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12/06/2003
Jarvis reports huge rise in profits
In its preliminary annual results posted today, Jarvis has reported a pre-tax growth in profits of 37%, to £62.7 million.
Jarvis, an international facilities management and infrastructure services group, announced a total turnover increase of 28%, to £1.2 billion. Group operating profit (before goodwill amortisation) also soared by 27%, to £79.6 million.
Jarvis also reported a healthy order book of £10 billion supported by record bid pipeline of £14.5 billion. Company cash flow is also healthy at £58.4 million.
Jarvis Chairman, Paris Moayedi, said: "Jarvis is well positioned to take full advantage of the growth potential within all our core markets. With our record order book, dedicated and experienced team and careful approach to bidding and project management, we are well placed to continue our track record of managed, predictable growth for the years to come."
Kevin Hyde, the recently appointed Chief Executive, added: "Our strategy is to ensure that we are in an excellent position to deliver integrated services to local authorities, using the powerful combination of skills and resources from across all of Jarvis’ operating divisions. The £135 million environmental services contract for Herefordshire Council demonstrates our success in providing the local community with a broad range of services."
The group also announced today its appointment as preferred bidder on a schools project in Croydon and financial close of the Reading University Phase II project under its University Partnership Programme.
(GMcG)
Jarvis, an international facilities management and infrastructure services group, announced a total turnover increase of 28%, to £1.2 billion. Group operating profit (before goodwill amortisation) also soared by 27%, to £79.6 million.
Jarvis also reported a healthy order book of £10 billion supported by record bid pipeline of £14.5 billion. Company cash flow is also healthy at £58.4 million.
Jarvis Chairman, Paris Moayedi, said: "Jarvis is well positioned to take full advantage of the growth potential within all our core markets. With our record order book, dedicated and experienced team and careful approach to bidding and project management, we are well placed to continue our track record of managed, predictable growth for the years to come."
Kevin Hyde, the recently appointed Chief Executive, added: "Our strategy is to ensure that we are in an excellent position to deliver integrated services to local authorities, using the powerful combination of skills and resources from across all of Jarvis’ operating divisions. The £135 million environmental services contract for Herefordshire Council demonstrates our success in providing the local community with a broad range of services."
The group also announced today its appointment as preferred bidder on a schools project in Croydon and financial close of the Reading University Phase II project under its University Partnership Programme.
(GMcG)
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