Tavistock Investments has paid its first dividend on the back of a profit surge.
The AIM-listed wealth consolidator reported a 101% increase in earnings before interest, tax, depreciation and amortisation (Ebitda) in the 12 months to 31 March to £1.48 million on gross revenue of £27.3 million.
Cash generated from operations rose by 775% to £1.2 million.
The firm declared a maiden interim dividend of 0.01p per share, which chair Oliver Cooke said reflected the group's 'continued strong performance' and its 'excellent prospects'.
'The introduction and management of a dividend stream for the benefit of shareholders has for some time been one of the board's prime objectives,' Cooke added.
'The payment of this maiden interim dividend marks a significant moment in the group's development, and we look forward to increasing the level of dividend payment in future years as the business continues its upward trajectory.'
Shares in the firm had jumped by 6.23% to 3.24p at 8.10am as the market welcomed the news.
Tavistock's discretionary funds under management increased for the fifth consecutive year, rising 9% to £945 million. Revenue for Tavistock Wealth rose from £3.6 million to £4.8 million.
Initiatives within the business include a smartphone app to provide retail investors with direct access to Tavistock Wealth funds, through a free of charge ISA and/or general investment account.
It also plans as Sipp, with further Tavistock Wealth funds made available in due course, alongside white-label capabilities for strategic partners.