21st Jul 2016 09:19
LONDON (Alliance News) - Jarvis Securities PLC on Thursday reported a fall in pretax profit and revenue for the first half of 2016 as it traded against tough market conditions.
Jarvis Chairman Andrew Grant said the company, which provides stock broking and financial administration services, experienced "some of the best market conditions since the 2008 credit crunch" in the first half of 2015, but this deteriorated in the second half and that slowdown continued in the first half of 2016.
The company posted a pretax profit of GBP1.7 million for the half-year to June 30, down from GBP1.8 million a year prior, while revenue declined to GBP3.9 million from GBP4.0 million.
Year-on-year, client numbers increased 9.3%, the company said, while cash under administration rose 11%.
Grant said the volatility which followed the UK's Brexit vote has benefited the business and said the second half is likely to be characterised by further political uncertainty across Europe, which should translate into more volatility and increased trading volumes.
Shares in Jarvis were up 3.4% to 318.00 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Jarvis Securities