Latest:
Buyer lined up for European roads arm
16:52 27 Oct 2004
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Plans for the trimmed-down Jarvis include moving the troubled
group's headquarters to York and cutting overheads by
£50m.
A string of seven business disposals has helped to cut debt, but more is still needed.
Chairman Steven Norris told shareholders that Jarvis is in negotiations with a single potential buyer for its European roads business in France and Belgium, trading as Veluvine and Prosign.
Disposals to date offer annualised future savings of £20m, leaving Jarvis with a further £30m to achieve.
Substantial job cuts are in the air, although many of the group's London-based staff will be transferred to new employers, the result of non-core businesses being sold as going concerns.
In facilities management, a new accounting policy has been adopted. A spokesman said: "It's to do with the way we recognise future profits on deals that run 25 to 30 years. It's to do with smoothing the curve of the income stream."
A string of seven business disposals has helped to cut debt, but more is still needed.
Chairman Steven Norris told shareholders that Jarvis is in negotiations with a single potential buyer for its European roads business in France and Belgium, trading as Veluvine and Prosign.
Disposals to date offer annualised future savings of £20m, leaving Jarvis with a further £30m to achieve.
Substantial job cuts are in the air, although many of the group's London-based staff will be transferred to new employers, the result of non-core businesses being sold as going concerns.
In facilities management, a new accounting policy has been adopted. A spokesman said: "It's to do with the way we recognise future profits on deals that run 25 to 30 years. It's to do with smoothing the curve of the income stream."
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