Jarvis Securities Regulatory News (JIM)

10 Jun 2009 07:00



10 June 2009

Jarvis Securities plc

('Jarvis' or the 'Company')

Contract Win

Jarvis is delighted to report that a five year contract has been signed with one of the UK's largest Building Societies (the "Society") to provide a complete white-labelled solution for their share dealing services.

This relationship will commence in Q3 2009 and is anticipated to increase Jarvis' assets under administration by 19%. Based on current trading this is expected to increase the number of underlying client accounts managed by Jarvis by more than 17% and the number of bargains settled for commercial clients by approximately 32%. The Board anticipate this agreement will have a material positive impact on the Company's financial performance in 2010.

The Society has been operating a significant broking operation for its clients for more than twenty years and has recently been using a full "white-label" solution from our largest commercial services competitor. 

Andrew Grant, Chairman and Chief Executive, commented:

"This is a really exciting new relationship for Jarvis. We are delighted to be working with such a prestigious Building Society with a strong and long-standing brand in the stockbroking market. We were selected in a competitive process and our reputation for customer service, flexibility and commitment to assisting the Society in growing this area of its business allowed us to win another mandate from our largest commercial services competitor. Continued contract wins together with the significant upsurge in our own retail trade volumes and the improving outlook for interest rates support our cautiously confident outlook for Jarvis for the remainder of this year and next."

Enquiries: 

Jarvis Securities plc Tel: 0870 224 1111 

Andrew Grant

Mathew Edmett

Arbuthnot Securities Tel: 020 7012 2000

Alasdair Younie

Katie Shelton

Notes: 

Jarvis Securities plc is the holding company for Jarvis Investment Management plc (AIM: JIM.L) a stock broking company and outsourced service provider for bespoke tailored financial administration. Jarvis was established in 1984 and is a member of the London Stock Exchange; a broker dealer member of PLUS Markets, authorised and regulated by the Financial Services Authority and an HM Revenue & Customs approved ISA manager. Jarvis has more than 30,000 retail clients and a growing number of institutional clients. As well as normal retail broking Jarvis provides cost effective and flexible share trading facilities within ISA and SIPP wrappers. 

Jarvis provides outsourced and partnered financial administration services to a number of third party organisations. These organisations include advisers, stockbrokers, banks and fund managers. Jarvis can tailor its administration processes to the requirements of each organisation and has a strong reputation for flexibility and cost-effectiveness.