Broker investors receive hike in dividend payout

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JARVIS securities will increase its second quarter dividend to 6.0 pence per share, up from 4.25p, on June 8 after seeing its pre-tax profits rise ‘significantly’ in the four months to the end of April compared to the same period last year.

The payout, for all those on the shareholder register of the Tunbridge Wells-based stock broker on May 19, was announced in trading statement released by the board.

Although it did not disclose the income during the four month period, the trading statement declares revenue was up 25 per cent, ‘riven by organic growth in the business and improved market conditions.’  In the same period costs have increased 7 per cent.

The Board of the AIM-listed company also forecasts that pre-tax profit for the year ended 2017 will be ‘significantly above current market expectations’.

Andrew Grant, Chief Executive Officer, said: “I am delighted to be able to announce such a positive trading update.

“Market volumes have remained consistently buoyant since the conclusion of the Brexit referendum and we continue to add both institutional and retail clients to our business.

“For our shareholders a growing business means growing dividends, and we anticipate the total 2017 dividend payment will be well above current market expectations.”

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