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Takeover talks end for Jarvis
RAIL contractor Jarvis today delivered results in line with expectations and said it is no longer in discussions about being taken over.
Pre-tax profits for the six months ending on October 10 were 4.3m compared with 3.3m last year and turnover grew 49 per cent to 203.1m.
The York-based company said rail turnover doubled compared with last year due to high levels of work on West Coast contracts. Turnover in the division was 152.1m compared to 75.3m last year and operating profit was 10.2m against 5.2m last year.
Its plant division also saw high turnover of 51.2m against 40.8m the previous period. However, operating profit slumped to 1.2m from 2.4m last year based on "disappointing" performance in its transport and freight container business.
Turnover in the accommodation services division was lower at 23.3m compared to 34.4m last year. It made an operating loss was of 200,000 – but this was substantially down on last year following the exit from several loss-making contracts during the second half of the previous financial year.
Jarvis said given the tough economic climate, it was unsurprising that no offer was forthcoming after discussions with potential buyers for the business. It said it is no longer in discussions which could lead to an offer being made for the group.
Net debt reduced to 34.6m from 41.4m last year. Despite this Jarvis said the group will not be paying an interim dividend.
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Friday 25 May 2012
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