LONDON (ShareCast) - (Sharecast News) - Jarvis Securities reported an 11% improvement in profit before tax in its final results on Thursday, to ?4.8m.
The AIM-traded firm said its revenue for the year ended 31 December totalled ?10.52m, rising from ?10.05m in the prior year.

Basic and diluted earnings per share were 13% higher at 35.82p.

The board said it saw a 4% increase in year-on-year interest income, and confirmed a 7% rise in its interim dividend per share.

An additional special dividend of 15p per share was also paid.

"I am pleased to be able to report that we have built on excellent mid-year results and had a record-breaking year in spite of the market uncertainty caused by the political environment which prevailed throughout most of 2019," said chairman Andrew Grant.

"Trade volumes year-on-year up to 31 December have fallen, but the changes we made to the business model during 2018 have led to an increase in fixed income.

"This action was necessary to offset increases in our fixed cost base driven by recent regulatory and legal changes throughout the industry."

Grant said the firm's performance towards the end of 2019 and in early 2020 boded well going forward.

"The election result at the end of 2019 has added an element of political certainty that has been lacking since the initial vote to leave the EU, and market volumes are typically higher in times of political stability. I feel we are seeing light at the end of the tunnel."

Andrew Grant said the company was "well-positioned" to capture the financial gains of increased trade volumes which, being predominantly IT-focussed, would not see overheads increase proportionately.

"This will lead to increased commission and interest income as cash under administration balances are positively correlated with trading volumes.

"Increased volumes will also enable our commercial and Model B clients to thrive.

"The business remains highly cash generative which will enable us to continue returning cash to shareholders through the regular quarterly dividends and as reserves permit, special dividend payments assuming funds are not required for working capital or acquisitions."

At 1520 GMT, shares in Jarvis Securities were up 0.68% at 439.96p.

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