Preliminary announcement of results for the year ended 31st March 2006

• A satisfactory financial result, in line with expectations


• Group turnover £401.2m (2005: £509.7m) and operating profit* £11.1m (2005: loss of £75.3m)


• Core business turnover £312.4m (2005: £339.8m) and operating profit* £16.2m at an operating margin of 5.2% (2005: £59.1m loss)


• Financial restructuring completed with net debt of £22.2m (2005: £303.8m)


• Working capital refinancing completed with new three-year committed facility


• Considerably lower borrowing cost going forward


• Solid margins in Rail and Plant, but slower turnaround in Roads


• Freight service launched


• Exit from construction almost complete and better management of facilities management (FM)

* Before non-recurring items

Executive Chairman of Jarvis, Steven Norris, said:

“I am pleased to announce results which are in line with expectations. This confirms the success of the financial restructuring and the operational improvements which were achieved during the year and which continue to progress well.

The Group is in a considerably better position at the year end than it was at its beginning, with net debt reduced to a manageable level, a suitable working capital facility in place and our core businesses in a good position to deliver solid results in the future. There is still a great deal to do, but I am confident that we now have a strong business with which to go forward and the right team in place to complete the recovery.”

For further information, please contact:

Jarvis plc
Diane Mangan 07843 001158

Merlin
Bridget Fury 07941 085506

View the full release (PDF, 1.2MB).

Back to top