The numbers are doing the talking
Jarvis Securities just dropped audited results for the 18 months ended June 30, 2025, and the headline is a softer bottom line: profit after tax came in at £2.18 million, down from £3.98 million in the prior year period. Not exactly the kind of chart you frame on the office wall.
The brokerage exit is still the main event
The bigger story, though, is that the company is still in unwind-and-cash-out mode. It has already banked an initial £9 million from the sale of its retail execution-only brokerage clients, with two further deferred payments of £1 million each expected later. In other words, this is less about growth mode and more about turning the lights off in an orderly way.
Cash is king, but there are strings attached
Jarvis says the group had £10.4 million of cash as of 29 December 2025, which gives it some breathing room. But JIML is still restricted from paying dividends up to JSP under the FCA-linked Voluntary Agreed restrictions, so don’t expect a neat little payout party just yet.
What investors should watch next
The board has asked S&W to review the remaining assets and flag any other sales that could unlock value. That means the stock’s fate is now tied less to operating momentum and more to how much value management can squeeze out of the leftovers.
Big picture: this is a classic “strip the business down and see what’s left” story. If you own it, the real question isn’t revenue growth — it’s how efficiently the company can convert assets into cash without leaking value along the way.