 Jarvis has built a number of university projects |
Troubled engineering group Jarvis has admitted that its pre-tax loss for the last financial year was �9m ($16m) higher than previously thought. The new figure of �255.7m is a result of accountancy changes made following the completion of an audit for the year to 31 March.
Jarvis said there would be no material impact on the group, which is continuing with a recovery plan.
In July this year, the company reported an annual pre-tax loss of �246.7m.
As part of its recovery strategy, Jarvis said it had secured an extra �25m overdraft facility.
Uncertain outlook
The increased losses relate to two University Partnership Programme and Private Finance Initiative schemes.
Jarvis said its auditors had recommended that the income from the projects should be included in the current financial year instead of 2003/04.
The firm added that the auditors' report continued to show the "fundamental uncertainties" in its business.
Last month, Jarvis said it was "uncertain" about the extent of future construction losses.
The company's public image was hit after the 2002 Potters Bar crash, and it quit the rail maintenance business last year.
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