Half-year results to 30 September reveal loss, mainly driven by costs associated with a £378m debt-for-equity swap in September.
Jarvis, the quoted support services company that earlier this year saved itself from financial collapse, made a £60.9m loss in the first half of the year.
The loss was mainly driven by costs associated with a £378m debt-for-equity swap which gave Jarvis a much needed life-line in September.
Chairman Steven Norris said that the company had had made a £6.2m operating profit of £6.2m in the six months to 30 September, but that was stripped away on the balance sheet by £66.5m of finance costs.
Other exceptional costs were associated with the surrender of the long-term liability for the company’s planned head office at Smithfield in London. Jarvis is instead set to consolidate the business in York.
Chief executive Alan Lovell and finance director Alasdair Marnoch are set to leave Jarvis once its headquarters move to York in the first half of next year.
Norris said: “Having survived what has been unquestionably the most difficult period in the company’s history and successfully completed one of the most complex and challenging restructurings seen on the London stock market, the company is returning to normality.”
Turnover fell by almost £100m to £204m, mainly associated with the exit from construction, most highways maintenance and delays to rail projects.
A highlight was the rail and plants business, which made an 11% operating margin, although the road and accommodation businesses both made a £2.5m loss.
