Jarvis Securities PLC

First-pass take

Execution-only stockbroker with zero AI exposure; revenue is entirely pro-cyclical (commissions 37%, interest 41%, fees 22%). Margins are compressing (PBT fell 46.9%→42.9%) with costs rising faster than revenue; despite a strong balance sheet (net cash £4.7m, zero debt), the commodity service model and cyclical nature offer insufficient asymmetry for deep analysis.