27th Jun 2025 13:04
(Alliance News) - Jarvis Securities PLC on Friday said earnings grew in the half-year that ended December 31, but overall trading remained "subdued" amid wind-down proceedings.
The Tunbridge Wells, Kent-based investment manager said pretax profit jumped 71% to GBP2.4 million from GBP1.4 million on-year.
Basic earnings per share were 68% higher at 4.01 pence compared with 2.38 pence.
Revenue in the half-year was GBP6.2 million, up 8.4% from GBP5.8 million the year prior, while administrative expenses increased 5.7% to GBP3.4 million from GBP3.3 million over the six-month period.
Since the half-year end, Jarvis Securities has agreed to sell the majority of its execution-only brokerage division to Manchester-based Interactive Investor Services Ltd, which is part of Aberdeen Group PLC. The disposal is expected to complete in early July, and current trading volumes are "subdued", as Jarvis has stopped taking on new clients.
Although Interactive Investor has signalled it intends to go through with the deal, Jarvis noted that the buyer has the right to withdraw, and that a withdrawal would have "a detrimental financial impact".
Should the deal go ahead as planned, Jarvis's main purpose will be as a clearing and settlement service business for subsidiary Jarvis Investment Management Ltd, which is currently winding down operations.
Jarvis maintained its commitment to "an effective and efficient wind-down" in the months ahead. It is in the process of terminating arrangements with Jarvis Investment Management, and expects to become a cash shell company, seeking cancellation from AIM trading "in due course".
The company also noted it has changed its financial year-end to June 30 from December 31.
Jarvis shares traded down 3.0% at 16.00 pence on Friday afternoon in London for a market capitalisation of GBP7.2 million.
By Holly Munks, Alliance News reporter
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