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30/07/2004
Jarvis posts £246m annual losses
Jarvis, the engineering firm which accepted liability over the Potters Bar rail crash which killed seven people in 2002, has posted annual pre-tax losses of £246 million.
In its preliminary results for the year ending March 31, the group reported total losses of £246.7 million, compared to £62.7 million profits the previous year.
Operating profit – before goodwill amortisation and exceptional items – declined from £79.6 million to £9.2 million. However, overall total turnover increased by 10% to over £1.3 billion.
Jarvis said that there were now "fundamental uncertainties" in respect of future losses in construction contracts.
In the report, the company set out its recovery strategy which includes the provision of a £25 million overdraft. Overdraft arrangements and bonding facilities which together total some £21.5 million, remain in place.
The company said that a cost-reduction programme was underway – with over £30 million of savings identified. There will also be a disposal strategy to reduce debt and the company will move away from non-core activities.
Kevin Hyde, Chief Executive, conceded that it had been a "difficult year for the group" and results had been "disappointing".
"However, we are pleased to announce the continued support of our lenders and I am grateful to them for their constructive attitude, which allows us to complete the recovery strategy we embarked on some months ago," he said.
"Our recovery strategy is designed to develop a simpler, leaner and more cash generative business that is sustainable in the long term. In the last few months we have acted on a number of challenging issues and are well advanced with a range of important disposals."
(gmcg)
In its preliminary results for the year ending March 31, the group reported total losses of £246.7 million, compared to £62.7 million profits the previous year.
Operating profit – before goodwill amortisation and exceptional items – declined from £79.6 million to £9.2 million. However, overall total turnover increased by 10% to over £1.3 billion.
Jarvis said that there were now "fundamental uncertainties" in respect of future losses in construction contracts.
In the report, the company set out its recovery strategy which includes the provision of a £25 million overdraft. Overdraft arrangements and bonding facilities which together total some £21.5 million, remain in place.
The company said that a cost-reduction programme was underway – with over £30 million of savings identified. There will also be a disposal strategy to reduce debt and the company will move away from non-core activities.
Kevin Hyde, Chief Executive, conceded that it had been a "difficult year for the group" and results had been "disappointing".
"However, we are pleased to announce the continued support of our lenders and I am grateful to them for their constructive attitude, which allows us to complete the recovery strategy we embarked on some months ago," he said.
"Our recovery strategy is designed to develop a simpler, leaner and more cash generative business that is sustainable in the long term. In the last few months we have acted on a number of challenging issues and are well advanced with a range of important disposals."
(gmcg)
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