REG - Jarvis Securities - Interim Results
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RNS Number : 5392Y Jarvis Securities plc 30 March 2026
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. Upon the publication of this
announcement, this inside information is now considered to be in the public
domain.
Jarvis Securities
("Jarvis", the "Company" or the "Group")
Interim Results for the Six Months Ended 31 December 2025
Chairman's statement
· £4,661,543 (74.6%) decrease in revenue (excluding exceptional
revenue) versus six months to 31 December 2024
· £3,006,913 (712.40%) increase in loss before tax (excluding
exceptional revenue) versus six months to 31 December 2024
· EPS increased to 12.27p (six months to 31 December 2024: (0.69)p)
Following the change to the accounting reference date of the Company to 30
June, Jarvis Securities plc ("Jarvis") announces its unaudited interim results
for the six months ended 31 December 2025.
Further to the Financial Statements to 30(th) June 2025, Jarvis Investment
Management Limited ("JIML"), the firm's solely owned trading subsidiary,
continues to wind-down its remaining business following the sale of its retail
execution business, which completed on 7(th) July 2025. The proceeds from
this sale are included within these Interim results, including the deferred
consideration payments of £1m in July 2026 and £1m in January 2027,
discounted to present value.
Due to the continued reduction in client money held by JIML as it progresses
through wind-down, Group interest income has fallen and is expected to
continue to do so. JIML remains restricted from paying up any dividend to JSP
under the conditions of the Voluntary Agreed restrictions (VReQ) with the FCA
(see announcement dated 16th September 2022). The Board of Jarvis will however
continue to review on a quarterly basis its ability to pay dividends to its
Shareholders from cash and reserves within.
Outlook
The Group remains committed to completing an effective and efficient wind down
over the coming months.
It is still the intention of the Directors to seek cancellation of the
Company's admission to trading on AIM pursuant to AIM Rule 41 in due course
(the "Proposed Cancellation") however as set out in the Company's announcement
of 15 April 2025 the Directors continue to keep their options open. The
Proposed Cancellation would be subject to, inter alia, shareholder approval,
with the expectation that any remaining distributable reserves in the Company
at the time of the Proposed Cancellation would then be returned to
shareholders. The timing of this is dependent on JIML achieving its own
winddown and distribution of any remaining cash up to Jarvis. In the
meantime the Board continues to look at realising value from the remaining
Group assets including the sale of its only property interest.
Andrew J Grant
Chairman
Enquiries:
Jarvis Securities plc: enquiries@jarvissecurities.co.uk
Andrew Grant
Zeus: 020 3829 5000
Katy Mitchell/Darshan Patel
Key performance indicators (KPI)
As referred to in the Chairman's statement, the Group is in wind-down and the
Board therefore consider key performance indicators no longer relevant for the
business.
Consolidated income statement for the period ended 31 December 2025
6 months ended 6 months ended
Notes 31/12/25 31/12/2024
(unaudited) (unaudited)
£ £
Continuing operations
Revenue 3 1,586,257 6,247,800
Exceptional Items 3 10,255,194 (3,217,098)
Administrative expenses (4,540,436) (3,446,486)
Finance Income/(costs) 66,895 (6,292)
Profit/(Loss) before income tax 7,367,910 (422,076)
Income tax (charge)/credit 4 (1,880,116) 111,351
Profit/(Loss) for the period 5,487,794 (310,725)
Attributable to equity holders of the parent 5,487,794 (310,725)
Earnings per share 5 P P
Basic 12.27 (0.69)
Consolidated statement of financial position at 31 December 2025
Notes 31/12/25 31/12/24
(unaudited) (unaudited)
£ £
Assets
Non-current assets
Property, plant and equipment - 418,043
Intangible assets - 21,687
Goodwill - 342,872
- 782,602
Current assets held for sale/to be disposed of on wind down
Property, plant and equipment 333,326 -
Intangible assets 6,192 -
Goodwill - -
Trade and other receivables 2,372,759 1,756,481
Investments held for trading 11,991 5,148
Cash and cash equivalents 10,541,754 7,227,597
13,266,022 8,989,226
Total assets 13,266,022 9,771,828
Equity and liabilities
Capital and reserves
Share capital 7 111,828 111,828
Merger reserve 9,900 9,900
Capital redemption reserve 9,845 9,845
Retained earnings 8,266,559 4,286,537
Total equity 8,398,132 4,418,110
Non-current liabilities
Deferred income tax - 54,266
Lease liabilities - 145,746
- 200,012
Current liabilities
Trade and other payables 1,135,906 2,264,050
Lease liabilities 145,747 77,767
Deferred income tax 48,138 -
Provisions 14 3,050,681 2,811,075
Income tax 4 487,418 814
4,867,890 5,153,706
Total liabilities 4,867,890 5,353,718
Total equity and liabilities 13,266,022 9,771,828
Consolidated statement of comprehensive income
6 months ended 6 months ended
31/12/25 31/12/2024
(unaudited) (unaudited)
Profit/(Loss) for the period 5,487,794 (310,725)
Total comprehensive income for the period 5,487,794 (310,725)
Attributable to equity holders of the parent 5,487,794 (310,725)
Consolidated statement of changes in equity for the period
Share Capital Merger Reserve Capital redemption reserve Retained Earnings Attributable to equity holders of the company
£ £ £ £ £
Balance as at 01/07/2024 111,828 9,900 9,845 5,492,491 5,624,064
(Loss) for the period - - - (310,725) (310.725)
Dividends - - - (895,229) (895,229)
Balance at 31/12/24 (unaudited) 111,828 9,900 9,845 4,286,537 4,418,110
Balance as at 01/07/2025 111,828 9,900 9,845 4,075,963 4,207,536
Profit for the period - - - 5,487,794 5,487,794
Dividends - - - (1,297,198) (1,297,198)
Balance at 31/12/25 (unaudited) 111,828 9,900 9,845 8,266,559 8,398,132
Consolidated statement of cashflows for the period ended 31 December 2025
6 months ended 6 months ended
31/12/2025 31/12/2024
(unaudited) (unaudited)
£ £
Cash flow from operating activities
Profit/(Loss) before tax 7,367,910 (422,075)
Profit on disposal of business (9,000,000) -
Finance (Income)/cost (66,895) 6,292
Depreciation charges 41,930 43,044
Impairment charges 342,872 -
Amortisation charges 7,199 10,965
(1,306,984) (361,774)
(Increase) / Decrease in receivables (774,106) 1,047,400
(Decrease) / increase in payables (357,535) (700,619)
Increase in provisions 218,833 2,811,075-
(Increase) / decrease in investments held for trading - 13,223
Cash generated from operations (2,219,792) 2,809,305
Income tax (paid) (1,392,740) (571,182)
Net cash from operating activities (3,612,532) 2,238,123
Cash flows from investing activities
Purchase of investments held for trading - -
Proceeds of investments held for trading - -
Proceeds on disposal of business 9,000,000 -
Purchase of intangible fixed assets - -
Net cash used in investing activities 9,000,000 -
Cash flows from financing activities
Repayment of lease liability (39,367) (37,458)
Dividends to equity shareholders (1,297,198) (895,229)
Finance Income/(costs) 66,895 (6,292)
Net cash used in financing activities (1,269,670) (938,979)
Net increase / (decrease) in cash & cash equivalents 4,117,798 1,299,144
Cash and cash equivalents at start of period 6,423,956 5,928,453
Cash and cash equivalents at end of period 10,541,754 7,227,597
Of which:
Balance at bank and in hand 10,499,948 6,793,019
Cash held for settlement of market transactions 41,806 434,578
Notes forming part of the interim financial statements
1. Basis of preparation
The interim consolidated financial statements have been prepared in accordance
with International Accounting Standard (IAS) 34, Interim Financial Reporting.
These interim financial statements have been prepared in accordance with those
UK Adopted International Accounting Standards.
The preparation of these interim financial statements in accordance with UK
Adopted International Accounting Standards in conformity with the requirements
of the Companies Act 2006 requires the use of certain accounting estimates. It
also requires management to exercise judgement in the process of applying the
Group's accounting policies. The areas involving a high degree of judgement or
complexity, or areas where the assumptions and estimates are significant to
the consolidated interim financial statements are disclosed in Note 9.
The financial information contained in this report, which has not been
audited, does not constitute statutory accounts as defined by Section 434 of
the Companies Act 2006. The auditors' report for the 2025 accounts was
unqualified and did not contain a statement under Section 498 (2) or (3) of
the Companies Act 2006. Due to the group no longer being a going concern, all
assets and liabilities have been reclassified as current. Assets are stated at
the lower of carrying amount and fair value less costs to sell on a fair value
basis, with no material write-ups or write downs other than the full write-off
of goodwill totalling £342,872
relating to the historic acquisition of the trade of CFA Securities Ltd. As
described in Note 9, the Directors consider the use of the going concern basis
in preparing these interim financial statements of the Group is not
appropriate, and therefore this goodwill is considered to have no realisable
value.
2. Accounting policies
(a) IFRS 15 'Revenue from Contracts with Customers'
IFRS 15 requires that the recognition of revenue is linked to the fulfilment
of identified performance obligations that are enshrined in the customer
contract.
Commission - the group charges commission on a transaction basis. Commission
rates are fixed according to account type. When a client instructs us to act
as an agent on their behalf (for the purchase or sale of securities) our
commission is recognised as income on a point in time basis when the
instruction is executed in the market. Our commission is deducted from the
cash given to us by the client in order to settle the transaction on the
client's behalf or from the proceeds of the sale in instance where a client
sells securities.
Management fees - these are charged quarterly or bi-annually depending on
account type. Fees are either fixed or are a percentage of the assets under
administration. Management fees income is recognised over time as they are
charged using a day count and most recent asset level basis as appropriate.
Interest income - this is accrued on a day count basis up until deposits
mature and the interest income is received. The deposits pay a fixed rate of
interest. In accordance with FCA requirements, deposits are only placed with
banks that meet our risk management parameters. Interest income is recognised
over time as the deposits accrue interest on a daily basis.
(b) Basis of consolidation
Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of more
than half of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They
are deconsolidated from the date on which control ceases. The group financial
statements consolidate the financial statements of Jarvis Securities plc,
Jarvis Investment Management Limited, JIM Nominees Limited, Galleon Nominees
Limited and Dudley Road Nominees Limited made up to 31 December 2025.
The Group uses the purchase method of accounting for the acquisition of
subsidiaries. The cost of an acquisition is measured as the fair value of the
assets given, equity instruments issued and liabilities incurred or assumed at
the date of exchange. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date, irrespective of the
extent of any minority interest. The cost of acquisition over the fair value
of the Group's share of identifiable net assets acquired is recorded as
goodwill. If the cost of acquisition is less than the fair value of the
Group's share of the net assets of the subsidiary acquired, the difference is
recognised in the income statement.
Intra-group sales and profits are eliminated on consolidation and all sales
and profit figures relate to external transactions only. No profit and loss
account is presented for Jarvis Securities plc as provided by S408 of the
Companies Act 2006.
(c) Property, plant and equipment
All property, plant and equipment is shown at cost less subsequent
depreciation and impairment. Cost includes expenditure that is directly
attributable to the acquisition of the items. Depreciation is provided on cost
in equal annual instalments over the lives of the assets at the following
rates:
Leasehold improvements
- 33% on cost, or over the lease period if less
than 3 years
Office equipment -
20% on cost
Land & Buildings -
Buildings are depreciated at 2% on cost. Land is not depreciated.
Right of use asset -
Straight line basis over the lease period
The assets' residual values and useful lives are reviewed, and adjusted if
appropriate, at each balance sheet date. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the income statement. Impairment reviews of property, plant and equipment are
undertaken if there are indications that the carrying values may not be
recoverable or that the recoverable amounts may be less than the asset's
carrying value.
(d) Intangible assets
Intangible assets are carried at cost less accumulated amortisation. If
acquired as part of a business combination the initial cost of the intangible
asset is the fair value at the acquisition date. Amortisation is charged to
administrative expenses within the income statement and provided on cost in
equal annual instalments over the lives of the assets at the following rates:
Databases -
4% on cost
Customer relationships - 7%
on cost
Software developments
- 20% on cost
Website -
33% on cost
Impairment reviews of intangible assets are undertaken if there are
indications that the carrying values may not be recoverable or that the
recoverable amounts may be less than the asset's carrying value.
(e) Goodwill
Goodwill represents the excess of the fair value of the consideration given
over the aggregate fair values of the net identifiable assets of the acquired
trade and assets at the date of acquisition. Goodwill is tested annually for
impairment and carried at cost less accumulated impairment losses. Any
negative goodwill arising is credited to the income statement in full
immediately. Due to the Group currently being in wind-down, the value of
goodwill has been written down to nil.
(f) Deferred income tax
Deferred income tax is provided in full, using the liability method, on
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements. The deferred income
tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction, other than a business combination, that at the
time of the transaction affects neither accounting or taxable profit or loss.
Deferred income tax is determined using tax rates that have been enacted or
substantially enacted by the balance sheet date and are expected to apply when
the related deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred income tax assets are recognised to the extent that it is probable
that future taxable profit will be available against which the temporary
differences can be utilised.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries except where the timing of the reversal of the
temporary timing difference is controlled by the Group and it is probable that
the temporary differences will not reverse in the foreseeable future.
(g) Segmental reporting
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different
from those of other business segments. The directors regard the operations of
the Group as a single segment.
(h) Pensions
The group operates a defined contribution pension scheme. Contributions
payable for the year are charged to the income statement.
(i) Investments
Investments held for trading
Under IFRS investments held for trading are recognised as financial assets
measured at fair value through profit and loss.
Investments in subsidiaries
Investments in subsidiaries are stated at cost less provision for any
impairment in value.
(j) Share capital
Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction from proceeds, net of income tax. Where the
company purchases its equity share capital (treasury shares), the
consideration paid, including any directly attributable incremental costs (net
of income tax), is deducted from equity attributable to the company's equity
holders until the shares are cancelled, reissued or disposed of. Where such
shares are subsequently sold or reissued, any consideration received, net of
any directly incremental transaction costs and the related income tax effects,
is included in equity attributable to the company's equity holders.
(k) Cash and cash equivalents
Cash and cash equivalents comprise:
Balance at bank and in hand - cash in hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Cash held for settlement of market transactions - this balance is cash generated through settlement activity, and can either be a surplus or a deficit. A surplus arises when settlement liabilities exceed settlement receivables. This surplus is temporary and is accounted for separately from the balance at bank and in hand as it is short term and will be required to meet settlement liabilities as they fall due. A deficit arises when settlement receivables exceed settlement liabilities. In this instance Jarvis will place its own funds in the client account to ensure CASS obligations are met. This deficit is also temporary and will reverse once settlement receivables are settled.
(l) Current income tax
Current income tax assets and/or liabilities comprise those obligations to, or
claims from, fiscal authorities relating to the current or prior reporting
periods, that are unpaid at the balance sheet date. They are calculated
according to the tax rates and tax laws applicable to the fiscal periods to
which they relate based on the taxable profit for the year.
(m) Dividend distribution
Dividend distribution to the company's shareholders is recognised as a
liability in the group's financial statements in the period in which interim
dividends are notified to shareholders and final dividends are approved by the
company's shareholders.
(n) IFRS 9 'Financial Instruments'
The group currently calculates a "bad debt" provision on customer balances
based on 50% of overdrawn client accounts over £1,000 and 10% of overdrawn
client accounts below £1,000. Under IFRS 9 this assessment is required to be
calculated based on a forward - looking expected credit loss ('ECL') model,
for which a simplified approach has been applied. This method uses historic
customer data, alongside future economic conditions to calculate expected loss
on receivables.
(o) IFRS 16 'Leases'
The lease liability is measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate
implied in the lease or, if that rate cannot be readily determined, the
Group's incremental borrowing rate.
The Group has applied judgement to determine the lease term for contracts with
options to renew or exit early.
The carrying amount of right-of-use assets recognised was £384,985 at the
lease start date of 27 September 2022. A finance charge of 5% APR is used to
calculate the finance cost of the lease.
(p) IFRS 15 'Non-current Assets Held for Sale and Discontinued Operations'.
The firm has implemented IFRS 5 for the accounting period ended 30(th) June
2025 as the Board do not consider the going concern basis of preparation to be
appropriate due to the Board's decision to wind-down the business. Therefore,
all revenue is considered to be derived from discontinued Operations, Fixed
Assets have been reclassified as Non-current Assets Held for Sale, and all
non-current liabilities have been reclassified as current.
(q) Provisions
The group has recognised provisions for liabilities of uncertain timing or
amount including those for onerous leases, warranty claims, leasehold
dilapidations and legal disputes. The provision is measured at the best
estimate of the expenditure required to settle the obligation at the reporting
date, discounted at a pre-tax rate reflecting current market assessments of
the time value of money and risks specific to the liability.
3. Group Revenue, Segmental information & Exceptional Items.
The revenue of the group during the period was wholly in the United Kingdom.
6 months ended 6 Months ended
31/12/2025 31/12/2024
£ £
Gross interest earned from treasury deposits, cash at bank and overdrawn 1,051,427 4,303,297
client accounts
Commissions 210,196 1,036,593
Fees 324,634 907,910
1,586,257 6,247,800
All of the reported revenue and operational results for the period derive from
the group's external customers and financial services operations. All
non-current assets are held within the United Kingdom. The group is not
reliant on any one customer and no customer accounts for more than 10% of the
group's external revenues.
As noted in 2 (g) the directors regard the operations of the group as a single
reporting segment on the basis there is only a single organisational unit that
is reported to key management personnel for the purpose of performance
assessment and future resource allocation.
The firm also had Exceptional items during the period as follows:
6 months ended 6 Months ended
31/12/2025 31/12/2024
£ £
Proceeds of sale of business 10,816,899 -
Costs in relation to skilled person review/remediation - (406,023)
Increase in Provisions (see note 14) (218,833) (2,811,075)
Impairment of goodwill (see note 1) (342,872) -
10,255,194 (3,217,098)
Exceptional income represents proceeds from the sale of the majority of Jarvis
Investments Management Limited's retail client book to Interactive Investor
Services Limited. As announced on 15(th) April 2025, £9m was received
following completion on 7(th) July 2025, with a further £1m due 12 months and
£1m due 18 months following completion. These expected proceeds have been
discounted at a rate of 8%.
4. Income tax charge
Interim period income tax is accrued based on an estimated average annual
effective income tax rate of 25% (2024: 25%).
5. Earnings per share
6 months ended 31/12/25 6 months ended 31/12/24
Earnings Weighted average no. of shares Per share amount Earnings Weighted average no. of shares Per share amount
£ £ p £ £ p
Earnings attributable to ordinary shareholders 5,487,794 44,731,000 12.27 (310,725) 44,731,000 (0.69)
6. Dividends
During the interim period dividends totalling 2.90p (2024: 2.00p) per ordinary
share were declared and paid.
7. Share capital
The company has one class of ordinary shares of £0.0025 each. During the
period and as at the period end no shares are held in treasury.
8. Interim measurement
Costs that incur unevenly during the financial year are anticipated or
deferred in the interim report only if it would also be appropriate to
anticipate or defer such costs at the end of the financial year.
9. Critical accounting estimates and judgements
The group makes estimates and assumptions concerning the future. These
estimates and judgements are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable
under the circumstances. The resulting accounting estimates will, by
definition, seldom equal the related actual results.
Going concern
The financial position of the group, its cash flows, liquidity position and
borrowing facilities are described within these interim financial statements.
As the Company is in a managed wind down, the Directors consider the use of
the going concern basis in preparing these interim financial statements of the
Group is not appropriate. As such the financial statements have been prepared
on a basis other than that of a going concern, which require assets to be
measured at their net realisable value. There were no adjustments made to the
carrying values of the assets and liabilities of the Group as the Directors'
consider the carrying value of assets to approximate the net realisable value.
The Directors believe that the Company and Group have adequate resources to
continue in operational existence until the anticipated liquidation of the
Company.
10. Financial Instruments
The group's principal financial instruments comprise cash and various items
such as trade receivables, trade payables etc. that arise directly from
operations. The main purpose of these financial instruments is the funding of
the group's trading activities. Cash and cash equivalents and trade and other
receivables are categorised as held at amortised cost, and trade and other
payables are classified as held at amortised cost. Other than investments held
for trading all financial assets and liabilities are held at amortised cost
and their carrying value approximates to their fair value.
The main financial asset of the group is cash and cash equivalents which is
denominated in Sterling. The group operates a low risk investment policy and
surplus funds are placed on deposit with at least A rated banks or equivalent
at floating interest rates.
The group also holds investments in equities and property.
11. Immediate and ultimate parent undertaking
There is no immediate or ultimate controlling party.
12. Related party transactions
The Group has a lease with Sion Properties Limited, a company controlled by A
J Grant by virtue of his majority shareholding, for the rental of 78 Mount
Ephraim, a self-contained office building. The lease is included in the right
of use assets and has an annual rental of £87,500, being the market rate on
an arm's length basis, and expires on 26 September 2027. The lease was
assigned by Jarvis Securities Plc to Jarvis Investment Management Limited on
23 May 2024, to better reflect the associated costs.
13. Capital commitments
At 31 December 2025 the company had no material capital commitments.
14. Provisions and Contingent Liabilities
The group, like other financial organisations, is subject to legal
proceedings, complaints and regulatory reviews in the normal course of its
business. All such material matters are periodically reassessed, with the
assistance of external professional advisers where appropriate, to determine
the likelihood of the group incurring a liability. Where it is concluded that
it is more likely than not that a material outflow will be made a provision is
established based on management's best estimate of the amount that will be
payable. The company's subsidiary is subject to an ongoing voluntary
restriction in accordance with section 55L of the Financial Services and
Markets Act 2000 ("FSMA"). In addition, the company receives complaints and
claims in relations to its services from time to time brought by clients,
investors, regulators or other third parties. These types of enquiries can
sometimes be prolonged due to their inherent complexity.
Provision in respect of redress: 6 months ended 31(st) December 2025 6 months ended 31(st) December 2024
£ £
Opening balance 2,831,848 -
Charge / (credit) for the period - Inducement 16,760 418,592
Charge / (credit) for the period - Interest 202,073 2,392,483
At end of period 3,050,681 2,811,075
Inducement
The company has incurred an obligation to provide redress in respect of a
historic breach of inducement rules. The Board of JIML have agreed to provide
redress to the clients impacted by this breach, and the amount provided
represents the directors' best estimate of the liability having taken legal
advice. The expected outflow for which is expected to occur within one year.
Interest
The JIML board of directors, having taken legal advice on this issue, have
agreed to provide for redress related to interest due to customers who
previously held client money with the group. The calculation of the
provision is complex and the directors have made assumptions about how any
financial redress payable to customers should be calculated, which customers
should be included in the scope of the redress scheme and the percentage of
customers that are expected to opt in to the redress scheme. Additionally,
the directors have not yet finalised all of the terms of the redress scheme,
which is also subject to engagement with the FCA.
The expected outflow for this claim is expected to occur within one year of
the balance sheet date.
We have considered the nature of these estimates and concluded that it is
possible, on the basis of existing knowledge, that outcomes within the next
financial year may be different to assumptions we have applied as at 31(st)
December 2025. These outcomes may require a material adjustment to the
carrying amounts of liabilities in the next financial year. Our provisions
largely represent expected future costs related to legal proceedings and
customer redress including consequential loss.
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