LONDON (Alliance News) - Stockbroking firm Jarvis Securities PLC said Thursday its profit rose in 2016, after strong market conditions in the second half of the year.
Jarvis reported pretax profit of GBP3.6 million for 2016, up from GBP3.4 million the prior year. Revenue rose to GBP8.3 million from GBP7.6 million.
Jarvis said its regular dividend per share grew by 6% year-on-year, while earnings per share rose by 8% to 26.38 pence from 24.39p.
"During 2016 we saw a dramatic improvement in market conditions compared to what we experienced in the latter half of 2015. The catalyst for this was the Brexit result," said Andrew Grant, chairman of Jarvis.
"Investors were cautious prior to the vote with many fearing a vote to leave the EU could result in a significant fall in equity prices. Once any decline failed to materialise trade volumes increased throughout the remainder of 2016, and are being sustained at those levels at the time of writing," added Grant.
"Looking forward into 2017 and beyond I am confident we will continue to grow the business and further improve our financial results. Market conditions are currently excellent for our own retail client activity, we have a strong pipeline of new Custodian and Model B business, and cash under administration is at record levels," said the chairman.
Shares in Jarvis Securities were up 4.4% at 422.69 pence Thursday morning.
By Adam Clark; adamclark@alliancenews.com
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Jarvis Securities (JIM)