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Last Updated: Wednesday, 11 August, 2004, 09:20 GMT 10:20 UK
Jarvis announces higher losses
Students in university library
Jarvis has built a number of university projects
Troubled engineering group Jarvis has admitted that its pre-tax loss for the last financial year was 9m ($16m) higher than previously thought.

The new figure of 255.7m is a result of accountancy changes made following the completion of an audit for the year to 31 March.

Jarvis said there would be no material impact on the group, which is continuing with a recovery plan.

In July this year, the company reported an annual pre-tax loss of 246.7m.

As part of its recovery strategy, Jarvis said it had secured an extra 25m overdraft facility.

Uncertain outlook

The increased losses relate to two University Partnership Programme and Private Finance Initiative schemes.

Jarvis said its auditors had recommended that the income from the projects should be included in the current financial year instead of 2003/04.

The firm added that the auditors' report continued to show the "fundamental uncertainties" in its business.

Last month, Jarvis said it was "uncertain" about the extent of future construction losses.

The company's public image was hit after the 2002 Potters Bar crash, and it quit the rail maintenance business last year.




SEE ALSO:
Jarvis slides to 246m year loss
30 Jul 04  |  Business
Jarvis 'struggling for survival'
05 Jul 04  |  Business
Derailment costs Jarvis 400,000
05 Jul 04  |  South Yorkshire
Debt worries hammer Jarvis shares
02 Jul 04  |  Business
Firms agree Potters Bar liability
27 Apr 04  |  Beds/Bucks/Herts


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