Business
Second Interim Results
Second Interim Results.
About this update from Jarvis Securities Plc
[{"type":"text","content":"\n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 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\")\nSecond Interim Results\nfor the Six Months Ended 31 December 2024\nChairman's statement\n \n· £484,200 (8.4%) increase in revenue versus six months to 31 December 2023\n· £992,725 (71.1%) increase in profit before tax versus six months to 31 December 2023\n· EPS increased to 4.01p (six months to 31 December 2023: 2.38p)\n \nFollowing the change to the accounting reference date of the Company to 30 June, Jarvis announces its unaudited second interim results for the six months ended 31 December 2024.\n \nThe ramifications of the s.166 Skilled Person review and costs of remediation, combined with market transaction volumes that continue to remain subdued, are again reflected in the financial performance for the period under review. At the same time, interest rates that had previously remained relatively constant, began falling in the six months to 31 December 2024 (\"H2 2024\"). However, the Group continued to benefit from the favourable rates available versus the 6 months to 31st December 2023 (\"H2 2023\"), reflected in a 19% increase in interest income. Also, the intensive external remediation costs borne in H2 2023 were not mirrored in H2 2024, contributing to an overall increase in profit before tax of 71.1%.\n \nAlthough focus was placed on achieving successful completion of the sale of the retail execution-only brokerage in the period, the Company's subsidiary, Jarvis Investment Management Limited (\"JIML\") continued to work through the skilled person recommendations as required by the FCA and continues to be committed to achieving a point where the voluntary agreed restrictions (the \"VREQ\") on JIML, as announced on 16th September 2022, can be lifted.\n \nCurrent Trading\...