Jarvis set to unveil £250m half-year losses

Troubled UK support services group Jarvis will this week announce half-year losses of more than £250m (€354m), it was reported today.

The bulk of the deficit is expected to comprise restructuring fees, a write-off of goodwill and losses on 14 private finance initiatives that are in the process of being sold.

According to the Sunday Times, other losses will reflect the adoption of more conservative accounting practices on its core rail track maintenance business.

The announcement will be made just days after Jarvis announced the sale of its most valuable asset – its stake in the Tubelines consortium that carries out engineering work on the London Underground.