18th Jul 2019 11:10
(Alliance News) - Jarvis Securities PLC on Thursday said a restructuring helped it to overcome "challenging" market conditions and deliver earnings growth in its most recently ended financial year.
The stock was trading 6.8% higher on Thursday in London at 471.99 pence a share.
The retail and outsourced financial services provider said revenue in the six months to the end of June rose by 9.0% to GBP5.2 million from GBP4.8 million a year earlier, resulting in pretax profit of GBP2.4 million, up 15% from GBP2.1 million.
"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," said Chair Andrew Grant.
Last year, Jarvis undertook a review of its costs and restructured its commercial fee tariffs to reflect the additional costs it is incurring. This new tariff offset increases in the cost base and restored margins, the company said.
Looking ahead, Grant said: "Whilst I anticipate market volumes to remain at the lower end of the spectrum in the near term, these conditions cannot prevail indefinitely and once market volumes return to a more normal level we are well positioned to capture financial benefits."
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