Jarvis issues revised full year accounts

Jarvis has issued a revised set of financial figures just eight working days after releasing the first set.

Jarvis had kept the City on tenterhooks for two months as a result of delaying its 2003 figures. Originally scheduled to appear in May, they finally surfaced on 30 July, the last date possible without breaking Stock Exchange rules.

The draft figures, covering the 12 months to 31 March 2004, contained a warning from the auditors that “their audit report is likely to express disagreement with the recognition within the financial statements of the sale by the group of the economic interests in many of its UPP and PFI joint ventures.

“As the transactions were entered into with effect from 31 March 2004, but in fact not legally completed until some days later, the auditors believe that the transaction should not have been recognised until the following year.”

Jarvis has fallen into line with its auditors’ viewpoint. As a result, last year’s pre-tax loss has deepened further to £256m from the marginally less awesome loss figure of £247m.

A spokesman for Jarvis said today: “It’s a technical accounting issue. The money will resurface in the current year’s accounts, adding to the profit line.”

Jarvis told the Stock Exchange: “The board has concluded it should adopt the accounting treatment recommended by the auditors.”