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(Alliance News) - Jarvis Securities PLC on Thursday said its annual profit and revenue grew in 2021 on "favourable" market conditions, giving another year of "record results" and leading the company to raise its payout to shareholders.
Shares were down 6.4% at 243.50 pence each on Thursday morning in London.
Jarvis is a Royal Tunbridge Wells, Kent-based stockbroking and administration services provider.
The firm generated a pretax profit of GBP7.6 million in 2021, up 10% from GBP6.9 million in 2020.
Revenue grew to GBP14.3 million, reflecting a 7.5% increase from GBP13.3 million posted the year before.
Jarvis credited these results to "favourable" market conditions and almost doubled its dividend to 22.0 pence from 11.06p.
Looking ahead, the company said that the overall outlook for its business is positive. Jarvis stated that it plans to continue growing the business organically and return profits to shareholders "where regulatory capital and cashflow permit."
"It pleases me greatly that for the third year running I am commenting on another record-breaking set of results. Our 2020 figures may have been viewed as a pandemic related one off but improving on those in 2021 indicates that given favourable market conditions they can be bettered. Given current global events this may prove a challenge in the short term, but the fundamental outlook for the business remains positive," Chair Andrew Grant commented.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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