Chairman’s statement

The board is united in the approach we are taking.

The board has a full appreciation of the group’s strategic options, believes that these are in the right direction, and that the executive is taking the correct action in pursuing these options. The board fully supports the work of the current executive team.

The company has just announced that it has received a payment from Network Rail of £30 million, and is in negotiation about further payments. We are paying our suppliers and receiving payments due to us.

We are working hard with Network Rail to see if we can gain more renewal work.

The company continues to win new work in the accommodation services division and through its roads business. We are bidding for other contracts where we continue to believe we will be successful. We hope to make announcements about these contracts soon.

Good progress is also being made with our programme of planned disposals.

As Kevin Hyde said on Friday, we face extremely challenging times. The board believes that all the actions a company facing these issues should take, are being taken. We have been in discussion with our lenders, which led to last week’s announcement and those discussions continue. The new Jarvis will emerge as a stronger, leaner company with a substantial turnover, able to meet its customers’ needs and rebuild shareholder value.

Steve Norris
Chairman, Jarvis plc

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