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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jarvis | LSE:JRVS | London | Ordinary Share | GB00B0DLKZ47 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.40 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMJRVS
RNS Number : 1037D
Jarvis PLC
26 November 2009
Jarvis plc
Half Yearly Financial Report 2009
Jarvis plc publishes its interim results for the period ended 16 October
2009. A summary of key points follows:
Financial
+-----------------------------------------------------------------------------------------------------------------------+
| · Results slightly ahead of management expectations |
+-----------------------------------------------------------------------------------------------------------------------+
| · Group turnover for the period: GBP114.7m (2008: GBP203.1m) |
+-----------------------------------------------------------------------------------------------------------------------+
| · Loss before tax and exceptional items: GBP3.6m (2008: profit GBP4.4m) |
+-----------------------------------------------------------------------------------------------------------------------+
| · Exceptional items of GBP2.3m relating to previously announced restructuring and redundancy costs |
+-----------------------------------------------------------------------------------------------------------------------+
| · Net debt at 16 October 2009: GBP22.3m (2008: GBP34.6m) with overall loan facility extended until January 2011 |
+-----------------------------------------------------------------------------------------------------------------------+
Strategic highlights
+-----------------------------------------------------------------------------------------------------------------------+
| · Stuart Laird appointed Chief Executive Officer in September |
+-----------------------------------------------------------------------------------------------------------------------+
| · Graham Denton appointed Group Finance Director in October |
+-----------------------------------------------------------------------------------------------------------------------+
| · Restructuring now largely completed with emphasis placed on improving development capability and developing |
| relationships with new customers |
+-----------------------------------------------------------------------------------------------------------------------+
Operational highlights
+------------------------------------------------------------------------------------------------------------------------+
| · Rail |
+------------------------------------------------------------------------------------------------------------------------+
| o Rail volumes reduced as anticipated with restructuring now largely completed |
+------------------------------------------------------------------------------------------------------------------------+
| o Selected as one of Network Rails preferred Multi-Asset Enhancement contractors |
+------------------------------------------------------------------------------------------------------------------------+
| o Successfully commissioned major projects in Stoke, Scotland and the London North East territory |
+------------------------------------------------------------------------------------------------------------------------+
| · Plant |
+------------------------------------------------------------------------------------------------------------------------+
| o Volumes reduced in line with expectations |
+------------------------------------------------------------------------------------------------------------------------+
| o Increased operating profit through operational efficiencies and restructuring |
+------------------------------------------------------------------------------------------------------------------------+
| o Secured one year extension to National OTM contract to April 2010 |
+------------------------------------------------------------------------------------------------------------------------+
| · Freight |
+------------------------------------------------------------------------------------------------------------------------+
| o Secured 32 month extension to coal haulage contract with E.ON |
+------------------------------------------------------------------------------------------------------------------------+
| · Accommodation Services |
+------------------------------------------------------------------------------------------------------------------------+
| o Significantly improved performance together with favourable settlement of historic claims |
+------------------------------------------------------------------------------------------------------------------------+
Outlook
+------------------------------------------------------------------------------------------------------------------------+
| · Network Rails CP4 five year control period has commenced and whilst spend has been delayed this year Network Rail |
| has a programme which is funded to 2014. |
+------------------------------------------------------------------------------------------------------------------------+
| · Due to the delay in new projects being awarded we are now anticipating that the full year performance will be |
| broadly breakeven at the operating level |
+------------------------------------------------------------------------------------------------------------------------+
| · Bidding activity both with Network Rail and potential new customers has increased significantly and we are confident |
| this will prove successful in new contract orders in the near future. |
+------------------------------------------------------------------------------------------------------------------------+
Steven Norris Chairman Jarvis plc, said: "As we have said previously, conditions
during this financial year will be difficult but due to the hard work and
determination of everyone involved we are able to report a first half
performance slightly ahead of expectations. It has not been without its pain. We
have undergone a huge restructuring programme which I am pleased to say is now
largely completed and I thank all our colleagues in the business at every level
for their support throughout this time."
"We have placed particular emphasis on improving our business development
capabilities and developing relationships with new customers. We are now
beginning to see the fruits of that exercise both with Network Rail and other
customers and we are confident that this will prove successful in the award of
new contracts in the near future. Reducing our dependency on Network Rail is a
key objective of the business and an important way of ensuring we delivery
future volume improvements and a healthier business as a result."
For further information please contact:
Toni Jackson
Head of Communications - Jarvis plc
T: 01904 712667
M: 07921 939031
Tim Anderson or James Strong
Buchanan Communications
T: 0207 4665000
INTERIM MANAGEMENT REPORT
Overview
The Group is pleased to report that despite a difficult first half, overall
performance was slightly ahead of management expectations with the Group
incurring a small operating loss, before exceptional items, of GBP0.9m for the
period.
As previously announced Stuart Laird, formerly Chief Operating Officer, became
Chief Executive Officer in September and Graham Denton, formerly Finance
Director for Jarvis Rail, was appointed Group Finance Director in October.
The restructuring necessitated by Network Rail's decision to reduce national
track renewal volumes in the current year by around 30 per cent has been largely
completed. Excellent progress has been made in further improving health and
safety and operational performance. Particular emphasis has been placed on
improving the Group's business development capability and developing
relationships with new customers. As a result we are beginning to see a steady
increase in bidding activity both with Network Rail and potential new customers.
In September we announced that we had received a tentative inquiry about a
possible offer for the Company. The inquiry was extremely preliminary and did
not lead to an approach or offer. Subsequently we confirmed in October that the
Company was no longer engaged in any such discussions.
Financial Results
As anticipated turnover reduced significantly to GBP114.7m (2008: GBP203.1m) and
the loss before tax and exceptional items was GBP3.6m (2008: profit GBP4.4m).
The reduced volume in the Rail business was primarily due to Network Rail's
decision announced in January this year to reduce plain line volumes. Rail
turnover in the first half of last financial year was more than double that of
the previous year due to the high turnover associated with the completion of the
West Coast Route Modernisation project.
Turnover in Rail was still slightly below expectations due to the delay in the
flow of new projects coming through from Network Rail. As announced in October,
performance of the business in the period was impacted by cost overruns
experienced on one of the major contracts albeit this was partially offset by
cost efficiencies throughout the Rail business.
As expected this reduction in rail volume also impacted turnover in Plant. The
business nonetheless performed slightly ahead of expectations increasing
operating profit compared to the same period last year. This was mainly due to
restructuring and operational improvements as well as the termination of the
poorly performing Freight Container business on 31 March 2009.
Turnover in Accommodation Services was slightly higher than anticipated mainly
due to the favourable settlement of historic claims. Overall the business
improved its performance substantially compared to the same period last year.
Work has continued on the previously announced restructuring programme to reduce
the Group's cost base and implement further operational efficiencies. This is
now largely completed and as expected has resulted in exceptional costs of
GBP2.3m during the period.
Net debt at 16 October 2009 had reduced to GBP22.3m (2008: GBP34.6m). It was
pleasing to be able to report in July that we were able to extend the term of
our overall loan facility for a further year to January 2011, particularly given
the global financial market conditions.
Principal Risks and Uncertainties
The principal risks and uncertainties essentially remain as outlined in the
Principal Risks section of the Directors' Report in our 2009 Annual Report and
Accounts and as set out in the Notes to the Condensed Consolidated Financial
Statements that accompany this Interim Management Report.
Dividend
The Board does not recommend the payment of a dividend in respect of the period.
Operational Performance
Rail
Turnover in the division was GBP65.2m (2008: GBP152.1m / 2007: GBP75.3m).
Operating loss before exceptional items was GBP0.6m (2008: profit GBP10.2m /
2007: profit GBP5.2m).
As anticipated work volumes were significantly reduced in the period and as
previously announced the team has focussed on restructuring the business to meet
these reduced volumes. This is being achieved whilst ensuring we retain key
resources to enable the management of new work when volume increases.
The London North East Integrated Management Team (LNE IMT) has now completed the
necessary depot rationalisation and headcount reductions. Throughout the
restructure the LNE IMT has remained focussed on the safe delivery of its work
bank including the first phase of the renewal of the Boston to Skegness line and
a major 11 week blockade to upgrade the line between Doncaster and Cleethorpes.
Previously on the Doncaster Cleethorpes line ground conditions limited trains to
just 10mph and the LNE IMT worked in conjunction with the civil engineering
contractor on the GBP10m project to stabilise the ground and deliver new track.
The projects team successfully commissioned major multi-disciplinary projects at
Lugton Loop and Stoke and finalised the remaining works on the West Coast and
the Airdrie-Bathgate enabling project. Both the Lugton Loop and Stoke projects
demonstrate our versatility as a highly skilled multi-disciplinary rail
contractor and involved design and construction of plain line track,
installation of overhead lines and civil engineering work such as platform
building.
As well as supporting the LNE IMT in the delivery of its key works the
Electrical Projects Group performed strongly during the period delivering key
projects on behalf of Network Rail and other clients. They provided specialist
overhead line and signalling and telecommunications services on projects
including Thameslink and Metrolink. The overhead line team also achieved
national accreditation for allocation and construction design.
The projects team was successful in becoming one of Network Rail's preferred
Multi-Asset Enhancement contractors. Whilst it does not have a stated financial
value and does not guarantee the award of any work, the five-year Multi-Asset
Framework Agreement will enable the business to tender for work packages over
the term of the agreement alongside 13 other contractors. Each individual work
package is expected to be up to GBP15m in value and will include work such as
civil engineering, electrification, signalling, telecommunications and track
renewals.
Plant
Turnover in the division was GBP33.8m (2008: GBP51.2m / 2007: GBP40.8m).
Operating profit was GBP2.6m (2008: GBP1.2m / 2007: GBP2.4m).
As a direct result of the reduction in national rail volumes and the increased
workload during the same period last year on the West Coast Route Modernisation
project, turnover in the Plant business was down significantly when compared to
the same period last year. Operating profit within Plant was slightly above our
expectations as the business moved quickly to restructure, improve operational
efficiencies and maintain margins.
On Track Machines performed in line with our expectations and secured a one year
extension to the National OTM contract with Network Rail until April 2010.
However, as anticipated, volumes decreased significantly compared to the same
period last year. As previously mentioned this was impacted by the reduction in
rail work and the larger volume last year as the fleet undertook works at Rugby
and elsewhere as part of the West Coast Route Modernisation.
Whilst Specialist Plant volumes were down in line with Rail volumes the business
performed in line with expectations. Our track renewals system, Slinger ,
successfully undertook work on major projects including the Wigan to Kirby
blockade for Amey Colas and the Boston to Skegness line upgrade for the LNE IMT.
Transport had reduced turnover in the period as the business decreased the size
of the fleet in line with internal and external demand. However, due to
operational improvements the business produced higher margins and performed in
line with expectations.
As expected Small Plant volumes were directly impacted by the reduction in Rail
volumes in the first half and the business has now been restructured to meet the
reduced demand.
Freight has continued to perform in line with expectations following the
termination of the container business in March 2009. As reported on 3 June 2009
we secured a 32 month extension to our coal haulage contract with E.ON which
will now run until 31 December 2015. In the second quarter volumes reduced as
expected in line with normal seasonal trends and were also affected by the
general reduction in demand for electricity in the economy and high stock levels
at the power stations.
Jarvis Accommodation Services
Turnover in the division was GBP27m (2008: GBP23.3m). Operating profit was
GBP1.4m (2008: loss GBP0.2m)
The Accommodation Services business has continued to improve margins and
reported an operating profit in the period. The business performed substantially
better than during the same period last year and traded slightly ahead of
expectations mainly due to the favourable settlement of historic claims as
announced in October.
The benchmarking of many of the contracts was undertaken during the period and
provides the business with the opportunity to improve performance further. The
business remains focussed on continuing to improve its service and safety
performance whilst reducing costs.
Outlook
The CP4 five year control period has now commenced and, whilst the planned spend
during the current financial year has been delayed, Network Rail has a capital
works programme which is funded to 2014. There are significant opportunities for
a contractor with our level of expertise and we are working hard to take
advantage of them.
As we have said previously because of the continued delay in new projects being
awarded we are now anticipating the full year performance to be broadly
breakeven at the operating level. We have however put a great deal of effort
into business development and are now seeing a material increase in our level of
bidding activity both with Network Rail and potential new customers. We are
confident that this will deliver new contract orders in the near future.
Reducing dependency on Network Rail is a key objective of the business and an
important way of ensuring we deliver future volume improvements and a healthier
business as a result.
Steven Norris
Executive Chairman
25 November 2009
+-------------------------------+---------+-------------+--------+--+--+---------+----------+--+-------------+---------+
| Condensed Consolidated Income Statement |
+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------+---------------+-------------+-------------+---------+
| | | Period to 16 October 2009 | Period to 10 October 2008 |
+-------------------------------+---------+--------------------------------------+-------------------------------------+
| | | Before | Exceptional | Total | Before | Exceptional | Total |
| | | exceptional | items | | exceptional | items | |
| | | items | (Note 3) | | items | (Note 3) | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | Notes | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Revenue | 2 | 114.7 | - | 114.7 | 203.1 | - | 203.1 |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Cost of sales | | (103.6) | (2.3) | (105.9) | (183.4) | (1.8) | (185.2) |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Gross profit | | 11.1 | (2.3) | 8.8 | 19.7 | (1.8) | 17.9 |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Administration expenses | | (12.0) | - | (12.0) | (13.8) | 1.7 | (12.1) |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Operating (loss) / profit | | (0.9) | (2.3) | (3.2) | 5.9 | (0.1) | 5.8 |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Finance income | | - | - | - | 1.8 | - | 1.8 |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Finance expense | | (2.7) | - | (2.7) | (3.3) | - | (3.3) |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Net finance costs | 4 | (2.7) | - | (2.7) | (1.5) | - | (1.5) |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| (Loss) / profit before | | (3.6) | (2.3) | (5.9) | 4.4 | (0.1) | 4.3 |
| taxation | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Taxation | 5 | 0.1 | - | 0.1 | (1.4) | - | (1.4) |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| (Loss) / profit for the period | (3.5) | (2.3) | (5.8) | 3.0 | (0.1) | 2.9 |
| attributable to equity shareholders | | | | | | |
+-----------------------------------------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| Basic and diluted (loss) / | 6 | | | (2.7)p | | | 1.4p |
| earnings per share | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------------+---------+-------------+-------------+---------+
| The result for the period derives from continuing operations. The Group has no income and expense |
| other than the results reported above, and therefore no separate Statement of Comprehensive Income |
| is presented. |
+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+-------------+-------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+-------------+-------------+---------+
| Condensed Consolidated Statement of Changes in Equity |
+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| | Share | Share | Special | Capital | Other | Accumulated | Total |
| | capital | premium | reserve | redemption | reserve | losses | equity |
| | | | | reserve | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Period to 16 October 2009 | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| At 1 April 2009 | 10.7 | 63.3 | 3.7 | 7.2 | 89.7 | (208.4) | (33.8) |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Total comprehensive expense | - | - | - | - | - | (5.8) | (5.8) |
| for the period | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| At 16 October 2009 | 10.7 | 63.3 | 3.7 | 7.2 | 89.7 | (214.2) | (39.6) |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Period to 10 October 2008 | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| At 1 April 2008 | 10.7 | 63.3 | 3.7 | 7.2 | 89.7 | (173.1) | 1.5 |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Total comprehensive income | - | - | - | - | - | 2.9 | 2.9 |
| for the period | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Equity settled share-based | - | - | - | - | - | 0.1 | 0.1 |
| payments | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| At 10 October 2008 | 10.7 | 63.3 | 3.7 | 7.2 | 89.7 | (170.1) | 4.5 |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Year ended 31 March 2009 | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| At 1 April 2008 | 10.7 | 63.3 | 3.7 | 7.2 | 89.7 | (173.1) | 1.5 |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Total comprehensive expense | - | - | - | - | - | (35.4) | (35.4) |
| for the year | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| Equity settled share-based | - | - | - | - | - | 0.1 | 0.1 |
| payments | | | | | | | |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| At 31 March 2009 | 10.7 | 63.3 | 3.7 | 7.2 | 89.7 | (208.4) | (33.8) |
+-------------------------------+---------+-------------+-----------+------------+----------+----------------+---------+
| | | | | | | | |
+-------------------------------+---------+-------------+--------+--+--+---------+----------+--+-------------+---------+
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Condensed Consolidated Balance Sheet |
+-------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | 16 | 10 | 31 |
| | | | | | October | October | March |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | 2009 | 2008 | 2009 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | Notes | GBPm | GBPm | GBPm |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Non-current assets | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Intangible assets | | | | | 6.0 | 4.3 | 5.4 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Property, plant and equipment | | | | | 13.4 | 17.9 | 14.8 |
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Deferred tax assets | | | | | 7.6 | 10.5 | 7.5 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Retirement benefit assets | | | | 7 | 2.9 | 42.0 | 3.2 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | 29.9 | 74.7 | 30.9 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Current assets | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Inventories | | | | | 2.0 | 2.5 | 2.2 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Trade and other receivables | | | | | 45.4 | 102.1 | 69.5 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Cash and cash equivalents | | | | | 2.8 | 4.2 | 6.2 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | 50.2 | 108.8 | 77.9 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Total assets | | | | | 80.1 | 183.5 | 108.8 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Current liabilities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Borrowings | | | | | (2.4) | (14.8) | (27.6) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Trade and other payables | | | | | (72.9) | (103.5) | (82.7) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Current tax liabilities | | | | | (1.9) | (2.5) | (1.9) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Provisions | | | | | (6.9) | (4.7) | (16.9) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | (84.1) | (125.5) | (129.1) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Non-current liabilities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Borrowings | | | | | (22.7) | (24.0) | (0.1) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Trade and other payables | | | | | (0.2) | (0.6) | (0.4) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Retirement benefit | | | | 7 | (9.6) | (14.7) | (9.9) |
| obligations | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Deferred tax liabilities | | | | | (3.1) | (14.2) | (3.1) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | (35.6) | (53.5) | (13.5) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Total liabilities | | | | | (119.7) | (179.0) | (142.6) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Net (liabilities) / assets | | | | | (39.6) | 4.5 | (33.8) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Equity | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Share capital | | | | | 10.7 | 10.7 | 10.7 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Share premium | | | | | 63.3 | 63.3 | 63.3 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Special reserve | | | | | 3.7 | 3.7 | 3.7 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Capital redemption reserve | | | | | 7.2 | 7.2 | 7.2 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Other reserve | | | | | 89.7 | 89.7 | 89.7 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Accumulated losses | | | | | (214.2) | (170.1) | (208.4) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Total equity | | | | | (39.6) | 4.5 | (33.8) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Condensed Consolidated Cash Flow Statement |
+-------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | Period | Period |
| | | | | | | to 16 | to 10 |
| | | | | | | October | October |
| | | | | | | 2009 | 2008 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | Notes | GBPm | GBPm |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Operating activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Cash flows from operating | | | | | 8 | 1.3 | 8.6 |
| activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Net interest costs paid | | | | | | (1.4) | (2.8) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Net cash (used in) / from | | | | | | (0.1) | 5.8 |
| operating activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Investing activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Purchase of intangible assets | | | | | | (0.8) | (1.2) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Purchase of property, plant | | | | | | (0.1) | (0.7) |
| and equipment | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Disposal of property, plant | | | | | | 0.2 | 0.3 |
| and equipment | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Net cash used in investing | | | | | | (0.7) | (1.6) |
| activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Financing activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Proceeds from new debt | | | | | | 0.2 | 11.1 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Repayment of old debt | | | | | | (2.8) | (14.5) |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Net cash used in financing | | | | | | (2.6) | (3.4) |
| activities | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Net (decrease) / increase in cash and | | | | | (3.4) | 0.8 |
| cash equivalents | | | | | | |
+----------------------------------------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Opening cash and cash | | | | | | 6.2 | 3.4 |
| equivalents | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Closing cash and cash | | | | | | 2.8 | 4.2 |
| equivalents | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Cash and cash equivalents | | | | | | | |
| comprise: | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| - Unrestricted cash | | | | | | 0.4 | 1.1 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| - Restricted use cash* | | | | | | 2.4 | 3.1 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | 2.8 | 4.2 |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| *Use is restricted to certain contracts in accordance with | | | |
| defined contractual obligations. | | | |
+-------------------------------------------------------------------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| Notes to the Condensed Consolidated Financial Statements |
+-------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| 1 Basis of preparation | | | | | | | |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
| These interim financial statements have been prepared in accordance with the Disclosure and |
| Transparency Rules of the Financial Services Authority and IAS 34 'Interim financial |
| reporting' as adopted by the European Union. They have been prepared applying the accounting |
| policies and presentation that were applied in the preparation of the 2009 Jarvis plc Annual |
| Report and Accounts, other than as noted below: |
| |
+-------------------------------------------------------------------------------------------------+
| - IFRS 8 "Operating segments" was adopted during the period. This more closely aligns the |
| disclosure of segmental information to that reported internally. Adoption of this standard |
| has no impact on the Group's reported results or financial position; and |
| |
+-------------------------------------------------------------------------------------------------+
| - IAS 1 (Revised 2007) "Presentation of financial statements" was adopted during the period. |
| This results in a number of terminology changes and changes in presentation and disclosure, |
| including the presentation of a consolidated statement of changes in equity as a primary |
| statement rather than a note. Since this change is presentational only, there is no impact on |
| the Group's reported results or financial position. |
| |
+-------------------------------------------------------------------------------------------------+
| The preparation of interim financial information requires management to make estimates and |
| assumptions that affect the reported amounts of assets and liabilities, income and expenses, |
| which may differ from actual results. In preparing these interim financial statements the |
| Group's key areas of estimation uncertainty and accounting judgement are as disclosed in the |
| 2009 Jarvis plc Annual Report and Accounts. |
| |
+-------------------------------------------------------------------------------------------------+
| The length and severity of current economic conditions may continue to have an impact on the |
| Group's operations during the remainder of the financial year. In addition, performance |
| continues to be dependent upon the pace at which planned railway infrastructure works |
| programmes are undertaken. The timing, nature and terms of related contractual awards and the |
| phasing of revenue are risks inherent to the railway industry. These risks could affect |
| performance during the remainder of the current financial year particularly as the Group is |
| largely dependent on one customer. If anticipated contract awards and improved rail volumes |
| are not realised during the remainder of the current financial year then this, given that the |
| Group's borrowing facility is partly secured against receivables, has implications for the |
| timing of working capital availability and could also impact the Group's ability to meet its |
| forecasts and comply with the technical tests under the terms of its facility. |
| |
+-------------------------------------------------------------------------------------------------+
| Having made appropriate enquiries and reviewed trading and cash flow forecasts, the Directors |
| consider that there is a reasonable expectation that the company and the Group have adequate |
| resources to continue in operational existence for the foreseeable future, and therefore |
| continue to adopt the going concern basis of accounting in preparing these interim financial |
| statements. On 9 July 2009 the Group extended its existing loan facility with Burdale |
| Financial Limited and Bank of America N.A. until 31 January 2011. |
| |
+-------------------------------------------------------------------------------------------------+
| The interim results to 16 October 2009 are unaudited and have not been reviewed by the |
| auditors. The comparative financial information for the year ended 31 March 2009 are not the |
| Group's statutory accounts for that financial year but are an extract from those accounts. A |
| copy of the statutory accounts for the financial year ended 31 March 2009, prepared under |
| International Financial Reporting Standards, has been filed with the Registrar of Companies. |
| The report of the auditors on those accounts was unqualified and did not contain any |
| statement under section 237(2) or section 237(3) of the Companies Act 1985. |
+-------------------------------+--------+--------+--------+--------+---------+---------+---------+
+-------------------------------+--------+--------+----------+------------+-+-+---------+--------------+--------+
| 2 Segmental analysis | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | Rail | Plant | Accom- | Central | Total |
| | | | | | modation | costs | |
| | | | | | Services | and | |
| | | | | | | eliminations | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Period to 16 October 2009 | | | GBPm | GBPm | GBPm | GBPm | GBPm |
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| External revenue | | | 65.2 | 22.5 | 27.0 | - | 114.7 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Inter-segment revenue | | | - | 11.3 | - | (11.3) | - |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Total revenue | | | 65.2 | 33.8 | 27.0 | (11.3) | 114.7 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Operating (loss) / profit | | | (0.6) | 2.6 | 1.4 | (4.3) | (0.9) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Exceptional items | | | (2.3) | - | - | - | (2.3) |
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| (Loss) / profit before | | | (2.9) | 2.6 | 1.4 | (4.3) | (3.2) |
| interest and tax | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Net finance costs | | | | | | | (2.7) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Taxation | | | | | | | 0.1 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Loss for the period | | | | | | | (5.8) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Period to 10 October 2008 | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| External revenue | | | 152.1 | 27.7 | 23.3 | - | 203.1 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Inter-segment revenue | | | - | 23.5 | - | (23.5) | - |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Total revenue | | | 152.1 | 51.2 | 23.3 | (23.5) | 203.1 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Operating profit / (loss) | | | 10.2 | 1.3 | (0.2) | (5.4) | 5.9 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Exceptional items | | | - | (0.1) | - | - | (0.1) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Profit / (loss) before | | | 10.2 | 1.2 | (0.2) | (5.4) | 5.8 |
| interest and tax | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Net finance costs | | | | | | | (1.5) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Taxation | | | | | | | (1.4) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Profit for the period | | | | | | | 2.9 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| 3 Exceptional items | | | | | | 2009 | 2008 |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | GBPm | GBPm |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Proceeds from lease | | | | | | - | 1.7 |
| termination | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Restructuring costs | | | | | | (2.3) | (1.8) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | (2.3) | (0.1) |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+--------------+-----------+--------------+--------+
| Restructuring costs in the period relate to the rationalisation of the | | |
| Rail business. | | |
+---------------------------------------------------------------------------------------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| 4 Net finance costs | | | | | | 2009 | 2008 |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| | | | | | | GBPm | GBPm |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| Finance income | | | | | | | |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| Net finance income from defined benefit pension | | | | - | 1.4 |
| schemes | | | | | |
+-------------------------------------------------+-----------------------+---+---------+--------------+--------+
| Other interest | | | | | | - | 0.4 |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| | | | | | | - | 1.8 |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| Finance expense | | | | | | | |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| Net finance expense from defined | | | | | (1.5) | - |
| benefit pension schemes | | | | | | |
+----------------------------------------+--------+-----------------------+---+---------+--------------+--------+
| Interest payable on bank and | | | | | | (0.7) | (2.4) |
| other loans | | | | | | | |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| Other interest | | | | | | (0.5) | (0.9) |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| | | | | | | (2.7) | (3.3) |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| Net finance costs | | | | | | (2.7) | (1.5) |
+-------------------------------+--------+--------+-----------------------+---+---------+--------------+--------+
| | | | | | | | |
+-------------------------------+--------+--------+----------+------------+-+-+---------+--------------+--------+
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| 5 Taxation | | | | | | 2009 | 2008 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | GBPm | GBPm |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| UK current tax | | | | | | - | - |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Deferred tax | | | | | | 0.1 | (1.4) |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | 0.1 | (1.4) |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| The tax charge is calculated using the estimated effective tax rate for | | | | |
| the full year. | | | | |
+---------------------------------------------------------------------------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| 6 Earnings per share | | | | | | 2009 | 2008 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | GBPm | GBPm |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| (Loss) / profit for the period | | | | | | (5.8) | 2.9 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Number of shares | | | | | | Number | |
| | | | | | | (m) | Number (m) |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Weighted average number of shares in issue during the period | | | | 213.3 | 213.3 |
+----------------------------------------------------------------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Basic and diluted (loss) / earnings per | | | | | | (2.7)p | 1.4p |
| share | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| 7 Retirement benefits | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| The retirement benefit assets and obligations at 16 October 2009 are calculated on a year-to-date basis, using the |
| actuarial valuations at 31 March 2009. An interim revaluation has not been carried out and accordingly there is no |
| actuarial gain or loss reported in the condensed statement of comprehensive income. The actuarial gain or loss for the |
| year to 31 March 2010 together with the position as at that date will be presented in the 2010 Jarvis plc Annual Report |
| and Accounts. |
+---------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| 8 Cash generated from operations | | | | | | 2009 | 2008 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | GBPm | GBPm |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Operating (loss) / profit | | | | | | (3.2) | 5.8 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Adjustments for non-cash movements | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Depreciation of property, plant and equipment and amortisation of | | | 1.8 | 1.8 |
| intangible assets | | | | |
+---------------------------------------------------------------------------+----------+------------+----------+------------+
| Difference between contributions to retirement benefit schemes and amounts | | (0.6) | 0.2 |
| recognised | | | |
+--------------------------------------------------------------------------------------+------------+----------+------------+
| Profit on disposal of property plant and equipment | | | | | (0.2) | (0.2) |
+-----------------------------------------------------+----------+----------+----------+------------+----------+------------+
| | | | | | | 1.0 | 1.8 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Movement in working capital | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Decrease in inventories | | | | | | 0.2 | 0.8 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Decrease / (increase) in receivables | | | | | | 23.5 | (4.1) |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| (Decrease) / increase in payables and provisions | | | | | (20.2) | 4.3 |
+-----------------------------------------------------+----------+----------+----------+------------+----------+------------+
| | | | | | | 3.5 | 1.0 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Cash flows from operating activities | | | | | | 1.3 | 8.6 |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| Statement of Directors' | | | | | | | |
| responsibilities | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| The Directors confirm that this set of financial statements has been prepared in accordance with IAS 34 as adopted by |
| the European Union, and that the Interim Management Report herein includes a fair review of the information required by |
| the Disclosure and Transparency Rule 4.2.7 and 4.2.8. |
+---------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| By order of the Board. | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| S Laird Chief Executive Officer | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| G Denton Group Finance Director | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
| 25 November 2009 | | | | | | | |
+-----------------------------------------+-----------+----------+----------+----------+------------+----------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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