Jarvis, troubled support services firm, has announced that it made a £61m loss in the six months to September.
The loss is directly attributable to the £378m debt-for-equity swap that gave Jarvis a lifeline in September.
Steven Norris, Jarvis’ chairman, said the company had made a £6.2m operating profit, which does not include interest charges, in the half year to 30 September. But financial costs of £66m meant that it went into the red. Other exceptional costs were associated with the surrender of the long-term liability for the company’s planned head office in Farringdon, London. Jarvis is instead set to consolidate the business in York.
Alan Lovell, chief executive, and Alasdair Marnoch, finance director, are to leave Jarvis once its headquarters moves to York in the first half of next year.
Norris said: “Having survived the most difficult period in the company’s history and having 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 as it has left a number of markets. The star performer was the rail and plants business, which had an operating margin of 11%.