Business
Audited Results, FCA Update & Notice of GM
Jarvis Securities plc has released its audited results for the 18 months ended June 30, 2025, reporting a consolidated profit after tax of £2.18 million, a decrease from £3.98 million in the prior year, and has provided an initial sale proceeds of £9 million from the sale of its retail execution-only brokerage clients, with two further £1 million deferred payments anticipated. The company has also estimated a liability of approximately £2.8 million over the next 12 months for client redress due to historic breaches of FCA conduct rules concerning inducements and interest on client money. The group's cash position stood at £10.4 million as of December 29, 2025, and the board continues to review strategic options, including the potential cancellation of the company's AIM admission. Disclaimer*
About this update from Jarvis Securities Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.\n \nJarvis Securities plc\n(\"Jarvis Securities\" or \"the Company\" and with its subsidiaries the \"Group\")\n Audited Results for the 18 months ended 30 June 2025\nFCA Update\nNotice of General Meeting\n \nCHAIRMAN'S STATEMENT\n \n \nThe release of final audited accounts for the Company was delayed in July 2025, and the Company's accounting reference date was extended to 30 June 2025 to allow the completion by Jarvis Investment Management (JIML) of the sale of its retail execution-only brokerage clients. I am pleased to confirm that the transaction completed and JIML received the initial sale proceeds of £9m on 8 July 2025 (\"Completion\"). Two further deferred consideration payments are due of £1m each, payable twelve and twenty four months after Completion subject to certain criteria as set out in the Company's announcement of 15 April 2025.\nThe Board of Jarvis Securities is committed to delivering an effective and efficient wind-down of JIML and it has now appointed S&W Partners LLP (S&W) to monitor this objective on its behalf. The Directors believe a professional independent firm with extensive experience in the wind down of regulated entities will be better placed to challenge and advise and will be in the best interests of clients and shareholders. JIML is continuing to deliver the wind-down and clear the remediation tasks, therefore costs remain significant at this time.\nJarvis Securities continues to receive interest income, though much reduced due to the reduction in client money held by JIML. So long as this continues together with other small revenue streams the Board will continue to review on a quarterly basis its ability to pay dividends. The Directors currently believe JIML has headroom to cover its cost until the final close down of operations, which will be reviewed and monitored as part of the recent engagement with S&W. JIML is currently restricted from paying up any dividend t...