CONTINUED buoyancy in global equities is behind the latest set of record results for Tunbridge Wells stockbrokers Jarvis Securities, its Chairman has said. Interim results released last week revealed the Aim-listed firm’s pre-tax profits had increased by 37.5 per cent in the six months ending June 30, to £641,000.
The increased profitability was driven by high trading volumes, with momentum failing to dissipate despite ‘further political uncertainty’.
Chairman Andrew Grant said: “I am delighted to report another record set of results. Trading volumes, which picked up so dramatically after the Brexit vote last year, have continued to remain high… the amount of cash under administration is at an all-time high, and there are signs that interest rate rises may materialise in the near future, which will further add to profitability.”
However, Mr Grant stressed that, ‘like many firms in the industry’, Jarvis Securities was currently focusing on upgrading its systems to become compliant with stricter regulations that come into force next year, rather than concentrating ‘exclusively’ on expansion.
Overall revenues rose by 22.3 per cent to £875,799 during the period. Company shares closed up 2.83 per cent at 454p on July 20, the day the results were released.