Business
Half-year Report
Half-year Report.
About this update from Jarvis Securities Plc
[{"type":"text","content":"\n\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\nJarvis Securities\n(\"Jarvis\", the \"Company\" or the \"Group\")\nInterim Results for the Six Months Ended 30 June 2024\nChairman's statement\n \n· £877,151 (12.0%) decrease in revenue versus six months to 30 June 2023\n· £1,100.983 (28.9%) decrease in profit before tax versus six months to 30 June 2023\n· Cash under administration has decreased 15.5% versus 30 June 2023\n· EPS decreased to 4.55p (2023: 6.52p)\n \nAs announced on 27 June 2024, Jarvis continues to work through the skilled person recommendations and is creating an additional remediation plan to address the points arising from the report. Phase 2, which requires the Skilled Person to review the remediation work undertaken by JIML on the matters raised in any of the three s.166 reports, has now commenced and is expected to be completed by Q4 2024. As part of this work the Skilled Person will also be required to provide a Reasonable Assurance Opinion to the FCA (confirming the Skilled Person is confident as to the completeness of the remediation) along with any final recommendations.\n \nThe voluntary agreed restrictions (the \"VREQ\") on JIML, as announced on 16th September 2022, remain in place. JIML will continue to work with the Skilled Person and the FCA with the aim of having these restrictions lifted on its impacted Model B clients as soon as possible.\n \nThe ramifications of the S166 review and costs of remediation, combined with market transaction volumes that continue to remain subdued, are reflected in the financial performance for the period. Fortunately, interest rates have remained relatively constant during the past six months, which has been beneficial for Jarvis enabling it to meet these costs and continue to produce overall profit.\n \nCurrent Trading\nDue to subdued trading volumes; the increasing costs of the Skilled Person review; the costs of the associated remediation work and the ongoing impact of the VREQ o...