Troubled support services group due to post delayed annual figures, which will include a huge loss.
PFI and infrastructure contractor Jarvis is expected to post a huge loss for the year to 31 March tomorrow morning, but will receive backing for its restructuring plan by its bankers.
Sources close to the firm claim the loss will be in excess of £150m for the past year. The restucturing plan designed to raise much-needed cash includes the disposal of the firm's stake in tube consortia Tube Lines and a road marking division.
The firm came close to breaching its banking covenants after announcing debt levels had reached £230m at the start of the month but was given a waiver by its lenders, the Royal Bank of Scotland and Barclays, until the end of July. It led to predictions from analysts that the group would need to hugely scale back its operations, including exiting from contracting.
The firm's share price rose around 30% this week on the back of predictions that the group would receive support from its banks. The price stood at 50p this afternoon.
