Jarvis plc Interim Results For the period ended 10 October 2008

Jarvis plc announces interim results for the period ended 10 October 2008. A summary of key points follows:

Financial

• Results in line with expectations
• Group turnover for the period increased 49% to £203.1m (2007: £136.3m)
• Profit before tax £4.3m (2007: loss £3.3m)
• Net debt at 10 October 2008 reduced to £34.6m (2007: £41.4m)
• Cash inflow £5.8m (2007: cash outflow £19.1m)
• Achieved £10m pa overhead reduction target

Operational Performance

• Rail - strong first half with turnover doubled from comparative period 
• Plant - increase in rail related volumes offset by reduced Transport demand 
• Successful launch and roll out of E.ON UK coal haulage contract, although Freight container business has been affected by lower import levels
• Accommodation Services - significantly improved performance

Outlook

• Long term prospects for Rail good reflecting Network Rail's increased enhancement programme
• Conclusion of strategic review 
• Current severe economic conditions expected to continue to impact Freight and Transport businesses in second half 

Steven Norris, Executive Chairman Jarvis plc, said:
"The Board is pleased to report that the Company has seen a continuation of the improved profitability experienced during the second half of the previous financial year. Our strategy remains to develop the Group's Rail, Plant and Freight businesses whilst working to reduce the Group's cost base. 

The Company remains well placed to capitalise on the expected growth opportunities that the UK rail market presents in the longer term."

For further information please contact:

For media:

Toni Jackson
Head of Communications - Jarvis plc
T: 01904 712667
M: 07921 939031

Isabel Podda
Director - Buchanan Communications
T: 0207 4665000

View the full release (PDF, 156KB).

View the RNS Part - 1

View the RNS Part - 2

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