulatory background. After the year end, Ian Dickinson was appointed as an additional Non-Executive Director.
• The Non-Executive Chairman devotes a minimum of five days per month and the Executive Directors devote the whole of their time to the business of the Group. Peter Dornan devotes one to two days per month to his duties, and Ian Dickinson devotes a minimum of five days per month.
• Under the terms of their contracts, the Non-Executive Directors are required to obtain the prior written consent of the Board before accepting additional commitments that might conflict with the interests of the Group or impact the time that they are able to devote to their role as a Non-Executive Director of the Company.
• The Company does not currently have a separate Nominations Committee as this is considered unnecessary given the Company's size and stage of development. The need for such a committee will be kept under review by the Board as the Company develops.

Principle 7: Maintain appropriate governance structures and ensure that individually and collectively the directors have the necessary up-to-date experience, skills and capabilities

• The Executive Directors, in conjunction with other members of the executive team, ensure that their knowledge is kept up to date on key issues and developments pertaining to the Company, its operational environment and to the Directors' responsibilities as members of the Board. During the year, Directors have consulted and received advice as well as updates from the Company's nominated advisor, company secretary, legal counsel and various other external advisers on a number of matters, including corporate governance. From time to time, each member of the Board is required to complete on-line training courses and may also participate in industry forums.
• The Non-Executive Chairman complied with the continuing professional development requirements of the Institute of Chartered Accountants in England and Wales.
• Biographies for each of the Directors can be found in the Directors' Report.
• Good decision making requires information, consideration, discussion, and challenge followed by action, communication and the acceptance of collective responsibility.
• This is accomplished through the employment of Directors who have the confidence to express their views, and through the prior circulation of briefing papers allowing adequate time for their proper consideration ahead of meetings. Board meetings are openly conducted, with the accurate minuting of outcomes and the wider communication of those outcomes as appropriate.
• The avoidance of conflicts of interest, through the delegation of responsibility for certain areas to specialist committees, such as audit and remuneration, strengthens the governance structure within the Company.
• The Company's auditors are rotated on a periodic basis to ensure that the Company and the Board are subjected to an appropriate level of independent scrutiny and challenge. Following the conclusion of the audit for the year ended 31 March 2025, the Audit Committee and the Board determined that the Company would appoint new auditors. As announced on 31 March 2026, MHA Audit Services LLP, a member of the Baker Tilly International network, has been appointed as the Company's auditors.

Principle 8: Evaluate board performance based on clear and relevant objectives, seeking continuous improvement

• The Group has established separate, independent Remuneration Committee through which the Non-Executive Directors are able to monitor and assess the performance of the Executive Directors and to hold them to account.
• The respective Board members periodically review and cross-evaluate the Board's performance and effectiveness in the Company. Each member of the Board is subject to an annual fitness and suitability assessment overseen by the Group's Human Resources department.
• No external review of the Board’s performance was undertaken during the year and there are no plans for such a review to be undertaken in the current financial year.
• Directors' performance is open to assessment by shareholders and all Directors are subject to re-election.

Principle 9: Establish a remuneration policy which is supportive of long-term value creation and the company's purpose, strategy and culture

The Company has formally adopted the MIFIDPRU Remuneration Code Policy Statement (SYSC19G). Note 7 to the Accounts gives details of the purpose and operation of each of the various elements of Directors' remuneration.

Decisions regarding Executive Directors' remuneration, including the payment of bonuses, are taken by the Company's Remuneration Committee.

Future bonus entitlement will continue to be linked to the Remuneration Committee's assessment of the Company's performance in the financial year in question. A breakdown of the Directors' current remuneration can be found in Note 7 to the Financial Statements.

During the year, the Company established an Employee Benefit Trust, into which approximately 55 million shares were transferred to satisfy the potential future exercise of share options and other incentive arrangements.

Principle 10: Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders

• The Board welcomes constructive engagement with shareholders and with other stakeholders.
• Information on the Company's commercial progress and its financial performance is disseminated to shareholders and to the market through the announcement of its full-year and half-year results, the posting of such announcements onto the Company's website in a timely manner and by mailing copies of the Annual Report and Accounts to shareholders. These are also made available for discussion with shareholders at the Company's AGM.
• Departmental heads liaise regularly and meet formally each month to share and review information on the Company's progress and to discuss progress within their specific areas of responsibility.
• Other members of staff are briefed informally on an ad-hoc basis via the Tavistock intranet and more formally through emails from the Chief Executive and other senior management as appropriate. In addition, a series of presentations are delivered at the Annual Company Day. On-line meetings are used whenever practical to replace physical ones thereby reducing the level of unnecessary business travel.

BOARD OF DIRECTORS AND BOARD COMMITTEES

The Board is responsible for formulating, reviewing and approving the Group's strategy, budgets and corporate actions. The Board is also responsible for ensuring a healthy corporate culture. The Board currently comprises two Executive Directors and three Non-Executive Directors.

The Executive Directors are:

• Brian Raven — Chief Executive Officer
• Johanna Rager — Group Finance Director

The Non-Executive Directors are:

• Oliver Cooke — Non-Executive Chairman
• Peter Dornan
• Ian Dickinson (appointed in May 2026)

All members of the Board are equally responsible for the management and proper stewardship of the Group and each Director is regularly required to stand for re-election , in practice this is done by rotation every second year. However, consideration is being given to the Directors being required to offer themselves for re-election every year.

Peter Dornan has a strong compliance background and is considered fully independent of management and free from any business or other relationship with the Company or Group and is thus able to bring independent judgement to issues brought before the Board.

The Board meets at least ten times per year and more frequently where necessary to approve specific decisions. In the year under review the Board met 12 times. Directors are free to take independent professional advice as they consider appropriate at the Company's expense.

The Board has established two Committees with clearly defined terms of reference and detailed below are the members of the Committees and their duties and responsibilities.

Audit Committee

The Audit Committee has primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported. It receives reports from the Group's management, the Company's Risk Committee and the Company's auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group.

The members of the Audit Committee are:

• Peter Dornan (Non-Executive Director) — Committee Chairman
• Oliver Cooke (Non-Executive Chairman)

Oliver Cooke is a Chartered Accountant and used to be a partner in a firm in public practice.

The Committee approves the appointment and determines the terms of engagement of the Company's auditors and, in consultation with the auditors, the scope of the audit. The Audit Committee has unrestricted access to the Company's auditors.

During the year under review the Audit Committee met twice, with all members in attendance.

Remuneration Committee

The Remuneration Committee is comprised of Peter Dornan (Non-Executive Director, Chairman) and Johanna Rager (Executive Director).

The Committee formally adopted the Company's MIFIDPRU Remuneration Code Policy Statement (SYSC19G). Consistent with this Policy Statement, the Committee divided its oversight function into two separate areas, with new terms of reference for each, as follows.

• The main Committee reviews the performance of those members of the senior management team, including the Executive Directors, who are deemed to be 'Material Risk Takers' within the business, and will approve any proposed changes to their remuneration packages, terms of employment and participation in share option and other incentive schemes.
• A separate sub-committee has been formed to review the performance and oversee the remuneration of all other Group employees.

The remuneration of the Non-Executive Directors is determined by the Board. No Director may vote in connection with any discussions regarding their own remuneration.

For the year under review, the Remuneration Committee met twice with both members in attendance.

Nomination Committee

The Directors do not consider it necessary, or appropriate, at present to establish a Nomination Committee given the size of the Company. This will be kept under review as the Company develops.

 

Oliver Cooke

Chairman

23rd September 2026

Directors' Report

For the year ended 31 March 2026

The Directors present their Report and Audited Financial Statements for then year ended 31 March 2026:

Principal Activities, Review of the Business and Future Developments

The principal activities of the Group during the year were the provision of support services to a network of financial advisers and the sale of term-life and other protection policies to retail clients. The key performance indicators recognised by management are gross revenues and operating profit, as represented by adjusted EBITDA.

An overall review of the Group's performance during the year and its future prospects is given in the Chairman's Statement and in the Strategic Report.

Substantial shareholdings

The Company has been advised of the following interests in more than 3% of its ordinary share capital as at 15 September 2026:

Shareholder	Number of Shares	% of Ordinary Shares	% of Voting Shares *
Brian Raven	75,231,932	13.42%	15.14%
Andrew Staley	55,950,204	9.98%	11.26%
Oliver Cooke	22,000,000	3.93%	4.43%
Hugh Simon	20,000,000	3.57%	4.03%
Employee Benefit Trust	55,925,000	9.98%	11.26%
Treasury*	63,573,780	11.34%

 

* Shares held by the Company in Treasury are not entitled to vote or to receive dividends.

Directors

Details of the Directors of the Company who served during the period are as follows:

Oliver Cooke

Non-Executive Chairman, aged 71

Oliver has over 40 years of financial and business development experience gained in a range of quoted and private companies including over thirty years' experience as a public company director. He has considerable experience in the fields of corporate finance, strategic transformation, acquisitions, disposals and fundraisings. Oliver is a Chartered Accountant and a Fellow of the Association of Chartered Certified Accountants. On 1 June 2024 Oliver stepped down as an Executive Director of the Company and took up a new role as the Company's Non-Executive Chairman.

Brian Raven

Group Chief Executive, aged 69

Brian has been involved in the financial services sector since 2010. He has a wide range of business experience, having held many sales and general management posts at senior management and board level, including running public companies on both AIM and the Official List. Most notably, in 1991 Brian founded Card Clear Plc, subsequently renamed Retail Decisions plc, a business engaged in combating the fraudulent use of plastic payment cards. He led the company until 1998 by which time it was an international Group, listed on AIM, with a market capitalisation of some £100 million. As a principal, Brian has been responsible for identifying, negotiating and integrating numerous acquisitions, as well as for delivering organic growth.

Johanna Rager

Group Finance Director, aged 56

Johanna is an accomplished Finance Director with over 20 years of professional achievement in multinational companies. She has a track record of delivering strategic, commercial and operational solutions across global organisations, including the implementation of complex Mergers and Acquisitions. Johanna has proven ability to deliver top and bottom lines and adapt to ever-changing business environments while focusing on talent development and process excellence.

Peter Dornan

Non-Executive Director, Chairman of Audit and Remuneration Committees, aged 70

Peter has spent more than 40 years in the financial services industry. Having joined AEGON in 1981 as a sales consultant he progressed through a series of sales and general management positions to being appointed to the executive management board in 1999. He had executive responsibility for post-acquisition integration of several businesses including Guardian Assurance, Positive Solutions and Origen. Peter was also responsible for Scottish Equitable International in Luxembourg from 1996 until 2002 and was appointed chairman of AEGON Ireland when it was launched in 2002. Since 2012, Peter has acted as a consultant to several businesses within the financial services sector with a particular emphasis on governance, risk management and financial controls.

On 29 May 2026, Ian Dickinson was appointed as a Non-Executive Director of the Company.

Ian Dickinson

Non-Executive Director, aged 58

With more than 20 years' experience in financial services, Ian has guided Tavistock's recently acquired subsidiary, Lifetime Financial Management, from a traditional advice firm into a modern, technology-enabled organisation built around long-term client outcomes. Since founding Lifetime Financial Management in 2002, Ian has been a strong advocate for transparent, fee-based advice and an early adopter of platform technology, low-cost passive investment strategies and robust financial modelling. His approach has consistently focused on improving how advice is delivered, using innovation to simplify complex decisions and improve client understanding. Under his leadership, Lifetime Financial Management expanded to include nationwide financial wellbeing services, digital tools and propositions designed to support individuals, employers and financial professionals to close the advice gap and improve financial confidence across the UK.

In June 2024, the Company's Remuneration Committee formally adopted the Company's MIFIDPRU Remuneration Code Policy Statement (SYSC19G). Consistent with the Policy Statement, it was determined that:

• the Committee would retain direct oversight of the remuneration and incentivisation of the Group's material risk takers ("MRTs"), comprising the Group's Executive Directors together with the members of the Executive Board; and
• a sub-committee would be established to oversee the remuneration and incentivisation of the members of the wider Group (the "Group RemCo").

In this manner the pay and employment conditions of senior management and of other Group employees are considered independently.

Diversity

Tavistock is an equal opportunities employer and does not discriminate against staff on the basis of disability, age, religious belief, gender, ethnicity or sexual orientation.

Greenhouse gas emissions

The Group currently has minimal greenhouse gas emissions to report from its operations and does not have responsibility for any other emission producing sources, as defined by the Companies Act 2006 (Miscellaneous Reporting) Regulations 2018. Consequently, it has not published a GHG Emissions Statement.

Communication with shareholders

The Board continues to welcome constructive engagement with shareholders. Each shareholder receives a copy of the annual report, which contains the Chairman's Statement. The annual and interim reports, together with other corporate press releases are made available on the Company's website www.tavistockinvestments.com. The Annual General Meeting provides a forum for shareholders to raise issues with the Directors. The Notice convening the meeting is issued with 21 clear days' notice. Separate resolutions are proposed on each substantially separate issue.

Going concern

The Group is transitioning from a traditional financial services company. During the previous financial year it disposed of its network of Registered Individuals, and the proceeds of that transaction have been applied to the acquisition of three businesses that are core components of the Group's future strategy, delivering integrated advice and support that makes appropriate use of artificial intelligence to improve productivity. Notwithstanding the loss recorded for the year and the subsequent completion of the Lifetime and Plus Group acquisitions, the Board remains confident that the business has sufficient cash resources to meet its working capital requirements for the foreseeable future, being at least twelve months from the date of approval of the Financial Statements, and to justify use of the going concern assumption as the appropriate basis on which to prepare the Group's accounts.

Financial instruments

Details of the use of financial instruments by the Group are contained in Note 17 of the financial statements.

Share Capital

Full details of the Company's share capital can be found in Note 18 to the accounts.

On 25 September 2025, the Company established an Employee Benefit Trust, into which 55,925,000 shares, previously held in Treasury, were subsequently transferred. These shares, together with those remaining in Treasury, may be used to satisfy the potential future exercise of share options and other incentive arrangements without causing dilution to external shareholders.

Charitable and Political Donations

The Group made £1,061 in charitable donations in the year (2025: £11,479).

Dividends

In January 2026, the Company paid an interim dividend of 0.1p per share (2025: 0.09p per share). This was an increase of 11% over the interim dividend paid in January 2025.

Auditors

MHA Audit Services LLP was appointed as auditor of the Company during the year. A resolution for their reappointment will be proposed at the Annual General Meeting in accordance with S489 of the Companies Act 2006.

Internal control

The Group has adopted the QCA's Corporate Governance Code. The key elements of the internal control systems, which have regard to the size of the Group, are that the Board meets regularly and takes the decisions on all material matters, the organisational structure ensures that responsibilities are defined, and authority only delegated where appropriate, and that regular management accounts are presented to the Board to enable the financial performance of the Group to be analysed.

The Directors acknowledge that they are responsible for the system of internal control, which is established in order to safeguard the assets, maintain proper accounting records and ensure that financial information used within the business or published is reliable. Any such system of control can, however, only provide reasonable, not absolute, assurance against material misstatement or loss.

Research and development

During the year, the Group undertook research and development activities in connection with development of its technology and systems.

Post balance sheet events

Material events occurring since the balance sheet date are disclosed in note 21 to the Consolidated Financial Statements.

Directors’ indemnity provisions

The Company has in place a Directors and Officers insurance policy and indemnifies the Directors against liabilities that might be incurred by them in the performance of their duties.

Directors' responsibilities

The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the Group financial statements in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and prepare Company’s Financial Statements in accordance with UK adopted international accounting standards including Financial Reporting Standard 101, the Financial Reporting Standard applicable in the UK and Republic of Ireland and applicable law.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period.

The Directors are also required to prepare financial statements in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently,
• make judgements and estimates that are reasonable and prudent,
• for the Group financial statements, state whether they have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006,
• for the parent Company financial statements, state whether applicable UK adopted international accounting standards including Financial Reporting Standard 101 have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Website publication

The Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

Directors' interests

The Directors' beneficial interests in the Ordinary Share Capital and options to purchase such shares are as follows:

Ordinary shares of 1p each

	31 March 2026 Share options	31 March 2026 Shares	31 March 2025 Share options	31 March 2025 Shares
Executive Directors:
Brian Raven	40,000,000	75,231,932	40,000,000	72,781,932
Johanna Rager	5,000,000	4,185,358	5,000,000	3,919,000
Non-Executive Directors:
Peter Dornan	-	250,000	-	250,000
Oliver Cooke	20,000,000	22,000,000	20,000,000	22,000,000

 

No share options were granted to, vested in, or exercised by the Directors during the year under review.

Directors' statements as to disclosure of information to auditors

At the date of the report’s approval, so far as each Director is aware, there is no relevant audit information of which the Group’s and Company’s auditors are unaware; and they have taken all the steps they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish the Group and Company’s auditors are aware of that information.

Approved by the Board of Directors and signed on its behalf by

 

Johanna Rager

Group Finance Director

23rd September 2026

Audit Committee Report

For the year ended 31 March 2026

On behalf of the Board, I am pleased to present the Audit Committee report for the financial year ended 31 March 2026.

Principal Responsibilities of the Committee

• Ensuring the financial performance of the Group is properly reviewed, measured and reported;
• Monitoring the quality and adequacy of internal controls and internal control systems implemented across the Group;
• Receiving and reviewing reports from the Group's management and auditors relating to the interim and annual accounts;
• Reviewing reports from the Company's Risk Committee and considering risk management policies and systems;
• Advising on the selection, appointment, re-appointment and remuneration of independent external auditors and scheduling meetings with external auditors, independent of management where appropriate, for discussions and reviews; and,
• Reviewing and monitoring the extent and independence of non-audit services provided by external auditors.

Members of the Committee

The Committee members during the year were the two Non-Executive Directors, Peter Dornan (Committee Chairman) and Oliver Cooke, who is a Chartered Accountant and has previously served as a partner in public practice.

The Committee met twice during the year, with both members in attendance on each occasion.

Audit Process

The audit process commenced with the preparation by the auditors of an audit plan, which contained information regarding the proposed audit process, timetable, targeted areas and the general scope of work and considered any pertinent matters or areas for special inclusion. This plan was presented to the Committee and following due consideration was approved.

Following the audit, an Audit Findings Report was prepared by the auditors and submitted to the Audit Committee, and this was followed by a meeting with the Committee to review and discuss the contents of the Report. The Audit Committee then provided a report to the Board together with its recommendations.

Risk Management and Internal Control

As referred to under Principle 5 of the Corporate Governance Report, the Group has established a separate Risk Committee, whose role is to identify, monitor and report on the risks faced by the Company. The Audit Committee reviews reports produced by the Risk Committee from time to time and considers that the framework is operating effectively.

The Audit Committee oversaw the selection and appointment of MHA Audit Services LLP as auditors.

The Audit Committee reviewed the non-audit services provided by the Company's auditors and considered that there was no threat to their independence in the provision of these services and that satisfactory controls were in place to ensure this independence.

Internal Audit

At present, the Group does not have a designated internal audit function. However, the Committee believes that despite this, management is able to derive assurances as to the adequacy and effectiveness of internal controls and risk management procedures.

Approved by the Committee and signed on its behalf by

Peter Dornan

Committee Chairman

23rd September 2026

Remuneration Committee Report

For the year ended 31 March 2026

Compliance

Described below are the principles that the Group has applied in relation to Directors' remuneration.

The Remuneration Committee

For reasons of independence the Remuneration Committee is chaired by one of the Company's Non-Executive Directors. The members of the Committee during the year were Peter Dornan, Non-Executive Director and Committee Chairman, and Johanna Rager, Group Finance Director.

On 25 September 2025 the Company established an Employee Benefit Trust (the "EBT") and subsequently transferred into it 55,925,000 of the shares previously held by the Company in Treasury. These shares together with those remaining in Treasury will enable the Company to satisfy the potential future exercise of share options and other incentive arrangements without causing dilution to external shareholders. The EBT is administered by an independent firm of professional trustees.

The Committee is mindful of the need to attract, retain and reward key staff. It reviews the scale and structure of the Executive Directors' and senior employees' remuneration, the terms of their service agreements and the extent of their participation in share option schemes and any other bonus arrangements.

The remuneration of, and the terms and conditions applying to, the Non-Executive Directors are determined by the entire Board.

During the year under review, the Remuneration Committee met twice with both members in attendance.

Service contracts

Non-executive Directors at 31 March 2026

Peter Dornan	Start Date: 22 August 2017	Initial term 2 years, terminable at any time on three months' notice
Oliver Cooke	Start Date: 3 May 2013	Terminable on six months' notice

 

The term of the Directors' service contracts can be summarised as follows:

Executive Directors

Brian Raven	Start Date: 12 May 2014	To 31 March 2025, terminable thereafter on twelve months' notice
Johanna Rager	Start Date: 11 January 2023	To 31 December 2025, terminable thereafter on twelve months' notice

Directors' remuneration

Details of each Director's remuneration are provided in Note 7 to the financial statements entitled Staff Costs.

Directors' interest in shares

Details of the Directors beneficial shareholdings as at 31 March 2026 can be found in the Directors Report.

Approved by the Committee and signed on its behalf by

Peter Dornan

Committee Chairman

23rd September 2026

Independent auditor’s report to the members of Tavistock Investments Plc

For the purpose of this report, the terms “we” and “our” denote MHA in relation to UK legal, professional and regulatory responsibilities and reporting obligations to the members of Tavistock Investments Plc. For the purposes of the table on pages 21 to 22 that sets out the key audit matters and how our audit addressed the key audit matters, the terms “we” and “our” refer to MHA. The Group financial statements, as defined below, consolidate the accounts of Tavistock Investments Plc and its subsidiaries (the “Group”). The “Parent Company” is defined as Tavistock Investments Plc, as an individual entity. The relevant legislation governing the Parent Company is the United Kingdom Companies Act 2006 (“Companies Act 2006”).

Opinion

We have audited the financial statements of Tavistock Investments Plc for the year ended 31 March 2026.

The financial statements that we have audited comprise:

• the Consolidated Statement of Comprehensive Income
• the Consolidated Statement of Financial Position
• the Consolidated Statement of Changes in Equity
• the Consolidated Statement of Cash Flows
• Notes 1 to 21 to the consolidated financial statements, including material accounting policies
• the Company Statement of Financial Position
• the Company Statement of Changes in Equity and
• Notes I to XIII to the company financial statements, including material accounting policies.

.

The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice)

In our opinion:

• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 March 2026 and of the group’s loss for the year then ended;
• the group financial statements have been properly prepared in accordance with UK adopted international accounting standards.
• the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the Directors’ assessment of the Group’s and the Parent Company’s ability to continue to adopt the going concern basis of accounting included:

• obtaining and critically assessing management’s cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements;
• evaluating the key assumptions adopted within the forecasts, including revenue growth, operating expenditure and integration costs associated with the Group’s strategic repositioning;
• assessing the Group’s forecast liquidity position having regard to available cash resources, borrowings, lease commitments and anticipated working capital requirements;
• performing sensitivity analysis over the forecasts, including downside scenarios, to assess the extent of available headroom under plausible adverse outcomes;
• assessing the Group’s ability to continue to satisfy applicable regulatory capital requirements across its regulated entities; and
• evaluating the adequacy of the disclosures included within the financial statements in respect of going concern.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Overview of our audit approach

Scope	Our audit was scoped by obtaining an understanding of the Group, including the Parent Company, and its environment, including the Group’s system of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the directors that may have represented a risk of material misstatement.
Materiality	2026	2025
Group	£347k	£600k	1.5% (2025: 1.75%) of revenue
Parent Company	£943k	£400k	See materiality section
Key audit matters
Recurring	Revenue recognition (Group)

 

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those matters which had the greatest effect on the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Revenue Recognition (Group)
Financial statement elements	31 March 2026 (£’000) 31 March 2025 (£’000) Revenue (Note 3) 23,170 32,628
Key audit matter description (see note 3 to the financial statements)	The Group generates revenue from wealth management advisory services, insurance arrangement advisory services and investment management fees. Revenue includes initial and ongoing fees. Given the significance of revenue to the Group, revenue recognition was considered a key audit matter.
How the scope of our audit responded to the key audit matter	Our audit work included, but was not restricted to the following: We assessed the design and tested the effectiveness of governance and controls over revenue recognition. We utilised automated tools to recalculate revenue recognised to supporting evidence, including third party statements and evidence of cash receipts. We agreed a sample of accrued income recognised to supporting evidence, including post date third party statements and evidence of cash receipts. We agreed cash accounts to external third party evidence at year-end through a combination of independent confirmations and examination of bank statements.
Key Observations	We reported to the Audit Committee our observations covering governance and controls, the accounting policies used and the results of our work. Nothing has come to our attention which would suggest revenue is materially misstated.

 

Our application of materiality

Our definition of materiality considers the value of error or omission on the financial statements that, individually or in aggregate, would change or influence the economic decision of a reasonably knowledgeable user of those financial statements. Misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole. Materiality is used in planning the scope of our work, executing that work and evaluating the results.

Materiality in respect of the Group was set at £347k (2025: £600k) which was determined on the basis of 1.5% (2025: 1.75%) of the Group’s revenue. This benchmark is considered most significant determinant of the group’s financial performance used by the users of the financial statements. Materiality in respect of the Parent Company was initially calculated at £943k (2025: £400k), determined on the basis of 2% (2025: 1.75% capped at 70% of Group materiality) of the Parent Company’s gross assets. Gross assets was deemed to be the appropriate benchmark for the calculation of materiality as this is a key area of the financial statements because this is the metric by which the performance and risk exposure of the Parent Company is principally assessed. However, the materiality we used to perform our audit of the Parent Company was then set at £231k as this was the component materiality we allocated to the Parent Company component to ensure it did not exceed Group materiality.

Performance materiality is the application of materiality at the individual account or balance level, set at an amount to reduce, to an appropriately low level, the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.

Performance materiality for the Group was set at £243k (2025: £450k) and at £660k (2025: £300k) for the Parent Company which represents 70% (2025: 75%) of the above materiality levels.

The determination of performance materiality reflects our assessment of the risk of undetected errors existing, the nature of the systems and controls and the level of misstatements arising in previous audits.

We agreed to report any corrected or uncorrected adjustments exceeding £17k and £47k in respect of the Group and Parent Company respectively to the Audit Committee as well as differences below this threshold that in our view warranted reporting on qualitative grounds.

Overview of the scope of the Group and Parent Company audits

In devising our audit plan, we assessed the Financial Statements by classes of transactions, accounts balances and disclosures to determine the risks of material misstatement and the levels of testing to be performed. We performed risk assessment procedures to determine which classes of transactions and balances were likely to include risks of material misstatement to the Group financial statements and devised corresponding audit procedures to be undertaken within the component undertakings to address those risks.

In total, we identified 16 components, defined as legal entities, as having classes of transactions requiring audit procedures to be performed over. Of those, we identified 10 quantitatively significant components and a further 6 components where we performed specific audit procedures over selected financial statement line items.

The Group manages its operations from the UK and has centralised financial systems, processes and controls and as such, the audit team performed all the procedures with no involvement from component auditors. We performed the audit of the Parent Company. We approved the component materialities, ranging from £231,000 to £8,500, having regard to the mix of size and risk profile of the Group across the components.

Our audit procedures provided coverage of over 99% of the Group’s revenue.

The control environment

We evaluated the design and implementation of those internal controls of the Group, including the Parent Company, which are relevant to our audit, such as those relating to the financial reporting cycle and revenue recognition.

Reporting on other information The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Strategic report and directors report

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

Identifying and assessing potential risks arising from irregularities, including fraud

The extent of the procedures undertaken to identify and assess the risks of material misstatement in respect of irregularities, including fraud, included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Group focusing on laws and regulations that could reasonably be expected to have a direct material effect on the financial statements, such as provisions of the Companies Act 2006, UK tax legislation or those that had a fundamental effect on the operations of the Group including the regulatory and supervisory requirements of the Financial Conduct Authority (FCA).
• We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included utilising the spectrum of inherent risk and an evaluation of the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce costs, creating fictitious transactions to hide losses or to improve financial performance, and management bias in accounting estimates.

Audit response to risks identified

In respect of the above procedures:

• We corroborated the results of our enquiries through our review of the minutes of the Group’s and the Parent Company’s board meetings, inspection of legal and regulatory correspondence;
• Audit procedures performed by the engagement team in connection with the risks identified included:
• reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations expected to have a direct impact on the financial statements;
• testing journal entries, including those processed late for financial statements preparation and those posted to unusual account combinations;
• evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;
• enquiry of management around actual and potential litigation and claims;
• challenging the assumptions and judgements made by management in its significant accounting estimates; and
• obtaining confirmations from third parties to confirm existence of a sample of transactions and balances.

Use of our report

This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Craig McSherry ACA (Senior Statutory Auditor)

for and on behalf of MHA, Statutory Auditor

London, United Kingdom

23rd September 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

Consolidated Statement of Comprehensive Income

For the year ended 31 March 2026

	Note	31 March 2026 £'000	31 March 2025 £'000
Revenue	3	23,170	32,628
Cost of sales	3	(14,517)	(19,882)
Gross profit		8,653	12,746
Administrative expenses	3	(16,770)	(23,061)
Gain on Sale	6	-	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	10	(52)	(234)
Share based payments	19	(64)	446
Share based buybacks	3	-	(213)
Write off irrecoverable trade receivables	3	(591)	(144)
Gain on reassessment of recoverable amount of receivable	12	400	-
Gain on sale of subsidiary	6	-	20,032
Subsidiary LLP members remuneration as an expense	3	(1,250)	(1,356)
Other non-recurring costs	3	(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	8	(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	9	(1.53)p	1.20p
Diluted	9	(1.35)p	1.06p

 

The notes on pages 31 – 48 form part of the Group financial statements.

Consolidated Statement of Financial Position

As at 31 March 2026

	Note	31 March 2026 £'000	31 March 2025 (Restated) £'000
ASSETS
Non-current assets
Intangible assets	10	20,838	20,599
Tangible fixed assets	11	1,082	754
Trade and other receivables	12	1,916	7,500
Total non-current assets		23,836	28,853
Current assets
Trade and other receivables	12	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	13	(2,907)	(5,909)
Borrowings	13	(1,857)	(1,136)
Lease liabilities	14	(352)	(352)
Provisions	15	(2,047)	(1,063)
Total current liabilities		(7,163)	(8,459)
Non-current liabilities
Borrowings	13	(2,876)	(4,183)
Lease liabilities	14	(698)	(169)
Other payables	13	(34)	(686)
Deferred taxation	16	-	(1)
Provisions	15	(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	18	5,602	5,602
Treasury Shares	18	(5,798)	(5,798)
Share Premium	18	1,828	1,828
Capital Redemption Reserve	18	534	534
Retained Earnings	18	28,212	37,074
Total equity		30,378	39,240

 

The financial statements were approved by the Board and authorised for issue on 23rd September 2026.

Johanna Rager

Group Finance Director

The notes on pages 31 – 48 form part of the Group financial statements.

Consolidated Statement of Changes in Equity

For the year ended 31 March 2026

	Note	Share Capital	Treasury Shares	Share Premium	Capital Redemption Reserve	Retained Earnings	Total Equity
		£'000	£'000	£'000	£'000	£'000	£'000
31 March 2024 (Restated)		5,602	-	1,828	534	31,954	39,918
Profit after tax and total comprehensive income	4	-	-	-	-	6,698	6,698
Repurchase of own shares	18	-	(5,798)	-	-	-	(5,798)
Equity settled share-based payments	19	-	-	-	-	(446)	(446)
Dividend payment*		-	-	-	-	(405)	(405)
Increase in interest of a controlled subsidiary		-	-	-	-	(550)	(550)
Other reserve movements		-	-	-	-	(177)	(177)
31 March 2025		5,602	(5,798)	1,828	534	37,074	39,240
Loss after tax and total comprehensive income	4	-	-	-	-	(8,552)	(8,552)
Equity settled share-based payments	19	-	-	-	-	64	64
Dividend payment*		-	-	-	-	(441)	(441)
Other reserve movements		-	-	-	-	68	68
31 March 2026		5,602	(5,798)	1,828	534	28,212	30,378

 

*For further detail, see page 52

The notes on pages 31 – 48 form part of the Group financial statements.

Consolidated Statement of Cash Flows

For the year ended 31 March 2026

	Note	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	19	64	(234)
Depreciation of tangible fixed assets	11	648	605
Amortisation of intangible assets	10	400	3,336
Write off other receivables		-	8,912
Write off irrecoverable trade receivables		591	-
Net finance expense		420	339
Impairment of intangible assets	10	52	-
Gain on sale of subsidiary entities	6	-	(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	10	(592)	(1,386)
Purchase of tangible fixed assets	11	(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	5	-	(6,383)
Cash received on sale of subsidiary entities	6	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

 

Reconciliation of net debt

	31 Mar 2025	Cashflows	Non-cash	31 Mar 2026
	£'000	£'000	£'000	£'000
Lease liabilities	521	(447)	976	1,050
Loan liabilities	5,319	(1,209)	623	4,733
Long term debt	5,840	(1,656)	1,599	5,783

 

	31 Mar 2024	Cashflows	Non-cash	31 Mar 2025
	£'000	£'000	£'000	£'000
Lease liabilities	1,079	(588)	30	521
Loan liabilities	2,787	(743)	3,275	5,319
Long term debt	3,866	(1,331)	3,305	5,840

 

The notes on pages 31 – 48 form part of the Group financial statements.

Notes to the Consolidated Financial Statements

For the year ended 31 March 2026

1. Material Accounting Policies

General information

Tavistock Investments Plc (“The Company”) is a public company limited by share capital, incorporated in the United Kingdom with registered company number 05066489 and its registered office is at 1 Queen’s Square, Ascot Business Park, Lyndhurst Road, Ascot, Berkshire, SL5 9FE. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

The consolidated financial statements have been prepared in accordance with UK adopted International accounting standards and with the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling and all values are rounded to the nearest thousandth (£’000), except when otherwise indicated.

Basis of consolidation

The Group comprises a holding company and several individual subsidiaries and all of these have been included in the consolidated financial statements in accordance with IFRS10 Consolidated Financial Statements and the principles of acquisition accounting as laid out by IFRS 3 Business Combinations. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to consolidate until the date such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Details of the Company’s subsidiaries and other undertakings including their name, registered office address and ownership interests are set out in note VII to the Company’s Financial Statements.

The following subsidiary undertakings have taken advantage of the audit exemption available under section 479A of the Companies Act 2006: Alpha Beta Partners Limited, Alpha Beta Private Wealth Limited, Tavistock Essentials Limited, Tavistock Group Holdings Limited and Tavistock Services Limited. These subsidiary undertakings are included in the Consolidated Financial Statements of the Group and are covered by the Group audit. The members of the relevant subsidiary undertakings have provided the required guarantee in accordance with section 479C of the Companies Act 2006.

New accounting standards, and amendments in current year

There were no new standards, amendments or interpretations issued and made effective during the current year which have had a material impact on the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but not yet active.

Going concern

The Directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

In assessing the Group’s ability to continue as a going concern, the Directors have considered the Group’s current financial position, forecast cash flows, liquidity and funding requirements, together with the principal risks and uncertainties facing the Group. The assessment covers a period of at least twelve months from the date of approval of these financial statements.

The Directors have considered the Group’s forecasts and projections, including reasonable downside scenarios, and have concluded that the Group will have sufficient financial resources to meet its liabilities as they fall due for the period assessed. The Directors therefore consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

Restatement of comparatives

To ensure consistency with the current period and to reflect the appropriate classification and presentation of cash and non-cash movements, certain comparative figures within the Consolidated Statement of Cash Flows have been amended. The principal amendments to the comparative figures are as follows:

• Cash flows from Operating activities – Adjustments for non-cash items and movements in working capital have been amended as follows – Regulatory provisions £0 (previously reported £780k), Goodwill impairment £0 (previously £5,493k), Write off of other receivables £8,912k (previously £6,233k), Gain on sale of subsidiary £(20,032k) (previously £(21,360k)), (Decrease) / Increase in trade and other receivables £(4,730k) (previously £(13,883k)) and Increase / (Decrease) in trade and other payables £461k (previously £6,257k), Impairment of investment in associate £0 (previously £2,679k)
• Cash flows from Investing activities – Purchase of client lists and intangible assets £(1,386k) (previously reported £(3,224k)), Increase in interest of controlled subsidiary £(550k) (previously £0), Minority interest write down £0 (previously £(2,679k)) and Amount owed on acquisition of subsidiary £0 (previously £(740k))
• Cash flows from Financing activities – Repurchase of own shares £(5,798k) (previously £0)
• Cash flows from Investing activities - Payment for acquisition of subsidiary, net of cash acquired £(6,383k) is now shown as net (previously shown gross as Acquisition of subsidiary £(7,004k) and Cash received on acquisition of subsidiary £621k).

In the Consolidated Statement of Financial Position, an amount of £7,500k recoverable from the Group’s investment in LEBC Holdings Limited, previously reported as an investment in associate was re-classified as a receivable, and an amount of £575k was reclassified from other payables to borrowings.

In addition, within the Consolidated Statement of Changes in Equity, the Tavistock Protect Limited adjustment £(529k) made for the year ended 31 March 2024 has been reversed.

Revenue recognition

Revenues within the advisory business are predominantly comprised of advisory support commissions. Income is recognised and accrued for when the advisory support service is provided to the customer. The amount of revenue recognised at each reporting date reflects services provided up to that date, with income accrued where the related transaction has not yet settled. The resulting cash will then be received at the point the underlying transaction settles.

Investment management revenue comprises management fees earned under contracts with clients for the provision of ongoing investment management services. Fees are calculated as a percentage of funds under management and are determined by reference to the value of assets managed on behalf of clients.

The performance obligation is the provision of investment management services over the period of the contract. As the client simultaneously receives and consumes the benefits of these services as they are provided, revenue is recognised over time. The stage of completion is determined by reference to the proportion of the contractual service provided that has elapsed during the reporting period, with fees accruing based on the services provided up to the reporting period.

Intangible assets

Intangible assets include goodwill arising on the acquisition of subsidiaries which represents the difference between the fair value of the consideration payable and the fair value of the net assets that have been acquired. Acquisitions have been accounted for under acquisition method of accounting.

Also included within intangible assets are various assets separately identified in business combinations (such as FCA permissions, established systems and processes, adviser and client relationships and brand value) to which the Directors have ascribed a commercial value and a useful economic life. The ascribed value of these intangible assets is being amortised on a straight-line basis over their estimated useful economic life, which is generally considered to be between 5 and 10 years.

Expenditure incurred on development activities is capitalised as an intangible asset only when the Group can demonstrate all of the following:

• the technical feasibility of completing the intangible asset so that it will be available for use;
• its intention to complete the intangible asset and use it;
• its ability to use the intangible asset;
• how the intangible asset will generate probable future economic benefits, including its usefulness;
• the availability of adequate technical, financial and other resources to complete the development and to use the intangible asset; and
• its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Capitalised development costs are initially recognised at cost and subsequently measured under the cost model at cost less accumulated amortisation and accumulated impairment losses. Amortisation commences when the asset is available for use and is recognised on a straight-line basis over its estimated useful economic life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.

Financial assets

Trade and other receivables and accrued income are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method, less any impairment losses recognised in accordance with the expected credit loss model.

Deferred consideration receivable that is contingent upon future performance is initially recognised at fair value and subsequently remeasured at fair value through profit or loss. Changes in fair value are recognised in profit or loss.

Financial assets are derecognised when the contractual rights to the cash flows expire or when the Group transfers the rights to receive the contractual cash flows and substantially all of the risks and rewards of ownership.

Financial liabilities

Financial liabilities principally comprise borrowings, trade and other payables and other contractual obligations to deliver cash or another financial asset.

Financial liabilities are initially recognised at fair value, net of directly attributable transaction costs where applicable, and are subsequently measured at amortised cost using the effective interest method, unless required to be measured at fair value through profit or loss.

Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Leases

Payments made under leases (net of any incentives received from the lessor) have been recognised in accordance with IFRS 16 as follows:

The Group’s leases primarily relate to properties. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Property leases will often include extension and termination options, open market rent reviews, and uplifts.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the individual lessee company’s incremental borrowing rate taking into account the duration of the lease. The weighted average lessee’s incremental borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application.

The carrying value of the lease liability is subsequently measured by:

• increasing the carrying value to reflect the interest charged on the liability
• reducing the liability to reflect the lease payments made; and
• remeasuring the carrying amount to reflect any reassessment or lease modifications

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability including any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is typically depreciated on a straight-line basis over the lease terms. In addition, the right-of-use asset may be adjusted for certain remeasurements of the lease liability, such as market rent review uplifts. Please refer to Note 11 for further details.

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income on a straight-line basis over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of options expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Fair value is calculated using the Black-Scholes model, details of which are given in Note 19.

Business Combinations

Business combinations are accounted for using the acquisition method. The consideration transferred comprises the fair value of assets transferred, liabilities incurred, equity instruments issued, deferred consideration and any previously held interest in the acquiree.

Identifiable assets acquired and liabilities assumed are recognised at their fair values at the acquisition date.

Goodwill is recognised where the consideration transferred, non-controlling interests and fair value of any previously held interest exceed the fair value of the net identifiable assets acquired. Where the fair value of the net identifiable assets acquired exceeds these amounts, the difference is recognised immediately in profit or loss as a bargain purchase gain.

Deferred consideration is initially recognised at its present value, with the discount unwound through profit or loss over the period to settlement. Consideration classified as a financial liability is subsequently remeasured at fair value, with changes recognised in profit or loss.

Where a business combination is achieved in stages, any previously held interest is remeasured to fair value at the acquisition date, with any resulting gain or loss recognised in profit or loss.

Investment in Associates

Associates are all entities over which the group has significant influence but not control or joint control. This is typically the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method.

Tangible fixed assets

Tangible fixed assets are stated at cost net of accumulated depreciation and provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line basis over its expected useful life. The residual value is the estimated amount that would currently be obtained from disposal of the asset if the asset were already of the age and in the condition expected at the end of its useful economic life.

The method of depreciation for each class of depreciable asset is:

Computer equipment - 3 years straight line

Office fixtures, fittings & equipment - 5 years straight line

Motor Vehicles - 5 years straight line

Impairment of Assets

Impairment tests on goodwill are undertaken annually at the reporting date. The recoverable value of goodwill is estimated on the basis of value in use, defined as the present value of the cash generating units with which the goodwill is associated. When higher of the value in use and the fair value less costs to sell is less than the book value, an impairment is recorded and is irreversible.

Other non-financial assets are subject to impairment tests whenever circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its estimated recoverable value (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable value of an individual asset, the impairment test is carried out on the asset's cash-generating unit. The carrying value of tangible fixed assets is assessed in order to determine if there is an indication of impairment. Any impairment is charged to the statement of comprehensive income. Impairment charges are included under administrative expenses within the consolidated statement of comprehensive income.

Taxation and deferred taxation

Corporation tax payable is provided on taxable profits at prevailing rates.

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the Statement of Financial Position differs from its tax base, except for differences arising on:

• the initial recognition of goodwill; and
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit.

Recognition of deferred tax assets is restricted to those instances where it is probable that future taxable profit will be available against which the asset can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered).

Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:

• the same taxable Group company; or
• different Group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.

Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period.

Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement is recognised when, and only when, it is virtually certain that reimbursement will be received if the Company settles the obligation. The reimbursement is treated as a separate asset. The amount recognised for the reimbursement cannot exceed the amount of the provision.

As referenced in Note 15, settlement in relation to the claims provision has been made on a case by case basis in respect of the cost of defending claims and, where appropriate, the estimated cost of settling claims. Where recovery of the cost of settlement is expected to be virtually certain, a corresponding asset is recognised. Any net provision expense is recognised in the Group’s statement of comprehensive income.

2. Critical Accounting Estimates and Judgements

The preparation of these financial statements has required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimates is contained below, as well as in the accounting policies and accompanying notes to the financial statements.

Impairment of goodwill and other intangible assets

The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. Other intangible assets are tested whenever circumstances indicate that their carrying value may not be recoverable. The recoverable amount of each cash generating unit (CGU) is determined as the higher of fair value less costs to sell and value in use. For all CGUs assessed, the recoverable amount was determined based on value in use calculations.

The key assumptions used in the calculation of the recoverable amount of the CGU are those regarding the future cash flow projections and the discount rate.

Cash flow projections take into account historical performance, together with the Group’s assumptions on future achievable growth performance over the 3-year forecast period. The forecast includes a conservative view of future EBITDA and cash flow performance based on management’s knowledge of the business and industry, and is approved by the Board.

The long-term growth is used to extrapolate the cash flows to perpetuity, using a long-term growth rate of 2.0% (2025: 2.0%). The cash flow projections are adjusted using a discount rate of 15% (2025: 15%) which reflects a prudent view of the current markets assessment of the time value of money, determined by external market information and inputs relating to the risks associated with the cash flows which are subject to managements judgement. This discount and long-term growth rates are used to derive a terminal value of cash flows after the 3-year forecast period.

Sensitivity analysis was also performed, creating various scenarios, with different growth rates. In all scenarios, the recoverable amount exceeded the carrying value.

3. Segmental Information

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

	Group (Plc)	Investment Management	Advisory Business	2026	Group (Plc)	Investment Management	Advisory Business	2025
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Revenue	98	5,335	17,737	23,170	85	1,465	31,078	32,628
Cost of sales	(578)	(3,944)	(9,995)	(14,517)	(647)	(740)	(18,495)	(19,882)
Gross profit	(480)	1,391	7,742	8,653	(562)	725	12,583	12,746
Attributed Expenses	(4,606)	(2,122)	(5,183)	(11,911)	(4,874)	(601)	(9,375)	(14,850)

 

Other administrative expenses:

Impairment to goodwill and other intangibles	(52)	(234)
Share based payments	(64)	446
Share based buybacks	-	(213)
Write off of 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 costs	(3,302)	(6,710)
Profit/(Loss) from operations	(8,117)	9,717

 

The segmental analysis above reflects the parameters applied by the Board when considering the Group’s monthly management accounts. Group costs comprise central costs which are not directly attributable to the Group's operating segments. These costs include corporate, governance and other central support costs and are reported separately within the segmental analysis.

The Directors do not make reference to segmental analysis as part of the day-to-day assessment of the business therefore have not disclosed a segmental consolidated statement of financial position within the accounts.

During the year under review the Group’s revenue was generated exclusively within the UK.

4. Profit/(Loss) from Operations

	31 March 2026 £’000	31 March 2025 £’000
This is arrived at after charging:
Staff costs (see Note 7)	7,815	8,791
Depreciation on tangible fixed assets	646	605
Amortisation of intangible fixed assets	400	3,336
Subsidiary LLP members remuneration charged as an expense*	(1,250)	(1,356)
Other costs	3,302	6,635
Auditor's remuneration
Auditor's remuneration in respect of the Company	-	10
Audit of the Group and subsidiary undertakings	203	95
Auditor's remuneration in relation to the interim financial statements	-	10
Auditor’s remuneration for audit-related assurance services	9	-
Total auditor's remuneration	212	115

 

* Subsidiary LLP members remuneration charged as an expense has been reclassified into administrative expenses in the current year, the comparative amounts have been restated.

5. Acquisitions

Alpha Beta Partners Limited

In February 2025 Tavistock completed the acquisition of Alpha Beta Partners Limited together with its wholly owned subsidiaries AB Investment Solutions Limited and Alpha Beta Private Wealth Ltd. Together they are a well-regarded asset management business with offices in London and Bath. ABP’s strategic focus is meeting the needs of retail investors that are served by regulated advice businesses. They are multi-asset Discretionary Fund Managers and work exclusively with professional advisers.

The consideration for the acquisition comprised an initial cash payment of £6,757k and contingent consideration directly linked to the financial performance of the business over the following five years. The value of Goodwill acquired was £5.93 million, being the fair value of total consideration in excess of the carrying value of the net assets acquired.

Over the thirteen-month period since the acquisition date, the combined revenue generated by the three entities was £5,525,585 (2025: £595,981) and loss after tax of £983,184 (2025: £104,272). A closing balance sheet position at 31 March 2026 of share capital £1,153,910, share premium £2,531,354, net assets £956,439 (31 March 2025: £1,441,470) and retained earnings of £1,849,913 (31 March 2025: £2,055,448). Had the acquisition occurred on 1 April 2024, the Group's revenue for the year ended 31 March 2025 would have been £36,787k and the Group's profit after tax would have been £7,268k.

6. Disposals

In October 2024, the Company announced an agreement for the disposal of the majority of its network of predominantly self-employed Registered Individuals, together with a separate estate planning business, to The Saltus Partnership Holdings LLP. The transaction was successfully completed in November 2024 and the gain recognised in the Consolidated Statement of Comprehensive Income was £20.03m, being the fair value of consideration in excess of the carrying value of goodwill and net assets disposed of.

The consideration for the disposal comprised an initial cash payment upon completion and two further instalments contingent on, and calculated by reference to, the additional revenues generated within the Saltus Group as a consequence of the transaction. During the year ended 31 March 2026, consideration of £9.4m was received from Saltus. Included within Other receivables is an amount of £4.7m being the fair value of the remaining consideration instalment.

7. Staff Costs

	31 March 2026	31 March 2025
	£'000	£'000
Staff costs for all employees, including Directors and key management consist of:
Wages, fees and salaries	6,598	7,792
Social security costs	830	836
Pensions	323	397
Subtotal	7,751	9,025
Share based payment charge	64	(234)
Total staff costs	7,815	8,791

 

The average number of employees of the Group during the year was as follows:

	31 March 2026	31 March 2025
	Number	Number
Directors and key management	9	13
Operations and administration	99	148
Total average employees	108	161

 

The remuneration of the highest paid director for the year ended 31 March 2026 was £604,703 (2025: £582,880). The total remuneration of key management personnel was £1,871,025 (2025: £1,852,117). Included in this figure are pension costs amounting to £150,468 (2025: £163,916).

Outstanding pension commitments included in the balance sheet at 31 March 2026 amounted to £35,452 (2025: £30,798).

All pension contributions represent payments into defined contribution schemes.

Details of individual Directors' emoluments for the year ended 31 March 2026 are as follows:

Director	Salary & fees	Benefits in kind & allowances	Performance bonus	Pension contributions	Total
	£	£	£	£	£
B Raven	364,000	46,103	140,000	54,600	604,703
J Rager	220,000	17,726	40,000	27,663	305,389
J O Cooke*	92,025	14,798	-	-	106,823
P Dornan*	34,500	-	-	-	34,500
Total	710,525	78,627	180,000	82,263	1,051,415

 

Details of individual Directors' emoluments for the year ended 31 March 2025 are as follows:

Director	Salary & fees	Benefits in kind & allowances	Performance bonus	Pension contributions	Total
	£	£	£	£	£
B Raven	360,500	43,305	125,000	54,075	582,880
O Cooke*	187,500	31,945	20,000	24,750	264,195
J Rager	215,000	16,976	35,000	21,500	288,476
P Dornan*	30,000	–	–	–	30,000
R Rennison*	20,000	–	–	–	20,000
Total	813,000	92,226	180,000	100,325	1,185,551

 

*Non-executive Director at 31 March in relevant year. The performance bonus paid to O Cooke in the year to 31 March 2025 was made at the sole discretion of the Board, in recognition of the significant contribution to the Company outside of his role as a Non-executive Director.

R Rennison resigned from his position as non-executive Director on 30 June 2024.

As referred to in the Corporate Governance Report, the terms of employment of the Group’s main risk takers, being the Executive Directors and members of other operating boards, are considered independently from those of other Group employees.

Element	Purpose and link to strategy	Operation
Basic Salary	To attract, retain and reward Executive Directors of a suitable calibre.	Basic salaries are reviewed annually by the independent Remuneration Committee. Factors considered by the Committee include, intra alia, individual seniority/length of service, market comparisons, economic climate, wider staff reviews.
BIK and allowances	A package of benefits (car allowance, private health cover, death in service cover, defined pension contribution) is provided as part of a market competitive remuneration package.	Car allowances are paid to individuals via the PAYE system. Insurance cover is provided either through membership of Group Schemes or by payment of subscriptions on behalf of the individuals.
Performance Bonus	To maximise the benefit of the arrangements for the Company, consideration is given to the reported results of the Group and the achievement of other strategic objectives.	The maximum potential bonus is set by the Remuneration Committee at the start of each year. Individual performance, and thus bonus entitlement, is assessed and determined by the Committee after the year end date.
Pension	Defined contributions are made to individual's nominated pension providers as part of a market competitive remuneration package.	The Company pays defined pension contributions directly to the nominated providers.

 

8. Taxation on (Loss)/Profit from Ordinary Activities

	31 March 2026 £'000	31 March 2025 £'000
Corporation tax charge for current year	15	58
Deferred tax credit in respect of previous period	-	(57)
Tax charge/(credit) for the year	15	1

 

The closing deferred tax balance at 31 March 2026 has been calculated at 25% (2025: 25%) being the substantively enacted tax rate at the balance sheet date.

Reconciliation of the tax charge

	31 March 2026 £'000	31 March 2025 £'000
Total Profit/(Loss) on ordinary activities before tax	(8,537)	6,699
Profit/(Loss) at the standard rate of corporation tax in the UK of 25% (2025: 25%)	(2,134)	1,675
Effects of:
Expenses not deductible for tax purposes	924	1,878
Other timing differences	(273)	68
Differences between capital allowances and depreciation	10	40
Adjustments to prior periods deferred tax	(50)	(45)
Non-taxable income	(706)	(4,582)
Deferred tax not recognised	2,244	967
Tax charge/(credit) for the year	15	1

 

9. Earnings Per Share

	31 March 2026	31 March 2025
Basic earnings per share attributable to the ordinary equity holders of the company	(1.53)p	1.20p
Diluted earnings per share attributable to the ordinary equity holders of the company	(1.35)p	1.06p
Profit/(Loss) after taxation and attributable to equity holders of the parent company (£'000)	(8,552)	6,698
Profit attributable to the ordinary equity holders of the company used in calculating basic earnings per share (£'000)	(8,552)	6,698
Reconciliation of weighted average number of shares used as denominator:
Ordinary shares used as the denominator in calculating basic earnings per share ('000s)	560,429	560,429
Options	71,716	73,661
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share	632,145	634,090

 

At 31 March 2026, the Group had 13.6m (2025: 11.3m) share options outstanding which could potentially dilute basic earnings per share in future periods. These options have not been included in in the calculation of diluted earnings per share as they were antidilutive for the period.

10. Intangible Assets

Cost

	Client Lists	Goodwill Arising on Consolidation	Internally Developed Assets	Total
	£'000	£'000	£'000	£'000
Balance at 1 April 2024	14,888	20,921	3,605	39,414
Additions	2,490	7,356	734	10,580
Impairment	–	(4,115)	–	(4,115)
Disposal	(14,611)	(5,718)	(3,503)	(23,832)
Balance at 31 March 2025	2,767	18,444	836	22,047
Additions	300	-	398	698
Impairment	(60)	-	-	(60)
Disposals	-	-	(657)	(657)
Balance at 31 March 2026	3,008	18,444	577	22,028

 

Accumulated amortisation

	Client Lists	Goodwill Arising on Consolidation	Internally Developed Assets	Total
	£'000	£'000	£'000	£'000
Balance at 1 April 2024	8,805	-	1,468	10,273
Amortisation	689	-	2,647	3,336
Disposal	(8,667)	-	(3,494)	(12,161)
Balance at 31 March 2025	827	-	621	1,448
Amortisation	312	-	88	400
Disposals	-	-	(657)	(657)
Balance at 31 March 2026	1,139	-	52	1,191

 

Net Book Value

At 31 March 2026	1,869	18,444	525	20,838
At 31 March 2025	1,940	18,444	215	20,599

 

Client Lists relate to identifiable relationships between acquired companies, their adviser network and the associated client bases.

Internally Developed Assets predominately represent costs associated with various initiatives.

The remaining amortisation period for Client Lists ranges from 4 to 10 years. The remaining amortisation period for Internally Developed assets ranges from 6 to 10 years.

GOODWILL

The carrying value of goodwill in respect of each cash generating unit is as follows:

	Financial advisory business	Investment management business	Total
	£'000	£'000	£’000
Balance at 1 April 2024	20,921	-	20,921
Additions	1,426	5,930	7,356
Impairment	(4,115)	-	(4,115)
Disposals	(5,718)	-	(5,718)
Balance at 31 March 2025	12,514	5,930	18,444
Additions	-	-	-
Impairment	-	-	-
Disposals	-	-	-
Balance at 31 March 2026	12,514	5,930	18,444

 

The Goodwill arising on the acquisition of Alpha Beta Partners Limited in February 2025 has been represented within the Investment management cash generating unit.

During the year ended 31 March 2025, the goodwill relating to the Group’s previous investment in Tavistock Protect was remeasured to reflect the fair value of contingent consideration payable based on the profitability of the business. This resulted in an increase of £1,426k in the carrying value of goodwill, with the adjustment recognised in accordance with the requirements for the measurement period adjustments.

The Group’s disposal of the majority of its network of predominantly self-employed Registered Individuals during the year ended 31 March 2025, as described in Note 6, resulted in a reduction in the carrying value of goodwill arising from both impairment and the disposal of the related goodwill.

Goodwill is reviewed for potential impairment as outlined in note 2.

11. Tangible Fixed Assets

Cost

	*ROU Leasehold property	Motor Vehicles	Computer equipment	Office fixtures, fittings, and equipment	Total
	£'000	£'000	£'000	£'000	£'000
Balance at 1 April 2024	2,084	33	297	584	2,998
Additions	30	-	10	13	53
Disposals	(407)	(33)	(190)	(29)	(659)
Balance at 31 March 2025	1,707	-	117	568	2,392
Additions	949	-	30	-	979
Disposals	(114)	-	(74)	(166)	(354)
Balance at 31 March 2026	2,543	-	73	402	3,018

 

Accumulated depreciation

	*ROU Leasehold property	Motor Vehicles	Computer equipment	Office fixtures, fittings, and equipment	Total
	£'000	£'000	£'000	£'000	£'000
Balance at 1 April 2024	989	19	176	300	1,484
Depreciation	424	4	60	117	605
Disposals	(255)	(23)	(165)	(8)	(451)
Balance at 31 March 2025	1,158	-	71	409	1,638
Depreciation	499	-	29	118	646
Disposals	(114)	-	(71)	(162)	(347)
Balance at 31 March 2026	1,543	-	29	364	1,937

 

Net Book Value

At 31 March 2026	999	-	45	38	1,082
At 31 March 2025	549	-	46	159	754

 

*Right of Use.

Included in the additions for the year was Computer equipment of £nil (2025: £10k) and office fixtures, fittings, and equipment of £nil (2025: £1k) acquired via acquisitions outlined in note 5.

12. Trade and Other Receivables

	31 March 2026 £'000	31 March 2025 £'000
Non-current trade and other receivables
Other receivables	1,916	7,500
Total non-current trade and other receivables	1,916	7,500
Current trade and other receivables
Trade receivables	115	561
Other prepayments and accrued income	1,214	1,974
Other receivables	9,231	15,449
Total current trade and other receivables	10,560	17,984

 

In 2022, the Company invested £10 million to acquire a 21% stake in LEBC Holdings Limited, being the holding company of a financial advisory group. This investment had been intended to be part of the acquisition of the whole of the LEBC Group. However, for various reasons that transaction did not complete.

Subsequent to Tavistock’s investment in the Company, LEBC encountered a number of operational challenges which led its management to place one of its subsidiaries, LEBC Group Limited, into administration and to sell the remaining subsidiary, Aspira, to Titan. LEBC’s board then commenced an orderly wind down process.

The Group no longer considered its investment in LEBC to meet the definition of an associate over which it has significant influence, owing to the company being under the control of the appointed administrators, and reclassified the amount recoverable as an other receivable. In September 2025, Tavistock received an interim payment of £1.93m and, after the year end received a further interim payment of £1.74m. It is the Director’s current expectation that a further £4.23 million will ultimately be received from LEBC.

Included within current and non-current other receivables are amounts of £4,051k (2025: £nil) and £1,916k (2025: £7,500) respectively, in relation to the groups prior investment in LEBC.

Included in other prepayments and accrued income is accrued income at year end of £960k (2025: £1,110k).

Included within current other receivables are amounts of £129k (2025: £528k) in relation to advisers clawbacks and £4,701k (2025: £14,766k) in deferred consideration due in relation to the Groups disposal of the majority of its network of predominantly self-employed Registered Individuals during the prior year. See note 6 for full detail of the disposal.

13. Liabilities

	31 March 2026 £'000	31 March 2025 £'000
Current liabilities
Trade payables	493	569
Accruals	1,472	1,476
Commissions payable	232	200
VAT and social security liabilities	244	167
Corporation tax	16	59
Other payables	260	2,084
Payments due regarding purchase of client lists	35	1,320
Deferred consideration owed	155	33
Bank loans	1,857	1,136
Leases	352	352
Total current liabilities	5,116	7,396
Non-current liabilities
Payments due regarding purchase of client lists	34	686
Loans	2,876	4,183
Leases	698	169
Total non-current liabilities	3,608	5,038

 

The Group has obtained funding from the Bank of Ireland who hold a fixed and floating charge over all property and undertakings of a subsidiary of the Group.

14. Leases

	31 March 2026 £'000	31 March 2025 £'000
Amounts recognised in the Consolidated Statement of Financial Position:
Right-of-use assets:
Buildings	999	549
Total right-of-use assets	999	549
Lease liabilities:
Current	352	352
Non-current	698	169
Total lease liabilities	1,050	521
Amounts recognised in the Consolidated Statement of Comprehensive Income:
Depreciation of right-to-use assets	(499)	(424)
Interest expense (included within finance costs)	(108)	(52)

 

Additions to the right-of-use assets during the year ended 31 March 2026 were £949k (2025: £30k).

The total cash outflow for leases in the year ended 31 March 2026 was £447k (2025: £535k).

15. Provisions

		Total £'000
Balance at 1 April 2024		3,571
Additions		3,090
Provisions utilised		(3,080)
Provisions released		(1,016)
Balance at 31 March 2025		2,565
Additions		6,543
Provisions utilised		(4,573)
Balance at 31 March 2026		4,535
	31 March 2026 £’000	31 March 2025 £’000
Current provisions	2,047	1,063
Non-current provisions	2,488	1,502
Total provisions	4,535	2,565

 

The principal movements during the year can be summarised as follows:

Provisions are made to cover potential clawbacks within the Tavistock Protect business. Provisions recognised are based on historic data of the likelihood and extent of clawback against the original revenue recognised upon provision of financial advice. During the year, £2,913k of new clawback provisions were added with £2,951k utilised. £1,047k (2025: £1,063k) of the clawback provision at 31 March 2026 is included within current provisions with £1,483k in non-current.

In addition, the Board has undertaken a fundamental reorganisation of the Group, including its management structure and has resolved various outstanding matters associated with historic corporate transactions. As a consequence of this activity, £3,631k of additional provisions have been recognised in the year, of which £1,623k have been utilised. £1,000k (2025: £nil) of the reorganisation provision at 31 March 2026 is included within current provisions with £1,005k (2025: £nil) in non-current.

16. Deferred Tax

	31 March 2026 £'000	31 March 2025 £'000
Balance at start of year	1	(56)
Adjustment in respect of previous period	(1)	57
Balance at end of year	-	1

 

The Directors anticipate that the Deferred tax asset relating to losses brought forward will be realised within the medium term.

The deferred tax provision comprises:

	31 March 2026 £'000	31 March 2025 £'000
Deferred tax on intangibles	-	(1)
Total	-	(1)

 

For taxation purposes, the parent company of the Group, Tavistock Investments Plc, has to date incurred losses amounting to £24.8m (31 March 2025 £16.2m). No deferred tax asset in connection with these losses has been recognised in the accounts.

17. Financial Risk Management

The Group is exposed to risks that arise from its use of financial instruments. These financial instruments are within the current assets and current liabilities shown on the face of the statement of financial position and comprise the following:

Credit risk

The Group is exposed to credit risk in relation to the following financial instruments:

Deferred consideration due, accrued income and receivables

	31 March 2026 £'000	31 March 2025 £'000
Trade receivables	115	561
Accrued income	960	1,110
Other receivables	11,024	22,949

 

Included within Other receivables at 31 March 2026 is £4,701k (2025: £14,766k) in deferred consideration due in relation to the Group’s disposal of the majority of its network of predominantly self-employer Registered Individuals during the prior year. The Group has assessed this balance for expected credit losses in accordance with IFRS 9 and deemed that no material impairment provision should be recognised as at 31 March 2026. The Board considers the amounts to be recoverable based on the contractual terms, payment history and information available regarding the counterparty.

Also included within Other receivables is £5,967k (2025: £nil) in relation to the Group’s prior investment in LEBC. As detailed more fully in note 12, the company is currently in administration. Based on the information provided by the administrators regarding the expected return of capital, the Board considers the carrying amount of the receivable at 31 March 2026 to be recoverable and therefore no material impairment loss has been recognised.

The Group continues to monitor the recoverability of its receivables and will recognise impairment losses where the expected recovery is lower than the carrying amount, in line with IFRS 9.

Cash and cash equivalents are held with reputable, mainstream banks headquartered in the UK. The Group is exposed to the usual credit risks associated with use of such banks and the Board does not consider it to be necessary to carry a specific provision against this risk.

Liquidity risk

Liquidity risk rises from the Group’s management of working capital and the finance charges and repayments of its liabilities. The Group’s policy is to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due.

The Group has no overdraft facilities. The Group’s policy in respect of cash and cash equivalents is to limit its exposure by reducing cash holding in the operating units and investing amounts that are not immediately required in funds that have low risk and are placed with a reputable bank.

Cash at bank and cash equivalents

	31 March 2026 £'000	31 March 2025 £'000
At the year end the Group had the following cash balances	9,241	7,403

 

Cash at bank comprises Sterling cash deposits held within a number of banks. At the year-end £4.17m (2025: £4.04m) was held in special interest bearing deposit accounts with the Bank of Ireland.

31 March 2026

	Total	Due within 1 year	Due within 1-5 years
	£'000	£'000	£'000
Financial liabilities at amortised cost
Trade payables	493	493	-
Accruals	1,472	1,472	-
Commissions payable	232	232	-
VAT and social security liabilities	244	244	-
Other payables	260	260	-
Payments due regarding purchase of client lists	69	35	34
Deferred consideration owed	155	155	-
Borrowings	4,733	1,857	2,876
Total	7,658	4,748	2,910

 

31 March 2025

	Total	Due within 1 year	Due within 1-5 years
	£'000	£'000	£'000
Financial liabilities at amortised cost
Trade payables	569	569	-
Accruals	1,476	1,476	-
Commissions payable	200	200	-
VAT and social security liabilities	167	167	-
Other payables	2,084	2,084	-
Payments due regarding purchase of client lists	2,006	1,320	686
Deferred consideration owed	33	33	-
Borrowings	5,319	1,136	4,183
Total	11,854	6,985	4,869

 

Capital Disclosures and Risk Management

The Group’s management define capital as the Group’s equity share capital and reserves.

The Group has a requirement to maintain a minimal level of regulatory capital, which in practice means the FCA requires the Group’s core tier one capital, which is composed primarily of retained earnings and shares, to exceed the requirements as set out by the FCA. Compliance with minimum regulatory capital is assessed continually and reported to the FCA on a half yearly basis. Should additional capital be required management ensure that this is introduced in a timely manner.

The Group’s objective when maintaining capital is to safeguard its ability to continue as a going concern, so that in due course it can provide returns for shareholders and benefits for other stakeholders.

The Group manages its capital structure and makes adjustments to it in the light of changes in the business and in economic conditions. In order to maintain or adjust the capital structure, the Group may from time to time issue new shares, based on working capital and product development requirements and current and future expectations of the Company’s share price.

The Group monitors both its operating and overall working capital with reference to key ratios such as gearing and regulatory capital requirements.

Interest rate risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Group considers the interest rates available when deciding where to place cash balances. The Group has no material exposure to interest rate risk.

18. Share Capital and Share Premium

	31 March 2026 £'000	31 March 2025 £'000
Called up share capital — allotted, called up and fully paid
560,429,005 Ordinary shares of 1 pence each	5,602	5,602
Share Premium	1,828	1,828
Total	7,430	7,430

 

There is only one class of share in issue: ordinary shares of 1p each. Ordinary shares entitle the holder to receive dividends, and to share in the proceeds of winding up the Company in proportion to the number of and amounts paid on these shares held after the payment of all of the Company’s creditors and subject to any special rights attaching to other classes of shares. Each share carries the right to one vote at general meetings of the Company. No shareholder has any special rights of control over the Company’s share capital.

Treasury Shares

During the year ended 31 March 2025, the Company bought back 119,498,780 ordinary shares of 1p each at an average price of 4.85 pence per share, with the aggregate consideration amounting to £5,797,953. These shares have been placed into Treasury and may be used in whole or in part to satisfy the exercise of share options thereby avoiding dilution to other shareholders.

During the year ended 31 March 2026, the Company sold 55,925,000 ordinary shares of 1p each at an average price of 5.05 pence per share, to its Employee Benefit Trust, with aggregate consideration amounting to £2,824,212. At 31 March 2026 the Group’s Employee Benefit Trust’s holding of 55,925,000 ordinary shares of 1p each has been aggregated with the Treasury shares in the Consolidated Financial Statements.

The following describes the nature and purpose of each of the Company’s reserves:

Share Capital	Amount subscribed for share capital at nominal value.
Share Premium	Amount subscribed for share capital in excess of nominal value.
Retained Earnings	Cumulative net gains and losses recognised in the consolidated statement of comprehensive income.
Capital Redemption Reserve	A statutory, non-distributable reserve into which amounts are transferred following the purchase, and cancellation of the company's own shares out of distributable profits.
Treasury Shares	Shares held in Treasury are not entitled to vote or to receive dividends.

 

19. Share Based Payments

No share options were issued during the year (2025: none).

All options outstanding at the year-end date have been valued using the Black-Scholes pricing model. The weighted average of the assumptions used in the model are:

	31 March 2026	31 March 2025
Share price at grant	5.50p	5.50p
Exercise price	5.25p	5.25p
Expected volatility	120%	120%
Expected life	10 years	10 years
Risk free rate	4.5%	4.5%

 

Expected volatility has been determined by reference to the fluctuations in the Company’s share price between the formation of its current Group structure and the grant date of the share options.

	31 March 2026		31 March 2025
	Weighted average price (pence)	Number	Weighted average price (pence)	Number
Outstanding at the beginning of the year	1.92	85,451,000	1.88	118,749,833
Granted during the year	-	-	-	-
Share option buy backs	-	-	1.78	20,040,500
Lapsed during the year	-	-	1.73	(53,339,333)
Outstanding at the end of the year	1.92	85,451,000	1.92	85,451,000

 

The average exercise price of the 71,716,000 (2025: 73,661,000) options that had vested and were exercisable at year end was 5.31p (2025: 5.31p) and their weighted contractual life was 3.7 years (2025: 3.5 years).

The range in exercise prices of share options outstanding at the end of the year is 5.25p to 7.75p (2025: 5.25p to 7.75p) and their weighted average contractual life was 5.1 years (2025: 5.1 years)

The vesting conditions in relation to management are disclosed in the Directors’ Report.

20. Related Party Transactions

There were no related party transactions giving rise to disclosure requirements under IAS 24 during the year.

21. Post Balance Sheet Events

Lifetime Acquisition

On 2 April 2026, following FCA change in control approval, the Group successfully completed its acquisition of 76.59% of the issued share capital of Lifetime Financial Management Intermediaries Ltd, first announced on 11 September 2025. Lifetime is committed to providing financial wellbeing to all, and utilises technology and its efficient operating model to provide financial education and regulated advice to clients regardless of their personal wealth.

Initial consideration comprises cash of £3.7m plus £2.3m earmarked for debt reduction and strategic leadership incentives. Additional consideration payments may be made over four years based on Lifetime’s EBITDA, with a maximum consideration of £9.9m for the acquired shareholding.

The acquisition of issued share capital represents a controlling interest in Lifetime and as such will be accounted for as a business combination in accordance with IFRS 3.

Plus Group Acquisition

On 28 July 2026, the Group completed the acquisition of 87.9% of the issued share capital of Plus Group of Companies Limited. Initial consideration of £0.9m was paid with an additional £3.6m due over the following 18 months and an additional contingent consideration of £11.5m, contingent on EBITDA growth.

Plus Group enhance adviser productivity through AI-driven tools, alongside supporting through paraplanning and administration services. The acquisition strengthens the Groups AI capability and technology offering, and is a key component of strategy to become a technology-enabled financial services group.

The acquisition of issued share capital represents a controlling interest in Plus Group and as such will be accounted for as a business combination in accordance with IFRS 3.

Titan Litigation

The Group confirmed that all legal claims and counterclaims resulting from Tavistock’s termination of their strategic partnership with Titan Wealth Services Limited had been settled.

Company Statement of Financial Position

As at 31 March 2026

	Note	31 March 2026 £'000	31 March 2025 (Restated) £'000
ASSETS
Non-current assets
Intangible assets	V	79	63
Tangible fixed assets	VI	816	567
Investments	VII	18,233	18,233
Trade and other receivables	VIII	1,916	7,500
Total non-current assets		21,044	26,363
Current assets
Trade and other receivables	VIII	19,404	23,606
Cash and cash equivalents	IX	6,700	4,708
Total current assets		26,104	28,314
Total assets		47,148	54,677
LIABILITIES
Creditors: amounts falling due within one year	X	(36,497)	(35,171)
Total assets less current liabilities		10,651	19,506
Creditors: amounts falling due after more than one year	XI	(589)	(805)
Total net assets		10,062	18,701
Capital and reserves
Share Capital	XII	5,602	5,602
Treasury Share		(2,974)	(5,798)
Share Premium		1,828	1,828
Capital Redemption Reserve		534	534
Retained Earnings		5,072	16,535
Total equity		10,062	18,701

 

The Company has taken exemption from presenting its individual profit and loss account per s408 of the Companies Act 2006. The total comprehensive loss of the parent company for the year was £11,022,160 (2025: £3,277,919).

The financial statements were approved by the Board and authorised for issue on 23rd September 2026.

 

Johanna Rager

Group Finance Director

The notes on pages 52 to 56 form part of the Company financial statements.

Company Statement of Changes in Equity

For the year ended 31 March 2026

	Share Capital	Treasury Shares	Share Premium	Capital Redemption Reserve	Retained Earnings	Total Equity
	£'000	£'000	£'000	£'000	£'000	£'000
At 31 March 2024	5,602	-	1,828	534	20,217	28,181
Total comprehensive loss	-	-	-	-	(3,277)	(3,277)
Repurchase of own shares	-	(5,798)	-	-	-	(5,798)
Dividend payment	-	-	-	-	(405)	(405)
At 31 March 2025	5,602	(5,798)	1,828	534	16,535	18,701
Total comprehensive loss	-	-	-	-	(11,022)	(11,022)
Transfer of treasury shares to Employee Benefit Trust	-	2,824	-	-	-	2,824
Dividend payment	-	-	-	-	(441)	(441)
At 31 March 2026	5,602	(2,974)	1,828	534	5,072	10,062

 

The notes on pages 52 to 56 form part of the Company financial statements.

Notes forming part of the Company Financial Statements

For the year ended 31 March 2026

I. Accounting Policies

The principal accounting policies applied are summarised below.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 Reduced Disclosure Framework requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see Note 2 in the Group financial statements).

Advantage has been taken by the Company of the following disclosure exemptions provided by paragraph 8 of FRS101:

• IFRS 7 Financial Instruments: Disclosures
• IFRS13 Fair Value Measurement
• IFRS 16 Leases
• IAS 7 Statement of Cash Flows; and
• IAS 24 Related Party Disclosures

The relevant disclosures can be found in the Group’s Consolidated Financial Statements.

All accounting policies that are not unique to the Company are listed on pages X to X. All additional accounting policies have been applied as follows:

Valuation of investments

Investments in subsidiaries, associates and joint ventures are identified based on the relevant control, significant influence or joint control respectively.

In the Company's separate financial statements, investments are initially recognised at cost and subsequently measured at cost less accumulated impairment losses, in accordance with IAS 27. The cost of an investment includes the consideration paid to acquire the investment and directly attributable transaction costs.

Investments are reviewed for impairment where indicators of impairment exist. Where the carrying amount of an investment exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Investments are derecognised when the Company's rights to the investment cease.

II. Critical Accounting Estimates and Judgements

Impairment of Investments

The Company is required to test, when impairment indicators exist, whether the carrying value of its investments have suffered any impairment. This assessment involves judgement in identifying the existence of impairment indicators and the subsequent estimate of recoverable value of the impaired investment. The recoverable value is determined based on the higher of fair value less costs of disposal and value in use, with value in use requiring estimates and assumptions regarding future cash flows, growth rates and discount rates. Changes in these assumptions could result in a material difference to the carrying value of the investments recognised in the financial statements.

During the prior year, the goodwill applicable to Tavistock Partners UK Ltd was impaired in full following the sale of its underlying business. The impairment assessment for the current year did not note any material requirement for impairment recognition.

III. Profit/(Loss) for the Financial Period

The Company has taken exemption from presenting the individual profit and loss account per s408 of the Companies Act 2006. The total comprehensive loss of the parent company for the year was £11,022,160 (2025: £3,277,919).

In January 2026, the Company paid an interim dividend of 0.1p (2025: 0.09p) per share and it remains the Board’s intention to pay further interim dividends when considered appropriate. The timing and quantum of the next dividend payment will be assessed in due course.

All Group staff are employed by Tavistock Investments Plc and their costs are recharged to the relevant subsidiaries. Details of the Company’s staff costs are shown in Note IV.

IV. Staff Costs

	31 March 2026 £'000	31 March 2025 £'000
Staff costs for all employees, including Directors consist of:
Wages, fees and salaries	2,448	2,684
Social security costs	327	326
Pensions	142	174
Total staff costs	2,917	3,184

 

The average number of employees of the Company during the year:

	31 March 2026 Number	31 March 2025 Number
Directors and key management	7	7
Operations and administration	17	24
Total average employees	24	31

 

During the year the Company incurred an additional £4.8 million (2025: £5.8 million) of staff costs relating to 84 employees (2025: 130 employees) which were recharged to subsidiary companies within the Group.

V. Intangible Assets

Cost	£'000
Balance at 1 April 2024	691
Additions	626
Disposals	(653)
Balance at 31 March 2025	664
Additions	45
Disposals	(616)
Balance at 31 March 2026	93

 

Accumulated amortisation	£'000
Balance at 1 April 2024	52
Amortisation charge	1,202
Disposals	(653)
Balance at 31 March 2025	601
Amortisation charge	29
Disposals	(616)
Balance at 31 March 2026	14

 

Net book value

At 31 March 2026	79
At 31 March 2025	63

 

VI. Tangible Fixed Assets

Cost

	*ROU Leasehold property	Computer equipment	Office fixtures, fittings and equipment	Total
	£'000	£'000	£'000	£'000
Balance at 1 April 2024	1,421	36	535	1,992
Additions	-	5	-	5
Disposals	(85)	(17)	(3)	(105)
Balance at 31 March 2025	1,336	24	532	1,892
Additions	793	6	-	799
Disposals	-	(16)	(148)	(164)
Balance at 31 March 2026	2,129	14	384	2,527

 

Accumulated depreciation

	*ROU Leasehold property	Computer equipment	Office fixtures, fittings and equipment	Total
	£'000	£'000	£'000	£'000
Balance at 1 April 2024	724	24	282	1,030
Depreciation charge	281	10	109	400
Disposals	(85)	(17)	(3)	(105)
Balance at 31 March 2025	920	17	388	1,325
Depreciation charge	434	5	111	550
Disposals	-	(16)	(148)	(164)
Balance at 31 March 2026	1,354	6	351	1,711

 

Net book value

At 31 March 2026	775	8	33	816
At 31 March 2025	416	7	144	567

 

*Right of use.

Included in ROU Leasehold property are assets acquired under lease agreements with a net book value of £775,277 (2025: £415,578).

VII. Investments

	Subsidiaries	31 March 2026	31 March 2025
	£'000	£'000	£'000
Cost
Opening balance	18,699	18,699	25,905
Additions	-	-	13,030
Released on disposal	-	-	(13,671)
Reclassifications	-	-	-
Impairment	-	-	(6,565)
Closing balance	18,699	18,699	18,699
Provisions for impairment
Opening balance	466	466	4,734
Impairment	-	-	(845)
Minority interest in associate	-	-	(3,423)
Closing balance	466	466	466
Net book value	18,233	18,233	18,233

 

As more fully described in note 6 of the Consolidated Financial Statements, the Company disposed of the majority of its interest in its network of predominantly self-employed Registered Individuals during year ended 31 March 2025. Prior to this transaction, the assets and liabilities of this entire business unit were hived into the legal entities being disposed of - Tavistock Partners Limited and Tavistock Estate Planning Services Limited. Immediately after the disposal, the Company’s interest in the entities within the business unit, which were not part of the transaction, were impaired to £nil.

At the reporting date, the Company had the following investments accounted for using the equity method:

Registered Office Address	Name	% of Ownership Interest	Holding Type
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Group Holdings Limited	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Private Client Limited	100%	Indirect
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Select LLP	100%	Indirect
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Chater Allan LLP	100%	Indirect
Precise House, 15-21 Market Street, Bangor, Northern Ireland, BT20 4SP	Tavistock Protect Limited	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Essentials Limited	100%	Indirect
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	King Financial Planning LLP	75%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Alpha Beta Partners Limited	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	AB Investment Solutions Limited	100%	Indirect
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Alpha Beta Private Wealth Limited	100%	Indirect
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Partners (UK) Ltd	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	The Tavistock Partnership Limited	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Services Limited	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Duchy Independent Financial Advisers Limited*	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Cornerstone Asset Holdings Limited*	100%	Direct
1 Queens Square, Lyndhurst Road, Ascot, Berkshire, SL5 9FE	Tavistock Asset Management Limited	100%	Direct

 

* Dormant subsidiary during the year that is exempt from preparing individual accounts by virtue of s394A of Companies Act 2006

VIII. Trade and Other Receivables

	31 March 2026 £'000	31 March 2025 £'000
Non-current trade and other receivables
Other debtors	1,916	7,500
Total non-current trade and other receivables	1,916	7,500
Current trade and other receivables
Trade debtors	39	321
Prepayments and accrued income	130	725
Deferred consideration due	4,701	14,766
Other debtors	4,336	148
Amounts owed by subsidiary undertakings	10,198	7,646
Total current trade and other receivables	19,404	23,606

 

IX. Cash and Cash Equivalents

	31 March 2026 £'000	31 March 2025 £'000
Cash at bank and in hand	6,700	4,708
Total	6,700	4,708

 

X. Creditors: Amounts Falling Due Within One Year

	31 March 2026 £'000	31 March 2025 £'000
Trade creditors	157	123
Accruals	584	690
Other tax and social security	236	194
Leases	260	288
Corporation tax	-	58
Provisions	2,005	150
Deferred consideration owed	155	1,320
Amounts owed to subsidiary undertakings	33,100	32,348
Total	36,497	35,171

 

XI. Creditors: Amounts Falling Due After One Year

	31 March 2026 £'000	31 March 2025 £'000
Deferred consideration owed	-	686
Leases	589	119
Total	589	805

 

XII. Share Capital

Details of the Company’s share capital and the movements in the year can be found in Note 18 to the Consolidated Financial Statements. During the year, the Company transferred 55,925,000 ordinary shares of 1p each previously held in treasury to an Employee Benefit Trust at the share price on the day of transfer, being 5.05p giving aggregate consideration of £2,824,212.

XIII. Share Options

EMI Share Option Scheme

Details of the share options outstanding at 31 March 2026 can be found in Note 19 in the Consolidated Financial Statements.

Advisers

For the year ended 31 March 2026

Registrars	Share Registrars Limited · 3 The Millennium Centre · Crosby Way · Farnham · Surrey GU9 7XX
Nominated Adviser & Broker	Canaccord Genuity Limited · 88 Wood Street · London EC2V 7QR
Independent Auditor	MHA Audit Services LLP · 2 London Wall Place · London EC2Y 5AU