Break down of Jarvis’s 2004 losses reveals a loss of £199m in the firm’s accommodation arm.
Jarvis’s accommodation arm made a £199m loss in 2004. Analysis of Jarvis’s results for Building magazine also revealed that Jarvis lost £107.3m writing off goodwill in the roads business and lost £94m on its rail business over the last 12 months.
The non-occupation of a new headquarter building in Smithfield, London cost the company £29m and restructuring fees amounted to £33.1m. The troubled support services firm also racked up a trading loss of £44m. In total jarvis made a loss of £539m for the year to 30 December 2004.
Jarvis revealed a £283.1m loss for the first six months of 2004 last month, but claimed that the worst was over. On Christmas Eve it sold its stake in Tube Lines to Spanish group Ferrovial for £146.8m.