Forward looking and dedication will make "Jarvis" a name to remember. IMO

looking around 30p by 10th Jan 05

any one following jarvis today?

yeh shame i had 2 much 2 drink last night was going to buy this morning!!! expecpt got up 2 late :-(

I longed em @ 16.25 before they fell to 7.75 closed today @ 28 :o)

well done

anyone have any opinions on the next few days? remarkable day today.

babykitcat( tis that 2/4 fingers); Thanks left 7 points on the table, but happy with my lot...

up 105% WOW.

another 50%-70% tomorrow.IMO

80p by 10th Jan 05

why what's happeining on the 10th?

may be to late but im in at 38p and just to think if i waited 40 mins could have got in at 28p :-( DOH good luck every 1

We have had the cup , wait for the handle and we'll be laughing all the way to the bank .

the tunnel im looking down looks pretty dark to me any one got a spare bulb!!

Babykitcat, your not the only one I'm in @36+. longterm looking good me thinks.

azhar, same here, in at even higher! will see tomorrow morning, hopefully we all can see some gains...tomorrow, last day of the year

On completion of the Tube Lines Transaction and the other Transactions, the Directors anticipate an improvement in the financial and trading prospects of the Continuing Group for the remainder of the current financial year.
the receipt of proceeds from the Tube Lines Transaction, which it is anticipated will be on 10 January 2005,
completion of the disposal of the European Roads businesses for which a binding sale agreement was signed on 22 December 2004 but where completion is conditional upon the approval of Shareholders and the French competition authorities. This transaction is expected to be completed on or after 1 April 2005, with proceeds providing a further repayment to Core Lenders and payments to certain specified creditors, with the balance being available for the Continuing Groups working capital. It is not anticipated that the Group will need to provide funding to the European Roads businesses prior to their sale;
Alan Lovell, Chief Executive commented:

I am pleased that we have been able to achieve significant progress on these three crucial areas to the survival and future profitability of Jarvis. There are continuing objectives and targets to be achieved if the core business based on UK rail, roads and plant hire operations is to realise its full potential, but the disposals we have now agreed will provide the much needed working capital and pay down of debt that were conditional to the refinancing agreement we have reached with our lenders.

I am confident that we can now move forward in 2005 toward rebuilding Jarvis and return it to growth as a profitable business in future with its roots in these viable core operational areas.

i can see light @ the end of the tunnel............i see two men with clip boards and a piece of paper "CREDITORS NOTICE" AHHHHHHHHHHHHHH

moving back up again

Edmond Jackson: Jarvis attracts speculators in spite of losses
Published: 16:00 Wednesday 29 December 2004
By: Edmond Jackson

The period between Christmas and New Year is a classic one for news companies would prefer to hide - and perhaps Jarvis is setting a record among smaller companies by declaring a 283 million loss.

Yet the shares (JRVS) have been attracting buyers with the price up 7p to 25p/25.25p, capitalising the facilities management group at about 36 million. In its financial year to March, the facilities management group reported turnover above 1 billion.

Steven Norris, chairman, makes various bullish assertions in his statement, though I am mindful this is a company where shareholders desperately need some encouragement. Jarvis shares are showing the bounce that usually happens when a financially stretched company affirms viability. But long-term investors need grounds to anticipate a worthwhile business being honed out of a restructuring.

Jarvis had already warned the market about this news, via trading statements in July and November. At the start of December the shares were at an all-time low of 10.5p. So any silver lining to the black cloud triggers a price rise, with enough sellers already out. Chairman Steven Norris asserts that these results represent the nadir of the groups fortunes.

As you might expect with losses on this scale, some 240 million of these are exceptional write-downs (goodwill in the roads business, construction losses, certain debtors and work in progress). Norris claims that in the last few weeks the group has made outstanding progress with its business plan to stabilise the groups finances and reduce indebtedness.

Norris reiterates this extremely good progress and perhaps that is how it appears to management, which is fire fighting. Investors still have to appraise a like for like group operating loss of 44.5 million, relative to a profit of 31.7 million.

The share price rise is justified by Jarvis establishing a firmer financial footing such as selling its interest in Tube Lines for 146.8 million; agreeing 105 million of funding to complete construction contracts; and agreeing a refinancing until 27 March 2006 via additional bond facilities.

Looking forward, what concerns me is the modest information (as yet) to assess the ongoing businesses. This is understandable at an early stage in the recovery process. We are told of cost cutting that should yield annualised savings of 50 million and the new core businesses of rail, road and plant operations have been re-designed under a new organisational structure, and will be leaner and more cash generative than in the past. But despite this progress more work needs to be done in many areas to re-establish and enhance our reputation in our core markets.

It is a classic hurdle to overcome, how customer relations will have been affected by adverse publicity. Investors are challenged to figure how this may be resolved in future turnover.

That a new chief executive, Alan Lovell, was appointed in October was indeed vitally important and Alan has an outstanding record of achievement having undertaken restructuring and recovery work in the most exacting situations. Norris is similarly upbeat about promotions as chief operating officer and finance director.

The operations review reads well, but when it comes to the nub issue Norris cannot yet affirm the prospect of a profitable business, he ensures the caveat that we will be doing everything in our power to recreate a profitable efficient business

I am inclined to follow how the ongoing group performs, rather than buy on todays rise. Jarvis is a recovery share in the making, though its a speculative leap as to how it shapes up



http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=71023&MenuKey=News.Home&NewsPage=3

Jarvis claims cash crisis is over

Mark Milner
Thursday December 30, 2004
The Guardian

Jarvis chief executive Alan Lovell yesterday declared the company's cash crisis over despite a 283m half-time loss swollen by huge write-offs.
Following the deal to sell its 33% stake in Tube Lines on Christmas Eve, Jarvis has now reached agreement to cap its exposure to 14 stalled public finance initiative projects and to a refinancing package which will run until March 2006.

"Capping the 14 construction contracts, extending the banking arrangements - provided shareholders approved the Tube Lines sale then, yes, the cash crisis is over," Mr Lovell said.

Jarvis shares, which have been hit by rain derailments on track maintained by the company and then by problems on PFI contracts, responded by climbing 105% to 37p.

Chairman Steven Norris acknowledged that the first half figures for the six months to the end of September marked the "nadir" of the group's fortunes. But he said the recent agreements allowed Jarvis "to draw a line under the past."

Jarvis said it had written off some 240m in the first half, mainly against the roads business, construction contracts and old debts while operating losses amounted to 44.5m.

The sale of the Tube Lines stake, which will provide a 5.6m fee for Transport for London, to Spain's Grupo Ferrovial is worth almost 147m while other assets disposals will bring in another 50m.

Mr Lovell, who will pick up a 450,000 bonus if he succeeds in turning the company round, said he was confident that shareholders would back the Tube Lines deal when they vote on it on January 10. Jarvis has already warned that without the Tube Lines cash it would struggle to survive.

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Yesterday the company said it had reached agreement in principle under which it will make a contribution to a 105m package that will allow work to restart on the stalled PFI contracts. Jarvis is expected to complete nine of the contracts itself and pass five on to other companies.

The reshaped Jarvis will focus on three core operations - rail, road and plant operations, with a turnover of about 500m. After the disposal programme the group will have debts of around 240m.

Mr Lovell said there were three ways Jarvis could reduce its debt - by bringing in a strategic investor, a merger or a debt for equity swap - but added that there was no urgency in making a choice.

The priority was to demonstrate that the new-look Jarvis was a viable, profitable entity. The company had already cut around 20m in costs and was looking to achieve another 30m in savings.

http://www.guardian.co.uk/business/story/0,,1380777,00.html