Revenue and profit rise in first half for Jarvis Securities
By Josh White
Date: Thursday 18 Jul 2019
(Sharecast News) - Jarvis Securities reported a 9% improvement in revenue in its half-year results on Thursday, to £0.43m.
The AIM-traded fim said its profit before tax was 15.2% higher year-on-year for the six months ended 30 June at £0.32m.
Cash under administration had decreased 1.8% compared to 30 June 2018.
"I am pleased to report that the excellent results from the second half of the last financial year have been repeated in the first half of this one," said chairman and chief executive officer Andrew Grant.
"In spite of continued challenging market conditions due to the political and economic uncertainty we are experiencing, the restructuring of our tariff that was implemented in June 2018 demonstrates that we can still produce strong financial results under such conditions."
Grant said that, while he anticipated market volumes to remain at the lower end of the spectrum in the near term, those conditions could not prevail indefinitely and once market volumes returned to a more normal level, he believed the company was well-positioned to capture financial benefits.
"Jarvis remains a highly cash generative, well capitalised business with no debt financing, which enables us to support out quarterly dividend policy."
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