Jarvis Securities enjoys market volatility

29th Jul 2010 14:20

Financial administration services provider Jarvis Securities cheered the increased volatility in stock markets in the first half of the year as it contributed to an improved performance.Average daily trade volumes were up 62% on the first half of last year while client numbers at the end of June stood 68% higher than at the end of June 2009.Revenue rose to £2.54m from £2.31m in the first six months of last year but profit before tax dipped to £0.84m from £1.09m as administrative expenses ballooned from £1.22m to £1.69m and interest on cash balances remained at historically low levels."As has been previously stated the low bank base rate continues to impact on our financial results though we have seen a slight improvement during the period in rates being secured. Cash funds are currently just below record levels but continue to spike to new heights with the increased trading activity and client accounts," said chairman Andrew Grant. A third dividend of 2p has been declared.