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11 Mar 2021 | 15:20

Jarvis Securities reports improved revenue and profits

(Sharecast News) - The AIM-traded firm said interest income for the year ended 31 December was 8% higher than the prior year, while basic and diluted earnings per share were 42% firmer at 12.71p.

Its board declared a 69% rise in the interim dividend, with the dividend per ordinary share coming to 11.06p, compared to 10.31p in 2019, which included a special dividend.

"Few would have predicted how 2020 would unfold with Brexit and the Covid-19 pandemic impacting industries in different ways," said chairman Andrew Grant.

"For stockbrokers trade volumes have increased, but it would be an oversimplification to attribute these excellent financial results to this alone.

"At the beginning of 2020 it felt like we were on the cusp of volumes returning to normal, and clearly they have exceeded that prediction."

Grant said that in recent years, Jarvis had maintained its organic growth and commercial success.

He said he expected its trade volumes to continue at higher levels than experienced in 2020 and the years leading up to that, and saw no signs of organic growth slowing in 2021, with a "healthy pipeline" of potential new outsourcing contracts.

"Client numbers and cash under administration continue to increase, we are seeing profitable growth in international settlement and our relationship with PrimaryBid."

Grant also noted that Jarvis undertook a 4:1 share split during the year, to "facilitate and encourage" more liquidity in its shares and encourage a wider shareholder base.

"The business model remains unaltered - Jarvis will continue with a strategy of profitable organic growth whilst improving internal efficiencies.

"At present, many of our staff are working from home, which, whilst presenting some challenges also creates additional opportunities to review the way we operate where office space can be a restricting factor."

At 1445 GMT, shares in Jarvis Securities were up 2.43% at 248.9p.
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