Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Jarvis on the prowl
Execution-only stockbroker Jarvis Securities has been ‘actively looking for acquisitions’ after nearly doubling 2006 profits to £1.1 million.
AIM-darling Jarvis, which has disclosed pre-tax profits and turnover up 101 and 21 per cent respectively so far this year, has been signing up new clients at an encouraging rate, according to chairman Andrew Grant. He said the Tunbridge Wells-based company has looked at numerous potential acquisitions, without as yet finding the right match, and itself received tentative approaches before the shares’ latest run up to more than £2.
Jarvis boasts margins at 35 per cent, seven times the industry average and claims a one per cent share of London Stock Exchange volumes in its classes of business. Grant, who runs the company with 20 staff, said it has a good pipeline of clients, many wanting to outsource services to Jarvis.
Volume is the key, explained Grant, whose family controls about two-thirds of the company. He said an emphasis on efficiency and cost-control enables Jarvis to take on new business – such as retail savings schemes for investment trusts – and most of the added revenue to profits.
Jarvis provides execution-only broking for retail clients and handles personal equity plans, individual savings accounts and self-invested pension plans, savings schemes and financial administration and settlement services for other brokers, investment companies and private individuals. Grant declared the company made money five years ago handling 20 bargains a day, is now averaging 400 a day and could handle ‘thousands’ without difficulty.
Floated at 82.5p in late 2004, Jarvis shares slid to 67p in 2005 before surging to 232.5p last month. Now 206p, valuing the company at £23 million, they are a punt on further growth prospects.
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