REG - Jarvis Securities - Second Interim Results
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RNS Number : 7253O Jarvis Securities plc 27 June 2025
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")
Second Interim Results
for the Six Months Ended 31 December 2024
Chairman's statement
· £484,200 (8.4%) increase in revenue versus six months to 31
December 2023
· £992,725 (71.1%) increase in profit before tax versus six months
to 31 December 2023
· EPS increased to 4.01p (six months to 31 December 2023: 2.38p)
Following the change to the accounting reference date of the Company to 30
June, Jarvis announces its unaudited second interim results for the six months
ended 31 December 2024.
The ramifications of the s.166 Skilled Person review and costs of remediation,
combined with market transaction volumes that continue to remain subdued, are
again reflected in the financial performance for the period under review. At
the same time, interest rates that had previously remained relatively
constant, began falling in the six months to 31 December 2024 ("H2 2024").
However, the Group continued to benefit from the favourable rates available
versus the 6 months to 31(st) December 2023 ("H2 2023"), reflected in a 19%
increase in interest income. Also, the intensive external remediation costs
borne in H2 2023 were not mirrored in H2 2024, contributing to an overall
increase in profit before tax of 71.1%.
Although focus was placed on achieving successful completion of the sale of
the retail execution-only brokerage in the period, the Company's subsidiary,
Jarvis Investment Management Limited ("JIML") continued to work through the
skilled person recommendations as required by the FCA and continues to be
committed to achieving a point where the voluntary agreed restrictions (the
"VREQ") on JIML, as announced on 16th September 2022, can be lifted.
Current Trading
Since the end of the period under review, and as announced on 15(th) April
2025, JIML has conditionally agreed to sell the majority of its retail
execution-only brokerage business, with completion provisionally due to occur
in early July 2025 (the "Transaction"). As announced earlier today, the
Directors are aware of certain conditions that enables the buyer, Interactive
Investor Services Limited ("ii"), to withdraw from the Transaction, unless
waived. Although ii have indicated that they still intend to progress to
completion and both parties continue to work towards the successful completion
of the Transaction. If completion of the Transaction does not occur this
will have a detrimental financial impact on the Group. If the Transaction does
complete, the Group will mainly comprise the Model 'B' clearing and settlement
service business within JIML and as announced on 15 April 2025 the Group has
already begun the process of terminating the Model B Arrangements and closing
down its other operations. This process is anticipated to take approximately
15 months to complete.
Overall subdued trading volumes continue as JIML implements its' wind down and
prepares for completion of the Transaction. In addition, as announced on
15(th) April 2025, the Group has agreed not to take on any new clients going
forward. Model B clients have been served notice and the Group is working with
each of them to ensure a smooth exit. Remediation work continues and focus is
placed on ensuring sufficient resources remain in place to achieve this.
Outlook
The Group is now committed to delivering an effective and efficient wind down
over the coming months.
As announced on 15 April 2025, if the Transaction completes and if the Model B
Arrangements are terminated, Jarvis would then no longer own, control, or
conduct any trading business. Accordingly, pursuant to AIM Rule 15 Jarvis
would, at that time, become an AIM Rule 15 Cash Shell and would be required to
make an acquisition or acquisitions that constitutes a reverse takeover under
AIM Rule 14, within 6 months of becoming an AIM Rule 15 Cash Shell. If the
Transaction completes and if the Model B Arrangements are terminated, it is
anticipated Jarvis will become an AIM Rule 15 Cash Shell on the
date that all, or substantially all of JIML's client agreements or assets
are transferred to a third party.
At this time, the Directors do not intend to make any acquisitions. Whilst
they continue to keep their strategic options for the remaining assets of the
Group under review, the Directors currently intend to seek a cancellation of
the Company's admission to trading on AIM pursuant to AIM Rule 41
(the "Proposed Cancellation") in due course, with the expectation that any
distributable reserves remaining in the Company at the time of the Proposed
Cancellation would then be returned to shareholders. The Proposed
Cancellation would be subject, inter alia, to shareholder approval. Further
announcement will be made as this progresses.
As always, I would like to thank our staff for their relentless hard work and
support over what continues to be a difficult period for the firm.
Andrew Grant
Chairman
Enquiries:
Jarvis Securities plc: enquiries@jarvissecurities.co.uk
Andrew Grant
Zeus: 020 3829 5000
Katy Mitchell/Darshan Patel
Key performance indicators (KPI)
The key performance indicators (KPIs) are designed to give stakeholders in the
business a more rounded view of the Group's performance. Further details on
the KPIs and their measurement can be found in the last Annual Report. A
selection of KPIs and the Group's results to the interim period for these are
detailed below. These results have been annualised from the position at 31
December 2024 where measurement over a year is required.
6 months to 6 months to 12 months to
KPI: 31/12/2024 31/12/2023 31/12/2023
Profit before tax margin 38.2% 24.2% 39.8%
Revenue per employee (annualised) £223,136 £213,467 £242,387
Consolidated income statement for the period ended 31 December 2024
6 months ended 6 months ended 12 months ended
Notes 31/12/24 31/12/23 31/12/2023
(unaudited) (unaudited) (audited)
£ £ £
Continuing operations
Revenue 6,247,800 5,763,600 13,088,907
Administrative expenses (3,446,486) (3,261,985) (6,523,706)
Exceptional administrative expenses (406,023) (1,097,233) (1,337,522)
Lease finance costs (6,292) (8,108) (17,090)
Profit before income tax 2,388,999 1,396,274 5,210,589
Income tax charge 4 (595,504) (332,992) (1,229,356)
Profit for the period 1,793,495 1,063,282 3,981,233
Attributable to equity holders of the parent 1,793,495 1,063,282 3,981,233
Earnings per share 5 P P P
Basic 4.01 2.38 8.90
Consolidated statement of financial position at 31 December 2024
Notes 31/12/24 31/12/23
(unaudited) (audited)
£ £
Assets
Non-current assets
Property, plant and equipment 418,043 505,184
Intangible assets 21,687 45,331
Goodwill 342,872 342,872
782,602 893,387
Current assets
Trade and other receivables 1,756,481 2,011,608
Investments held for trading 5,148 11,966
Cash and cash equivalents 7,227,597 5,514,075
8,989,226 7,537,649
Total assets 9,771,828 8,431,036
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 6,390,757 4,912,384
Total equity 6,522,330 5,043,957
Non-current liabilities
Deferred income tax 54,266 54,266
Lease liabilities 145,746 223,515
200,012 277,781
Current liabilities
Trade and other payables 2,264,050 2,541,690
Lease liabilities 77,767 73,997
Income tax 4 707,669 493,611
3,049,486 3,109,298
Total liabilities 3,249,498 3,387,079
Total equity and liabilities 9,771,828 8,431,036
Consolidated statement of comprehensive income
6 months ended 6 months ended 12 months ended
31/12/24 31/12/23 31/12/2023
(unaudited) (unaudited) (audited)
Profit for the period 1,793,495 1,063,282 3,981,233
Total comprehensive income for the period 1,793,495 1,063,282 3,981,233
Attributable to equity holders of the parent 1,793,495 1,063,282 3,981,233
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 at 01/01/23 111,828 9,900 9,845 4,845,114 4,976,687
Profit for the period - - - 3,981,233 3,981,233
Dividends - - - (3,913,962) (3,913,962)
Balance at 31/12/23 (audited) 111,828 9,900 9,845 4,912,385 5,043,958
Balance as at 01/07/2023 111,828 9,900 9,845 4,855,550 4,987,123
Profit for the period - - - 1,063,282 1,063,282
Dividends - - - (1,006,447) (1,006,447)
Balance at 31/12/23 (audited) 111,828 9,900 9,845 4,912,385 5,043,958
Balance as at 01/07/2024 111,828 9,900 9,845 5,492,491 5,624,064
Profit for the period - - - 1,793,495 1,793,495
Dividends - - - (895,229) (895,229)
Balance at 31/12/24 (unaudited) 111,828 9,900 9,845 6,390,757 6,522,330
Consolidated statement of cashflows for the period ended 31 December 2024
6 months ended 6 months ended 12 months ended
31/12/2024 31/12/2023 31/12/2023
(unaudited) (unaudited) (audited)
£ £ £
Cash flow from operating activities
Profit before tax 2,389,000 1,396,274 5,210,589
Finance cost 6,292 8,108 17,090
Depreciation charges 43,044 46,335 92,860
Amortisation charges 10,965 12,787 25,561
2,449,301 1,463,504 5,346,100
(Increase)/ decrease in receivables 1,047,400 518,060 1,377,319
(Decrease) / increase in payables (700,619) (386,443) (197,640)
(Increase) / decrease in investments held for trading 13,223 (2,328) -
Cash generated from operations 2,809,305 1,592,793 6,525,779
Income tax (paid) (571,182) (734,255) (1,285,032)
Net cash from operating activities 2,238,123 858,538 5,240,747
Cash flows from investing activities
Purchase of investments held for trading - - (57,933)
Proceeds of investments held for trading - - 54,736
Purchase of intangible fixed assets - - (750)
Net cash used in investing activities - - (3,947)
Cash flows from financing activities
Repayment of lease liability (37,458) (35,642) (70,410)
Dividends to equity shareholders (895,229) (1,006,447) (3,913,962)
Lease finance costs (6,292) (8,108) (17,090)
Net cash used in financing activities (938,979) (1,050,197) (4,001,462)
Net increase / (decrease) in cash & cash equivalents 1,299,144 (191,659) 1,235,338
Cash and cash equivalents at start of period 5,928,453 5,705,734 4,278,737
Cash and cash equivalents at end of period 7,227,597 5,514,075 5,514,075
Of which:
Balance at bank and in hand 6,793,019 5,169,380 5,169,380
Cash held for settlement of market transactions 434,578 344,695 344,695
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 2023 accounts was
unqualified and did not contain a statement under Section 498 (2) or (3) of
the Companies Act 2006. As reported in the stock exchange announcement of
15(th) April 2025, the firm's wholly owned subsidiary, Jarvis Investment
Management Limited has conditionally agreed to sell the majority of its retail
execution only brokerage business. Without completion of the Transaction there
is a material uncertainty regarding the Company's ability to continue as a
going concern due to insufficient funding and lack of revenue generation,
compounding by the wind down of the Model B operations and the inability of
JIML to take on new clients.
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 2024.
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.
(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.
3. Group Revenue and Segmental information
The revenue of the group during the period was wholly in the United Kingdom.
6 months ended 6 months ended 12 Months ended
31/12/2024 31/12/2023 31/12/2023
£ £ £
Gross interest earned from treasury deposits, cash at bank and overdrawn 4,303,297 3,614,042 7,614,815
client accounts
Commissions 1,036,593 1,086,027 2,660,896
Fees 907,910 1,063,531 2,813,196
6,247,800 5,763,600 13,088,907
All of the reported revenue and operational results for the period derive from
the group's external customers and continuing 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.
4. Income tax charge
Interim period income tax is accrued based on an estimated average annual
effective income tax rate of 25% (2023: 23.5%).
5. Earnings per share
6 months ended 31/12/24 6 months ended 31/12/23 12 months ended 31/12/23
Earnings Weighted average no. of shares Per share amount Earnings Weighted average no. of shares Per share amount Earnings Weighted average no. of shares Per share amount
£ £ p £ £ p £ £ p
Earnings attributable to ordinary shareholders 1,793,495 44,731,000 4.01 1,063,282 44,731,000 2.38 3,981,233 44,731,000 8.90
6. Dividends
During the interim period dividends totalling 2.00p (2023: 2.25p) 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 referred to in Note 1 to the accounts, the firm's wholly owned subsidiary,
Jarvis Investment Management Limited has conditionally agreed to sell the
majority of its retail execution only brokerage business. Without completion
of the Transaction there is a material uncertainty regarding the Company's
ability to continue as a going concern due to insufficient funding and lack of
revenue generation, compounding by the wind down of the Model B operations and
the inability of JIML to take on new clients.
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 2024 the company had no material capital commitments.
14. Exceptional administrative costs
Exceptional administrative costs represent external third-party professional
advice and consultancy relating to the ongoing remediation and skilled persons
work within the firm's subsidiary Jarvis Investment Management Limited.
15. Post Balance Sheet events
The company announced on 15(th) April 2025 that its wholly owned subsidiary,
Jarvis Investment Management Limited has conditionally agreed to sell the
majority of its retail execution only brokerage business, with completion
expected to take place in early July 2025. The remaining retail and Model B
clearing and settlement business is to be wound down, which is expected to
take approximately 15 months to complete.
16. Contingent Liabilities
Legal proceedings, complaints and regulations
The group operates in a highly regulated environment. In the UK, where the
company primarily operates, the FCA has broad powers, including powers to
investigate marketing and sales practices.
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. As has been discussed in the strategic report, JIML is subject to an
ongoing voluntary restriction in accordance with section 166 of the Financial
Services and Markets Act 2000 ("FSMA"). In addition, JIML 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. At this
stage of enquiries, it is not possible to reliably predict the outcome.
At this time, the company has received no notification of a claim, and it is
not possible to reliably predict the outcome of ongoing communications to
which the company is a party, nor is it possible to make an estimate of the
financial impact of such a claim being made.
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. END IR UBVVRVAUNURRRecent news on Jarvis Securities
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AnnouncementREG - Jarvis Securities - Change of Accounting Reference Date
AnnouncementREG - Jarvis Securities - Sale of Retail Brokerage & Strategic Direction
AnnouncementREG - Jarvis Securities - Dividend Declaration
AnnouncementREG - Official List - Removal- DG Innovate PLC
Announcement