April 22, 2004 Financial Results : Jarvis plc
Organisation: Jarvis plc
Analysis and commentary by Echo Research. It was never going to be a happy week for Jarvis, but the forthright nature of headline coverage has a way of encapsulating the worst of an unfortunate state of affairs. "Jarvis: the bad news or the bad news?"asked citywire.co.uk (15/4). "Jarvis Crisis Deepens … ",intoned The Times (16/4). Jarvis' financial statement appeared a depressing catalogue of tribulation: profit warning; £5 million loss in core business; resignation of Finance Director; £40 million exit cost from rail maintenance contracts; £6m loss on PFI / UPP equity interest sales, and those obstinate reputation issues. "It's all about reputation, and at the moment Jarvis is in the intensive care ward"(Scotsman, 16/4). Yet, one man refused to be cowed. "It's been a challenging year"quoted CEO Kevin Hyde. Master of the understatement or down-to-earth realist? The results were not good, but Mr Hyde stood firm. Whether or not, "Mr Hyde has … been through the 'think positive' school of management speak"was irrelevant (The Times, 16/4). He presented the key messages of change: 'substantial restructuring', sale of non-core businesses, simplification and transparency. Messages underpinned by £516 million potential new business and a more savvy approach to PFI contracts. A dismal week, but possibly a brighter future.
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