RNS Number : 3437A
Jarvis Securities plc
07 October 2009
7 October 2009
Jarvis Securities plc
('Jarvis' or the 'Company')
Contract Win / Update
Jarvis is delighted to report that a further commercial contract has recently been agreed with a London based asset manager to provide outsourced settlement and trade execution services.
In addition, the Company has three further contracts in advanced stages of negotiation.
The Company's contract win with one of the UK's largest Building Societies' (the 'Society') certificated dealing service, as announced on 10 June 2009, has successfully transferred to Jarvis, with the nominee service to follow this weekend. The nominee service is expected to add materially to bargain numbers and revenue. The Company has also launched its 'Dial and Deal' service now allowing customers to open accounts by telephone and trade immediately. The spread betting service is now live on the internet and marketing will commence shortly.
There has been significant growth in the retail business and the Company is pleased to report that:
- Daily average trade volume increased by 57% compared to 2008
- Bargains settled for commercial clients in Q3 2009 increased by 72% on Q2 2009
- Active client numbers increased by 31% in Q3 2009
- Funds under administration increased by 12% in Q3 2009
- Cash balances held increased by 14% in Q3 2009
- Derivatives revenue in Q3 2009 increased by 92% compared to Q3 2008
- Proportion of trades dealt on the internet increased by 50% compared to Q2 2009
Andrew Grant, Chairman and Chief Executive, commented:
'The business continues to develop strongly and the great progress in client numbers is extremely encouraging for the future. Whilst we cannot control interest rates, we have been able to make strides forward in every other area of operations this year.'
Jarvis Securities plc Tel: 0870 224 1111
Arbuthnot Securities Tel: 020 7012 2000
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 40,000 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.
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