Jarvis Securities 1H Profit, Revenue Rose on Higher Interest Rates

By Joe Hoppe

Jarvis Securities said Thursday that its fiscal first-half pretax profit and revenue rose as higher interest rates offset reduced volumes and clients.
The administration-services provider said pretax profit rose 23% to 3.8 million pounds ($4.9 million).

Revenue rose 17% to GBP7.3 million. The company said that within the market, transaction volumes remain subdued, but interest rates have continued their upward trend–painful for many companies but beneficial for Jarvis–giving it additional income that has offset the reduction in commission and fees from lower volumes.
The company said it is making significant changes to its process and controls, as recommended in a review, exiting some relationships that which posed a higher-than-tolerable risk level for anti-financial crime and money laundering compliance, resulting in a reduction in assets and cash under administration.
“Although the regulatory review is ongoing, as a firm we are currently committed to working through it and emerging in a more robust state and ready to focus on the future of the firm and its plans for growth,” the company said.
Shares at 0715 GMT were up 1.0 pence, or 0.7% at 147.0 pence.
Write to Joe Hoppe at [email protected]