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LONDON - Jarvis Securities plc (LSE:JIM) announced Friday it is changing its financial year end from December 31 to June 30, according to a company press release.
The financial services firm will issue unaudited second interim results for the six months ending December 31, 2024, before the end of June 2025. Audited results for the extended 18-month period ending June 30, 2025, will be published before the end of September 2025.
The company cited its pending transaction with Interactive Investor Services Limited as the primary reason for the accounting change. The conditional sale of Jarvis’s retail execution-only brokerage business, initially announced on April 15, is expected to close in early July 2025.
Jarvis acknowledged that certain conditions for the transaction remain unsatisfied, giving Interactive Investor the right to withdraw. However, the buyer has indicated its intention to proceed, and both parties continue working toward completion.
The company noted that the accounting for this sale will significantly impact both its going concern assessment and the carrying value of assets on its balance sheet. Jarvis stated that accurately determining these impacts is not possible until the transaction completes, prompting the accounting reference date change based on auditor advice.
The company also warned that if Interactive Investor chooses to withdraw from the transaction, it "would have a detrimental financial impact on the Group."
The announcement was approved by Kieran Price, Finance Director of Jarvis Securities.
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