2008
Jarvis plc Annual Report and Accounts  Jarvis plc Annual Report and Accounts 2008 1
Contents
Financial Highlights
For the period ended 31 March 2008
1 Financial Highlights
2 Chairman’s Statement
4 Chief Executive’s Statement
6 Financial Review
8 Operating Review
12 Biographies
14 Corporate Governance Statement
19 Corporate Social Responsibility
23 Directors’ Remuneration Report
28 Directors’ Report 
32 Statement of Directors’ Responsibilities
33 Consolidated Income Statement
33 Consolidated Statement of Recognised Income and Expense
34 Consolidated Balance Sheet
35 Consolidated Cash Flow Statement
36 Notes to the Consolidated Financial Statements
57 Company Balance Sheet
58 Notes to the Company Balance Sheet
61 Group Historical Summary
62 Report of the Independent Auditor to the members of Jarvis plc
63 Investor Information
2008 2007
£m £m
Revenue* 321.9 288.5 
Profit before tax* 7.5 0.3 
Profit / (loss) for the period 11.1 (21.7)
Net cash used in operating activities (18.7) (35.2)
Net debt (38.8) (23.6)
Basic and diluted earnings / (loss) per share 5.4p (13.5)p
*From continuing operations, before exceptional items. I am pleased to report that the Group has
continued to make encouraging progress
under improving conditions which prevailed
across the whole of the rail industry,
particularly in the second half of the financial
year. As a result of a great deal of effort at
all levels across the divisions, aided by a
stronger demand for our services, the Group
has generated a profit of £11.1m for the year,
our best overall result since 2003. 
It was disappointing that despite these
significant improvements in the business
overall, the financial performance was held
back by problems within our Plant business
which led the Board to issue the trading
update in November 2007. However, during
the second half of the year volumes were
substantially improved in Jarvis Rail and as 
a consequence our Fastline Plant operation
also performed better.
Meanwhile the Group has disposed of 
its share in Herefordshire Jarvis Services
Limited and has also exited a number of other
facilities management contracts, three of
which were significantly loss-making. At the
same time we have continued to reduce our
overhead costs and have initiated a major
overhaul of our information technology and
our property requirements. That exercise
continues and is proceeding as planned.
Our strategy continues to be that of
concentrating on our core competencies 
in rail and associated plant activity, while
building our rail Freight business and looking 
carefully at all the strategic options which 
are available to us in relation to our remaining
Facilities Management business. 
Most pleasingly, as we announced on 
22 May, we have agreed with our lenders,
Bank of Ireland and Bank of America, an
extension of our working capital facilities 
to January 2010 together with a reduction 
in our overall cost of borrowing. We believe
this represents a strong signal by our lenders
of their confidence in our business model,
particularly in current debt market conditions,
and we appreciate their continuing support 
of our strategy.
Financial Results
Our financial performance for the year
reflects a tale of two halves. Our revenues
from continuing operations increased by 
36 per cent in the second half compared to
the first, totalling £321.9m for the full year
(2007: £288.5m). This drove a second half
operating profit, excluding discontinued
operations and exceptional items, of £8.9m
compared to £0.3m in the first half. Total
operating profit of £9.2m compared to
£4.9m in the previous year.
Our results benefited from the receipt of a tax
refund, including accrued interest, of £6.5m
which we announced in February. Net debt
increased to £38.8m (2007: £23.6m) as we
put the equity raised at the previous year end
to good use, by exiting loss-making facilities
management contracts and funding overhead
reductions to improve efficiency, including
investing in new information systems.
Group profit for the year attributable to
equity shareholders was £11.1m (2007:
loss £21.7m).
Rail
Our Rail business is now extremely busy.
The first half performance was affected 
by the late start of a number of large
enhancement contracts for Network Rail 
but these are now virtually all well underway
and continue in the current year. One of our
largest and most complex contracts is at
Rugby where we have been the Principal
Contractor for Network Rail’s largest single
scheme on its West Coast enhancement
programme, undertaking major and
preparatory works every weekend since
January 2007.
2 Jarvis plc Annual Report and Accounts 2008
Chairman’s Statement
The year to the end of March 2008 
was a significant milestone for the 
new Jarvis and we have achieved 
the best result for five years. Jarvis plc Annual Report and Accounts 2008 3
In September we were confirmed as one 
of Network Rail’s four contractors for track
renewals. Throughout the year we have
secured additional enhancement contracts.
This decision by Network Rail shows their
confidence in Jarvis as a leading supplier of
track renewals and is another key step in our
strategy to focus on our core competencies
and to maximise our increased opportunities
following the unveiling of Network Rail’s
programme of rail expansion.
Plant (Fastline)
Plant had a particularly challenging first 
half year and everyone in the business
worked exceptionally hard to maximise 
the opportunities that the upturn in Rail
volumes presented to our Plant business.
Consequently the second half performance
saw much improvement over the first half.
We have sold some of our older and largely
unused heavy plant to Poland and Egypt. Not
only has this released funds which will reduce
debt and assist our plant renewal efforts but it
has allowed us to establish contacts in these
rail markets which along with a number of
others, particularly in Central and Eastern
Europe, are now growing rapidly and are
increasingly looking for the services we 
can provide.
Freight (Fastline)
Our rail Freight operation has launched its
third container route and now operates a
service to the North West. Work on the E.ON
coal haulage contract commenced in May
2008 and marks a significant milestone in 
the continued development of the Freight
business. It is becoming increasingly vital to
the economy and the environment that more
freight is moved across the country by rail.
We continue to see our Freight business 
as capable of further expansion in a market
which is set to grow substantially in the
coming years. 
Accommodation Services
Thanks to the hard work of Stuart Laird 
and his whole team, the Accommodation
Services division is now no longer the source
of a continuing outflow of cash. The business
is now profitable at the contract level and
benchmarking of several other contracts will
also improve profitability. We have disposed
of seven further contracts, including our
share in the Herefordshire Jarvis Services
business, during the period and continue 
to examine all strategic options regarding 
the remainder. 
Our People
I have been enormously impressed by the
quality and assiduity of our loyal colleagues 
in every part of the business. In paying tribute
to them for their exceptional efforts I also
warmly thank Richard Entwistle, our Chief
Executive and John O’Kane, our Group
Finance Director, who has managed our
finances with skill and prudence throughout
the year, for their outstanding contributions
and finally my Non-Executive colleagues on
the Group Board for their unstinting support
and advice. 
Future Prospects
The implementation of our strategy remains
on track. We encountered some setbacks
which meant that we have not progressed as
quickly as we would have liked in the period.
However, I am pleased that with the hard
work of everyone involved we have made
substantial progress. The business is in 
far better shape now than it has been for 
a long time.
It is clear from Network Rail’s recently
updated Strategic Business Plan for April
2009 to April 2014 and the Government’s
‘Delivering a Sustainable Railway’ White
Paper that the government is embarking 
on a course of substantial improvement 
to the UK rail network. The levels of spend
forecast within these documents is at an
unprecedented high and is considerably
greater than the industry has witnessed
before. As a result there are significant
opportunities in the UK rail market and 
the Board believes we are well placed 
to capitalise on these.
The year to the end of March 2008 was a
significant milestone for the new Jarvis and
we have achieved the best result for five
years. This result, our performance to date
and the increasing opportunities within the
UK rail market allow us to look forward to 
the year to come with equal confidence. 
Steven Norris
Executive Chairman
27 May 2008 Overview of Activity
The Group set a strategy in 2006 to focus
on the Rail, Plant and Freight businesses,
dispose of unprofitable activities and
reduce overhead costs. I am pleased 
to report that we have made very real
progress in achieving those aims.
– Revenue in Rail is 45 per cent higher than
last year.
– We have exited six facilities management
contracts plus our share in the
Herefordshire Jarvis Services business.
– We have reduced central overheads by
38 per cent.
– We have secured a five year coal haulage
contract in Freight which will substantially
increase revenues and transform that
business.
Health, Safety and Environment
Our Health and Safety performance
continues to be a priority for the business
and we have performed well in the period. 
Our Rail and Plant businesses achieved a
trackside Accident Frequency Rate (AFR) 
of 0.18 accidents per 100,000 hours worked.
This is a 21 per cent improvement on the
equivalent figure at the end of last year and
is within the 0.20 target set by Network
Rail. Of particular note was the outstanding
performance of the Scotland rail team, the
Electrical Projects Group teams based at
Doncaster and Manchester and the Fastline
Plant depots in Darlington, Cardiff, Eastcroft
and Reading all of whom reached more than
1,000 days without incurring a RIDDOR
reportable accident. 
Jarvis Rail’s West Coast A09 project team
was also one of the first teams on this
project to receive Network Rail’s West
Coast Route Modernisation Safety Award.
This was for the safe delivery of Route
Section 3 in Scotland and Route Sections 1,
2, 3 and 7 track works in the North West of
England during 2007-08. 
Following the implementation of a more
rigorous internal safety tour and briefing
process the Accident Frequency Rate 
in Accommodation Services has almost
halved compared to the previous year 
and the division saw a huge reduction 
in the frequency of minor accidents. 
We strive continuously to improve our
environmental performance as an integral
part of the services and facilities we deliver,
because we believe that just a small
improvement can make a difference not
only to society but to the efficiency of the
business. We take any environmental
incident very seriously and can report 
that during the year there was a further 
22 per cent reduction in the total volume
of oil spillages and leaks within the Plant
business compared to the previous year. 
Rail 
The Rail business has performed well
during the period and revenues have
exceeded expectations, particularly in the
second half, as the planned enhancement
work outlined in Network Rail’s Strategic
Business Plan has finally started to come
on line. 
The teams in track renewals and
enhancement projects north and south of
the border have successfully delivered an
increasing workload, the majority of which
has been undertaken during the weekends.
During the year the teams have worked
every one of the 52 weekends, including
Bank Holidays, and sometimes in very
difficult weather conditions. 
During the first half of the year the track
renewals business took part in a much
publicised performance review and
competition initiated by Network Rail to
select four track renewals contractors from
six. The process ran for six months and in
September we were very pleased to be 
4 Jarvis plc Annual Report and Accounts 2008
Chief Executive’s Statement
Our strategy remains very clear and we have
diligently followed the path to achieving 
our goals. The business has come a long 
way during the last year. Jarvis plc Annual Report and Accounts 2008 5
appointed as one of the four successful
contractors. This was due to the dedication,
hard work and experience of all the teams
involved. Our success in this process will
result in additional annualised revenue 
of approximately £17m which will first
materialise in 2008-09. We have secured
significant additional revenues in the
London North East (LNE) region which 
has been extended to include the Midlands
although we have lost some revenue in
Scotland. The transition of the contracts has
now been completed and all employees
affected have been transferred under 
the TUPE regulations. 
Plant (Fastline)
The last twelve months in Plant have been
particularly testing. The demand profile for
heavy plant such as tampers and ballast
regulators and the mix of work in our 
Rail business meant that revenues were
lower than anticipated. However, having
developed a fuller understanding of the
issues in the Plant and Rail businesses, we
were able to react rapidly to improve the
position and the performance in the second
half was much stronger than in the first.
We continue to pursue our strategy of
developing mechanised services which is
aimed at improving output, delivery times
and safety. Within the year our track
renewal system, Slinger
®
, has installed
253,440 sleepers, equating to more 
than 160 kilometres of track, on sites
countrywide for a range of customers.
In the last few weeks a team from Fastline
broke another record at a site at Orston
Lane in Jarvis Rail’s LNE Midlands territory
by placing more than 1,400 yards of
sleepers in just two hours using the track
renewal system, Slinger
®
. This further
demonstrates the capabilities of the track
renewal system, Slinger
®
, and is a good
example of how people, processes and
technology can be brought together to
deliver outstanding results. This is typical 
of what we are aiming to achieve and we
believe this approach will assist Network
Rail in achieving its goals regarding a 7 day
railway.
Freight (Fastline)
The Freight business commenced in 
June 2006 with three refurbished class 
56 locomotives. At the start of this financial
year we ran two container services from
Thamesport to Doncaster and Birmingham
and throughout the year volumes of
container traffic have steadily increased.
We launched a third service in February
2008 to the North West (Barton Dock
Terminal).
The container activity has, as I have
previously stated, until now been
suboptimal. However, the Freight business
is being transformed as we commence 
the contract to haul coal for E.ON secured
earlier in the year. As planned we have now
hauled our first coal wagons for E.ON and
the introduction of Fastline’s five new class
66 locomotives and 94 coal hopper wagons
is staged such that the activity will be fully
operational shortly.
Accommodation Services
Once again the business has made
excellent progress in the year.
All construction contracts are concluded
and as such the exit from construction is
effectively complete. There are still some
residual defects issues to be resolved but
these are fully provided for.
In the Facilities Management business, 
we terminated the 3 significant loss-making
contracts in the North. The transaction
completed in October and included a 
fourth contract for geographical reasons.
The total number of schools involved in 
this transaction was 47. We disposed of 
our 80 per cent share in the Herefordshire
Jarvis Services local authority outsourcing
business in September and more recently
have also terminated two further FM
contracts.
The business is now much smaller and
more manageable with only 25 contracts
of which 23 are long term PFI agreements.
With many of these reaching their first
benchmarking dates the business is
starting to benefit from increased revenues. 
In short, the business is no longer a liability
which is a substantial achievement when
compared to the situation only two years
ago.
Central Overheads
A central plank of our strategy was to
significantly reduce the Group’s overhead
costs. I am pleased to report that we are
ahead of target, reducing our central
overhead costs in the year by £7.7m
(before exceptional items), and we will
have achieved our target run rate for 
central overhead costs of £11m a year. 
In last year’s report I mentioned that we
needed to introduce a more appropriate
management information system to match
our size and shape and assist us with
further cost reductions. We have embarked
on this course and are approximately half
way through the programme.
Overall
Our strategy remains very clear and 
we have diligently followed the path to
achieving our goals. The business has
come a long way during the last year. We
have encountered some obstacles and
worked extremely hard to overcome them.
I am pleased to say we have nonetheless
made significant progress.
Richard Entwistle
Chief Executive
27 May 2008 Revenue and Operating Profit
The Group’s revenue for the period to
31 March 2008 increased by £33.4m to
£321.9m, resulting from stronger demand
for Rail services in the second half of
the year.
The Group achieved a profit at the operating
level, before exceptional items, of £9.2m
(2007: £4.9m). The improvement was largely
due to the increased volumes and margins
in the Rail business.
Cash Flow and Net Debt
The operating cash outflow for the 
period reduced to £18.7m (2007: £35.2m),
reflecting lower restructuring and interest
costs and a tax refund and interest rebate
from HM Revenue & Customs (HMRC)
of £6.5m. 
Net debt at £38.8m is higher than in the
prior year, the 2007 net debt figure having
included £21.7m net proceeds from the
Placing and Open Offer completed on 
2 April 2007. Subsequent to the period end
the Group refinanced its subordinated debt
facilities and extended the terms of its
borrowings to January 2010. 
Finance Costs
Net finance costs for the period ended 
31 March 2008 of £0.6m were significantly
lower than prior year (2007: £4.6m). This
was driven by an improvement in finance
income from defined benefit pension
schemes of £1.0m, reduction of interest
charged on borrowings by £1.9m, and the
interest benefit of £1.1m from the refund
by HMRC.
Taxation
There was a net tax credit in the period 
of £5.2m, a consequence of the £5.4m 
tax refund received during the period.
Agreement was reached with HMRC to
amend corporation tax returns submitted
by the Group for the years 2000, 2001 and
2002 following a change in tax legislation 
in 2007. This resulted in a tax refund of
£5.4m and associated interest rebate of
£1.1m, both of which have been presented
as exceptional items in the period.
Exceptional Items
In addition to the HMRC tax refund, other
exceptional items in the period include:
– costs of £2.7m associated with the delayed
termination of three loss-making facilities
management contracts;
– divisional redundancy costs of £2.0m as
part of the ongoing overhead reduction
programme: and
– £2.4m profit generated from the disposal 
of the Group’s 80 per cent interest in
Herefordshire Jarvis Services Limited.
Operational Restructuring
Significant progress has been made during
the period on the continuing operational
reorganisation of the Group including:
– disposal of loss-making facilities
management contracts in October 2007;
– restructuring of the Accommodation
Services Division to achieve profitability;
and
– achievement of the planned reduction of
central overheads in line with the size of the
repositioned business. Central overheads
have been successfully reduced from
£20.1m in the period ended 2 April 2007 to
£12.4m in the period ended 31 March 2008.
Pensions
A formal actuarial valuation of the
Streamline Pension Schemes as at 5 April
2007 was completed during the period and
showed a funding position of 74 per cent.
The last formal actuarial valuation of the
Railways Pension Scheme (RPS) was
carried out at 31 December 2004 and
showed a funding position of 102 per cent. 
The position of each of these schemes
has been updated by actuaries to 31 March
2008. The IAS 19 surplus on the RPS was
£40.4m (2007: £36.4m). The IAS 19 deficit 
6 Jarvis plc Annual Report and Accounts 2008
Financial Review
The Group achieved a profit 
at the operating level, before 
exceptional items, of £9.2m. Jarvis plc Annual Report and Accounts 2008 7
on the Streamline Pension Schemes
reduced to £15.1m (2007: £17.0m).
During the period the Group’s contributions
to these schemes was £4.1m (2007:
£4.2m) and included special contributions
to the Streamline Pension Schemes of
£1.0m (2007: £1.0m).
Financial Risk Management
The Group has a centralised Treasury
function whose primary role is to manage
funding, liquidity and financial risks. The
Group Treasury function ensures financial
risks are identified through:
– receiving regular, formalised reports from
all operating divisions;
– review of operational results and executive
information, in particular each division’s
cash generation and usage and working
capital position; and
– involvement in, and review of the output
from, the planning and forecasting process.
In order to establish the Group’s funding
requirements the Group Treasury function
monitors:
– regular cash flow forecasts prepared by 
the divisions;
– budgets and forecasts;
– actual trading results and resultant debt 
and balance sheet positions; and
– capital expenditure requests.
If appropriate, the Group enters into
derivative transactions, principally 
interest rate swaps and forward currency
purchases, to manage material interest 
rate and foreign exchange risks arising from
the Group’s operations and its sources of
finance. No such transactions have been
entered into during the period. It is the
Group’s policy that no trading in financial
instruments for speculative purposes 
shall be undertaken.
The Group’s principal financial assets are
bank balances, cash, amounts recoverable
on contracts and trade debtors, which
represent the Group’s maximum exposure
to credit risk in relation to financial assets.
The Group’s credit risk is primarily
attributable to its amounts recoverable 
on contracts and trade debtors. Credit risk 
is managed by monitoring the aggregate
amount and duration of exposure to any
one customer depending upon their credit
rating. The amounts presented in the
balance sheet are net of allowances for
doubtful debts, estimated by the Group’s
management based on prior experience
and their assessment of the current
economic environment.
Key Financial Performance Indicators
Actual Actual
2008 2007
£m £m
Revenue* 321.9 288.5
Operating profit* 9.2 4.9
Operating margin* 2.9% 1.7%
Earnings / (loss) per share 5.4p (13.5)p
Operating cash flow (18.7) (35.2)
Net debt 38.8 23.6
* From continuing operations, before
exceptional items.
Non-financial key performance indicators
are as reported in the Corporate Social
Responsibility report on pages 19 to 22.
John O’Kane
Group Finance Director
27 May 2008 Overview of Activities in the Business
Jarvis Rail Limited (Jarvis Rail) is the rail
engineering arm of the business which
undertakes rail enhancement projects,
signalling and telecommunications, overhead
line and track renewals nationwide. The
business has maintained its position as a
major provider of infrastructure works to the
UK rail industry not only through the provision
of plain line and switch and crossing renewal
as one of Network Rail’s chosen track
renewals contractors, but also through the
delivery of some key enhancement projects
north and south of the border. 
Safety remains at the top of the agenda with
both the Rail and Plant teams continuing on
the mission to achieve zero accidents. The
period saw the company better the reduced
Accident Frequency Rate (AFR) target set by
Network Rail of 0.20 accidents per 100,000
hours worked. At the end of the period our
Rail and Plant businesses combined achieved
a highly credible trackside AFR of 0.18, a
reduction of 21 per cent on the previous year.
Revenues exceeded expectations and
increased by 45 per cent on the previous year.
This was predominantly due to the increase 
in volume, which picked up in the second 
half as work came fully on line following the
award of contracts earlier in the year. These
enhancement contracts included Airdrie to
Bathgate, Rugby Station Remodelling,
Glasgow Airport Rail Link and Thameslink.
The second generation of projects also
started to come through as part of Network
Rail’s West Coast Route Modernisation. 
The business has continued to strengthen its
relationship with its major client Network Rail
and teamwork was central to its success.
A major focus during the first half was our
efforts to secure a place as one of the four
suppliers for Network Rail’s future Track
Renewals programme. The decision to select
Jarvis Rail is a major vote of support from our
biggest client. It generates secure workload
until April 2009 with the potential for
extensions of up to 5 years and significant
additional revenues.
The business undertook renewal work on 
the network during every single weekend 
and Bank Holiday of the period. Aside from
the high profile overruns which affected 
the project at Rugby over Christmas, Jarvis
Rail has worked closely with Network Rail 
to successfully deliver upgrades and
improvements on 4,764 worksites including
nearly 400 core sites during the year.
Despite challenging weather conditions over
the Easter weekend in March, Jarvis Rail and
Network Rail worked jointly to safely and
efficiently complete engineering works 
at more than 50 work sites countrywide.
These included major engineering projects 
at Rugby and Northampton. 
Network Rail has stated that one of its 
critical tasks in the coming years is to 
deliver its ‘7 day railway’ initiative which will
necessitate delivery of a minimum 200 yards
track renewal in an 8 hour possession and
installation of switches and crossings using
modular techniques. Jarvis Rail is fully
engaged working with Network Rail on this
initiative and took significant steps towards
achieving this in April 2007 when the modular
techniques, designed in house, successfully
installed five point ends in a 54 hour possession
at Hunterston in Scotland and in September
when the required 200 yards were installed 
at Heaton Sidings in the LNE territory.
West Coast Route Modernisation
Work on the second generation of Network
Rail’s West Coast Route Modernisation
project has now come fully on stream.
In this period Jarvis Rail secured substantial
new contract work including Trent Valley
Four Track (TV4), Ipswich to Ely gauge
enhancement and several stages of the
A09 – West Coast Line Speed
Enhancement project.
Work on the complex remodelling contract
at Rugby, which commenced in early 2007,
continued throughout this period. Although
there were issues at Christmas, the West
Coast team continues to deliver its work on
the project safely and has worked closely
with Network Rail to consistently improve
productivity targets. Over Easter the Rugby
project team undertook a heavy programme
of plain line and overhead line construction
works throughout the length of the project
area in an overall possession of 101 hours.
The team are fully focused on working to
ensure that the project remains on schedule
for completion in December 2008. 
The TV4 project includes the building of two
additional railway tracks to separate freight
trains and local passenger trains from the 
fast passenger services. Jarvis Rail has
commenced work on the planning and
installation of plain line and switches and
crossings elements within this project 
and will continue throughout 2008. 
Throughout the year the West Coast and
Scotland Track Renewal Company (strc)
teams commenced work on the contracts
awarded as part of the West Coast Line
Speed Enhancement works. Known as A09,
the contracts include work on five route
sections between London and the Scottish
border. Work on the largest of the projects,
Route Section 12 (RS12) commenced 
in August. The contract comprises
development, design, planning and
implementation of major civils, plain line track
renewals, signalling, telecommunications,
overhead line and mechanical and electrical
systems as part of the remodelling of 
the infrastructure between Stoke and
Manchester. The Electrical Projects Group
(the EPG team) is carrying out the signalling
design and installation works to support all 
of these projects.
The West Coast team continues its
excellent safety performance with the A09
teams at Glasgow and Manchester recently
receiving one of Network Rail’s first safety
awards for the contract after completing 
the period without sustaining any RIDDOR
reportable accidents. 
Track Renewals
The rationalisation of track renewals
contractors by Network Rail dominated 
the year in Track Renewals. The period
commenced as the team were midway
through the competition and by September
the performance of the LNE and Scotland
Integrated Management Teams (IMTs) had
ensured Jarvis Rail’s success. The result 
has seen Jarvis Rail extend its LNE territory
significantly to include the Midlands region
and the switches and crossing framework 
in Scotland transfer to another contractor.
The remainder of the year was spent
ensuring that the planned operations were
safely and efficiently delivered, as well as
undertaking a complex and demanding
transition of all the relevant people under
TUPE regulations. In January we welcomed
employees into the LNE team from Grant 
Rail and the transition of the Scotland IMT to
another contractor was completed in March.
The transition was achieved with minimum
disruption to both people and operations. 
8 Jarvis plc Annual Report and Accounts 2008
Operating Review
Rail Jarvis plc Annual Report and Accounts 2008 9
Throughout all this the team continued to
carry out a substantial workload. On top of 
an exemplary safety performance for the third
consecutive year the strc team renewed 43
point ends and more than 8,400 composite
yards of plain line in the period. The LNE team
continued to make improvements to track
quality throughout the year and delivered 
a total of 428,696 composite yards of plain
line and 62 switch and crossing units.
Last summer Jarvis Rail’s IMTs delivered
notable achievements as part of Network
Rail’s early deployment initiative. As well as
the team in Scotland’s modular installation 
at Hunterston, the LNE team successfully
installed a crossover with a double junction
and switched diamond in less than 43 hours
at Altofts, near Wakefield. These achievements
clearly show how Jarvis Rail is at the forefront
of the improvements needed in modular
processes to aid Network Rail in achieving 
its 7 day railway. 
National Multi-disciplinary Projects
In Scotland the strc team dedicated to multi-
disciplinary project and enhancements has
undertaken work on major projects including
Airdrie to Bathgate, the Glasgow Airport 
Rail Link, the A09 and LL25 West Coast 
line speed enhancement programmes 
and a 14 day blockade at Shields Junction. 
The advanced works on the Airdrie to
Bathgate project ran throughout the period
and extend to early 2009. The work
completed this year includes the renewal of
the old freight line as part of the redoubling
works which equates to more than 15,000
composite yards of track. The successful
delivery of these works safely, efficiently 
and on schedule has been rewarded and the
team has secured the switch and crossing
contract as part of the overall Airdrie to
Bathgate project. These works, which 
are due to commence early in the 2008-09
financial year include the installation of
twelve point ends at Bathgate/Boghall 
and the remodelling of Newbridge Junction
on the main Edinburgh to Glasgow line.
Early in the period a projects team was
formed in the South of England to enable
Jarvis to maximise the growth opportunities
in London and the South West. This team has
already completed work on the development
programme for the reliability strengthening
for Thameslink and in December secured
a four year framework to manage and 
implement the survey, design and
construction of this project.
As well as working alongside Jarvis Rail’s
West Coast team to deliver the signalling
design and build to facilitate the A09 line
speed enhancements, the EPG team has
completed a number of signalling and multi-
disciplinary infrastructure renewals during the
period including high profile projects such as
the Brough East signalling and level crossing
renewal and the Durham Coast interlocking
renewal. The EPG team has continued 
to improve upon its safety performance
successfully delivering all projects without
sustaining a RIDDOR reportable accident.
In March the EPG team was awarded 
the Low Row Sector B Signalling Renewal
Contract, a significant project consisting of
the design and build of a new signal box, two
level crossings and the renewal of ten miles
of line-side infrastructure. Work has already
commenced on this project and the EPG
team is also engaged on nine projects under 
the Minor Signalling Renewals Framework.
These design and build projects, part of 
the five year programme on LNE range 
in complexity and include level crossing
renewals on the East Coast Main Line 
at Moss, Balne and Widdrington.
The project teams north and south of the
border remain focused on delivering current
contracts and maximising opportunities 
by securing a further share of a growing 
rail market.  Overview of Activities in the Business
Fastline is the trading name of the Group’s
Plant business, which operates as a division 
of Fastline Limited. Fastline provides the 
rail industry with a wide range of on track
machines (OTMs), specialist plant and 
small plant equipment. Through its transport
business Fastline also manages an extensive
fleet of commercial vehicles, many of which
are purpose built, to serve the rail and other
industries. 
On Track Machines (OTMs)
The Network Rail National Framework
contract has continued to represent a
significant proportion of the total revenues
for the OTM fleet. This contract expires in
March 2009. We understand that Network
Rail plans to issue tender documents for new
contracts to replace existing arrangements
with its current suppliers under the various
National Framework Contracts. The reliability
of Fastline’s machines was outstanding, 
once again, achieving 98 per cent reliability.
As the workload in the Rail business
increased there were significant
improvements to the performance of 
the Plant business during the second half. 
During the Christmas period for example
Fastline OTMs provided an extensive number
of additional shifts, which were undertaken 
at short notice, all of which were delivered
efficiently and safely. 
Over the Easter weekend in March, Fastline
carried out 144 operating shifts across the
OTM and specialist plant fleet. The work 
was spread over four days without any major
incidents and incorporated shifts at critical
sites on the West Coast Main Line. Despite
most of the country experiencing severe
weather conditions all the planned works
were completed as scheduled. This work
was carried out for a range of customers 
as well as supporting the Jarvis Rail track
renewal teams in the London North East
(LNE) territory.
Fastline also operates and maintains a 
total of 64 machines owned by Network Rail.
This includes a contract for the operation and
maintenance of six Multi-Purpose Vehicles
(MPVs), which undertake seasonal railhead
treatments (Autumn) and weed killing
activities (Spring). Fastline continues to
operate a fleet of four Stoneblowers for 
Network Rail across the LNE territory and
Scotland. The contract for 2008-09 has been
secured for the operation of Network Rail’s
High Output System 1 comprising two
Medium Output Ballast Cleaners (MOBC),
18 ballast distribution wagons, 18 spoil
handling wagons and 18 multi-functional
wagons. During 2007-08 Fastline completed
55,888 metres of ballast cleaning in 65 shifts.
An innovation being developed in house is an
automatic lifting beam for use with Fastline’s
track renewal system, Slinger
®
. This has
been designed to reduce the necessity 
for the work force to work at height when
loading panel lengths of track on to wagons.
The successful implementation of this
equipment will be a major step forward 
in providing the industry with a safe and
efficient handling solution. 
International
During the period, Fastline supplied a number
of older and largely unused machines to
Central and Eastern Europe, the Middle East
and North Africa. These territories are key
growth markets for investment in railway
infrastructure. 
Some of these machines, which left the UK in
March 2008, have been supplied to a leading
private trackwork contractor in Poland and
will be deployed on one of the first EU funded
projects in Poznan, Poland. 
A small fleet of machines is also being sold
for deployment throughout the Middle East
and North Africa including Libya, Saudi Arabia
and Egypt. One of the major trackwork
contractors in the Middle East, will be taking
delivery of a Ballast Cleaner, Switch and
Crossing Tamper and Plain Line Tamper.
Specialist Plant
The track renewal system, Slinger
®
, has
continued to perform well throughout the
year with the customer base now including 
all major track renewal contractors. In total
the fleet of 44 wagons delivered 253,440
sleepers (134,820 concrete and 118,620
steel), which equates to more than 160
kilometres of track. 
Fastline’s bespoke Rapid Ballast Excavator,
Mole
TM
, has seen action during the year on
two major projects being delivered by Jarvis
Rail on the Airdrie to Bathgate enabling works
and the AO9 project in the Carnforth area. 
Small Plant
The contract to provide small plant to
Metronet, from our London depot in Acton,
remains one of our key growth areas. Fastline
has now provided this service for 18 months. 
Hires throughout this period have gradually
increased and this looks set to continue for
the duration of the contract. 
The provision of Fastline track side lighting to
the rail industry continues to expand, with an
average of 28 miles of lighting being erected
and illuminated every weekend. 
The largest growth area for the Small Plant
business has been within the rail industry
with serious emphasis being placed on
supplying our internal market. This has
resulted in a significant upturn in plant
utilisation. The ‘six to four’ decision regarding
track renewals contractors taken by Network
Rail has resulted in the depots in the North
East seeing sizeable increases in Fastline
plant hires.
Fastline Transport
Following on from last year’s development,
the Fastline Transport business has
continued to maintain its position as the
operator of the UK’s largest fleet of welfare
vehicles. It was, however, impacted by a
reduction in the number of hires as one of its
main clients elected to buy vehicles directly
from suppliers.
The business has now expanded into the
cross hire market, with other van leasing
companies, whilst maintaining its customer
base in the rail industry, construction,
highway maintenance, utilities, councils 
and government agencies. 
The specialist welfare vehicle, Crewmaster
®
,
has maintained its position, as the most
popular vehicle provided within the
fleet, delivering driver and passenger safety
and comfort, and is continuing to develop 
its market beyond the traditional rail industry
customer base.
10 Jarvis plc Annual Report and Accounts 2008
Operating Review
Plant Jarvis plc Annual Report and Accounts 2008 11
Overview of Activities in the Business
Fastline Freight is the trading name of the
Group’s Freight business, which operates 
as a division of Fastline Limited. Its results 
are included in the Plant segment for
reporting purposes. Fastline Freight entered
into the container freight market in June
2006. The business has achieved steady
growth and has now entered into the bulk
haulage sector with a major contract hauling
coal for E.ON UK plc (E.ON).
Container Services
Fastline Freight launched its first container
services from Thamesport to Doncaster 
in the North East and Birmingham in the
Midlands. 
In February 2008 Fastline Freight began
operating a third route to Barton Dock in the
North West. The business utilises its three
Class 56 locomotives to service a portfolio 
of container customers from shipping lines 
to third party logistics suppliers.
Bulk Haulage
In June 2007 Fastline Freight secured a major
contract to haul coal via rail for E.ON, one of
the UK’s leading power and gas companies.
The five year contract, worth in the region of
£40m, is Fastline Freight’s first coal haulage
contract and has the potential to be extended
for up to a further five years. This contract
marks a major milestone in the development
of the Freight business as it enters the bulk
haulage sector. 
Much of the year was spent preparing for
the launch of this contract and the service
commenced in May 2008. To operate this
contract Fastline Freight secured five new
Class 66 locomotives and 94 new coal
hopper wagons.
The contract will see Fastline Freight haul
coal from Immingham, Liverpool, Bristol
and Avonmouth to Ratcliffe-on-Sour and
Ironbridge power stations, which are 
located in Nottinghamshire and Shropshire
respectively. 
Safety
The Freight business achieved an
outstanding 0.00 Accident Frequency Rate
(AFR) for the year managing to deliver all its
services without sustaining any RIDDOR
reportable accidents. 
Safety remains our number one priority and
the very high priority given to safety at E.ON
will work well alongside Fastline Freight’s
own safety objectives.
Overview of Activities in the Business
The Group’s Accommodation Services
business includes Jarvis Accommodation
Services Limited (JAS) and Jarvis Construction
(UK) Limited. These companies carry out 
the Group’s facilities management and
construction operations respectively.
The Group’s exit from construction is
effectively complete. There are some
remaining construction issues outstanding
which have been fully provided for.
The rationalisation of JAS has continued
over the past 12 months. This has included
the termination of three significant loss-
making contracts in the North West, the
disposal of the company’s 80 per cent share
in the Herefordshire Jarvis Services local
authority outsourcing business and the
termination of a further three facilities
management contracts.
Facilities Management
The management team continues to drive
service improvement, profit enhancement
and safety initiatives throughout the
business. Financial and commercial
performance is much improved and cash
collection – both current and aged – has
received particular focus resulting in a
reduction in outstanding debtors.
With recent disposals, the Facilities
Management (FM) business now comprises
25 contracts, 23 of which are long term
private finance initiatives (PFI) and include 15
schools, five hospitals, the Army Foundation
College at Harrogate, one District Council
Office and Tyne and Wear Fire Stations.
Outside these PFI contracts the business
operates FM contracts for the British
Antarctic Survey and National Express.
Safety
The safety improvement plans instigated
across the FM business have successfully
increased safety awareness and the reporting
and investigation of accidents and incidents.
This has resulted in a significant reduction in
the accident frequency rate during the year.
Freight Accommodation
Services 12 Jarvis plc Annual Report and Accounts 2008
Biographies
Non-Executives Executives Chairman
Steven Norris (63)
Executive Chairman
and Chairman of the
Nomination Committee
Steven has an Oxford
University degree in Law.
He was a Member of
Parliament from 1983
until 1997. He was
Parliamentary Private
Secretary at the
Departments of
Environment, Trade and
Industry and the Home
Office and was Minister
of Transport in London
from 1992 to 1996. He is
a former Director General
of the Road Haulage
Association and is now
a director of a number
of quoted and private
companies. He joined 
the Jarvis Board in
September 2000 and
was appointed as
Chairman in 2003.
Steven is Chairman 
of the Nomination
Committee.
Richard Entwistle (55)
Chief Executive
Richard has an
Engineering degree
from Leicester
University and is 
a chartered Civil
Engineer. Much of his
early career was spent
with Shephard Hill Civil
Engineering Ltd, a
company acquired by
Jarvis in 1990. He left
the Group in 1994 to
join Balfour Beatty
where he spent two
years developing their
fledgling Highway
Maintenance business
before joining Amey
plc in 1996 to manage
the rail business which
had been acquired as
part of rail privatisation.
He joined the main
Board of Amey plc 
in 1997 with the
responsibility for both
Amey Rail and Amey
Highways (and latterly
Tube Lines). Richard
joined Jarvis as Chief
Operating Officer 
with responsibility 
for the Group’s core
operations and was
appointed Chief
Executive in June
2006.
John O’Kane (49)
Group Finance
Director
John is a fellow of the
Institute of Chartered
Accountants in
Ireland. He joined
Jarvis after a brief
spell as Group Finance
Director at Eco-Bat
Technologies Limited.
Previously he was
Group Finance
Director of both
Peterhouse Group plc
and Kelda Group plc.
John has also
previously held senior
management roles
with ICI and Samsung
Electronics in the UK
and KPMG in South
Africa. John was
appointed to the
Board as Group
Finance Director 
in April 2006.
Elizabeth Filkin (67)
Senior Independent
Non-Executive
Director
Educated at
Birmingham
University, Elizabeth
spent her early career
as a lecturer and
community worker
before becoming
Chief Executive of the
National Association
of Citizens Advice
Bureau. In 1988 she
became Deputy Chief
Executive of the
London Docklands
Development
Corporation, a post
she held until 1992.
In 1993 she was
appointed Adjudicator
for the Inland
Revenue, and
consequently for
Customs and Excise
and the DSS
Contributions Agency
in the UK and
Northern Ireland. 
In 1999, Elizabeth
became Parliamentary
Standards
Commissioner, a role
she held until 2002.
A former member of
the Audit Commission,
Elizabeth is currently
Deputy Chairman of
the FSA Regulatory
Decisions Committee.
Elizabeth was
appointed to the
Board in August 2003.
She is the Senior
Independent Director
and a member of the
Audit, Remuneration
and Nomination
Committees.
Prof. Brian Mellitt (67)
Non-Executive Director
and Chairman of the
Remuneration
Committee
Brian is Non-Executive
Chairman of Building
Research Establishment
Limited. He is Past
President of the
Institution of Electrical
Engineers. Additionally,
he has acted as Rail
Adviser to N M
Rothschild and Sons
Limited for international
railway restructuring
projects. He has
previously held
positions as Professor
of Electrical Engineering
at the University of
Birmingham and
Director of Engineering
for London
Underground Limited;
from 1995 to 1999 
he was the Director 
of Engineering and
Production and a main
Board member for
Railtrack plc. Brian was
appointed to the Jarvis
Board in October 2002.
He is a member of the
Audit and Nomination
Committees and 
is Chairman of the
Remuneration
Committee.
Christopher Rew (60)
Non-Executive
Director and Chairman
of the Audit
Committee
Chris is a Chartered
Accountant and was
formerly a partner at
RSM Robson Rhodes
until April 2004, where
he was the partner 
in charge of Market
Sectors, having led
the design and
implementation of the
programme to refocus
the firm onto a market
sector basis. Chris
was also an audit and
advisory partner at the
firm with a wide range
of clients. He was
appointed to the Jarvis
Board in May 2004.
Chris chairs the Audit
Committee and is 
a member of the
Remuneration 
and Nomination
Committees. Jarvis plc Annual Report and Accounts 2008 13
Executive T eam
Bernard Westbrook (61)
Group Human
Resources Director
Bernard is a qualified 
and seasoned personnel
professional. Prior to
joining the Jarvis Group
in 1997 he spent over
30 years in the railway
industry, holding a
number of senior posts
in the personnel function
of various engineering,
operational, corporate
and subsidiary business
divisions of the former
British Railways Board.
As Group Personnel
Director of British 
Rail Infrastructure
Services, he was heavily
involved in the railway
privatisation process.
Bernard is currently a
member of the CBI’s
Employment Policy
Committee.
John Snowdon (60)
Managing Director –
Plant
John started his career
as an engineering
apprentice at British
Gypsum. In 1974 he
joined the international
division of Laing Plant
& Transport and in
1983 he returned to
the UK with Laing’s
Construction division.
In 1985 he joined
Laing’s Plant and
Transport division
where his work
involved setting up 
its plant hire business.
From 1986 John
worked overseas 
for a major Indian
contractor and in 
1990 joined Amey 
as Managing Director
of its Fleet business.
Following Amey’s
venture into the 
UK railway industry 
in 1996 John’s
responsibility 
was extended to
encompass railway
plant and machinery.
In April 2007 John
joined Jarvis as
Managing Director 
of Plant with
responsibility for
Fastline's on track
machines, specialist
plant and small plant
businesses. In April
2008, in addition to 
his existing role, John
took on responsibility
for the Group’s
T ransport (excluding
Freight) and Somerford
Equipment businesses.
Mark Akinlade (40)
Group Company
Secretary and General
Counsel
Mark has an honours
degree in Law and is a
practising Solicitor. He
started his legal career
in London’s West End
in 1993 and joined the
Group’s legal team from
private practice in June
2003. During his years
in private practice he
acted for a variety of
corporate, commercial
and insurance clients 
in connection with their
business affairs, dispute
management and
commercial property
interests. He has been
Head of Legal Affairs
since January 2005 
and Group Company
Secretary and General
Counsel since the end
of May 2007.
Kjell Karlsen (50)
Group Commercial
Director
Kjell has a business
degree from Syracuse
University in the US
and has, besides
positions in finance,
held senior
international
management
positions in the fields
of procurement,
marketing and
contracts with
companies such as
Price Waterhouse,
United Technologies,
Champion Spark Plug
Company, ABB and
Bombardier. He joined
Jarvis as Chief
Financial Officer in
March 2005 after
having worked in
several European
countries and in Asia.
He was appointed
Group Commercial
Director in April 2006.
Patrick McHale (46)
Managing Director –
Rail
Pat spent the majority
of his career to date
working within the
mining industry. 
He held numerous
senior management
positions reaching
Board level in 1996
and gaining chartered
membership of the
Institute of Mining
Engineers. He made
the transition into 
the rail industry in
February 2000,
starting in a senior 
role within the Plant
Division where his
skills and leadership
ability led to
promotion into the
post of Managing
Director, Track
Renewals in 2002 and
Managing Director,
Jarvis Rail during
2004. He was
appointed as Group
Managing Director
Operations in April
2006 and in April 
2008 his role grew to
include responsibility
for the delivery of all
Rail engineering
operations as well 
as operational
improvements
Groupwide, Jarvis
Group Control Centre
and the Group's
research and
development
programme.
Stuart Laird (55)
Chief Operating
Officer
Stuart has extensive
experience of working
at senior level within
both the facilities
management and
construction markets.
Prior to joining Jarvis,
Stuart was a main
Board Director of The
Building & Property
Group and helped
instigate its sale to
Interserve in 2000. 
His specialism is 
the turnaround of
underperforming
projects and
businesses. Using
these skills he has
performed various
roles within Jarvis
Accommodation
Services since June
2003 and became
Chief Operating
Officer of the Group 
in April 2008.
Richard Thornton (54)
Group Director
Engineering and HSQE
Richard has an 
honours degree in Civil
Engineering and before
joining Jarvis in 1998
he spent over 25 years
in the rail industry,
holding a number of
senior positions in
track and structures
maintenance and
renewal, as well as
contract management
within British Rail and
the newly-privatised
railway industry. He is
a Chartered Engineer
and is a Fellow of the
Institution of Civil
Engineers. He was
appointed as Chief Civil
Engineer Jarvis Rail 
in 2000, Engineering
Director in 2004 
and became Group
Director Engineering
and HSQE in
December 2006. 
He represents the
Railway Infrastructure
Contractors on a
number of industry
bodies. Statement of Compliance with the
Combined Code
This report explains the Board’s application of
the principles contained within the Combined
Code on Corporate Governance issued by 
the Financial Reporting Council in 2006 (the
‘Combined Code’). The Board is committed
to the principles and provisions contained 
in the Combined Code and believes that the
Company throughout the period to 31 March
2008, and to the date of signature of this
statement, complied with the principles 
and provisions set out in Section 1 of the
Combined Code and the Preamble to the
Combined Code save where explained here.
Internal Control
In last year’s Corporate Governance 
report we described the actions then taking
place to implement improvements in the
Group’s control environment. The Board is
responsible for the Group’s system of internal
control and reviewing its effectiveness. This
responsibility was delegated to the Corporate
Governance Committee which monitored 
the improvements in internal control and 
the effectiveness of changes made. The
Committee comprised the members of the
Audit Committee, together with the Chief
Executive, the Group Company Secretary 
and General Counsel and the Head of Internal
Audit. With effect from 25 October 2007 the
responsibilities of the Corporate Governance
Committee were incorporated into those of
the Audit Committee. As such the Corporate
Governance Committee ceased to meet as 
a separate entity from that date. 
Particular attention has been devoted to
business processes and controls as the
Group has changed and developed its
organisation during the period. The Board 
is committed to ensuring that the Group has
sound and appropriate systems of internal
control. There is continuous appraisal of
these controls and improvements to the
procedures adopted by the Group have
continued throughout the period. However,
any system of internal control can only
provide reasonable and not absolute
assurance against material misstatement 
or loss, as it is designed to manage rather
than eliminate the risk of failure to achieve
business objectives.
The Board has responsibility for the
management of the Group and specific 
matters are reserved for the decision of 
the Board under the Articles of Association,
Group policies and delegated authorities. 
The Board has also adopted a set of corporate
responsibility principles, addressing both
compliance and aspiration, that deal with
health, safety, environmental responsibility
risk, Group business methodology and
relationships with stakeholders. These
responsibilities are kept under review.
The Board also receives and reviews frequent
reports on performance against budget,
strategic planning, operational issues and 
the ongoing process improvements being
developed within the business. The quality
of each report is subject to critical review 
by both the Board and the Audit Committee.
As a result the review of internal control
throughout the period has exceeded the
annual review minimum recommended by
the Combined Code. 
The Board continues to pursue
improvements in internal controls in all 
areas of the business. The two key projects
outlined in last year’s report, for example,
have developed further. Firstly, following 
the refocus on commercial procedures, new
finance and commercial procedures manuals
have been fully implemented and actively
monitored to ensure effectiveness and
ongoing compliance with them. Secondly,
new business systems have been identified
and work to implement them and their
associated process improvements has
progressed well. Both of these projects 
focus on the management and mitigation of
identified risks and address the process of
improvements to the independent review
and challenge of complex commercial, legal
and contractual issues; the implementation 
of more robust systems of control; and the
provision of more timely flows of information. 
The development of new Group procedures
and manuals was driven in part by the
appointment of new senior management 
in a number of key areas with specific
strengthening in the Commercial and
Operational teams. The organisational
structure continued to be developed 
during the period to ensure that it remained
appropriate for achieving the Group’s defined
objectives and maintaining the management
structure needed to service operational
requirements. Ongoing assessment of
internal controls has ensured that the 
controls in place are developed appropriately
and underpin the revised organisational
structure.
The Corporate Governance Committee 
and now the Audit Committee have been
pivotal in leading these improvements and
monitoring the progress, implementation 
and the subsequent quality and consistency
of the control environment in which they
operate. This has resulted in greater clarity 
of process in all commercial activities.
Evaluation of Business Risks
During each of the last three financial 
years we have reviewed risk identification,
evaluation and reporting processes by
surveying the Board and senior management.
This has confirmed that progress has been
made and the Group will continue to build 
on this. The intention of the Board is to
ensure that risk identification and evaluation
are embedded within the operational
processes of the business.
Risk management has been further 
reinforced through the development and
implementation of a programme of ‘Control
Self Assessments’. Currently, these are
undertaken by the finance community but as
part of the introduction of the new business
systems it is intended to roll these out across
other areas of the Company.
During the period business risk continued 
to be a formal consideration in the Monthly
Operating Review meetings of each division.
Key issues identified during these meetings
are consolidated and any significant issues
are reported to and addressed by the Board
and the Corporate Governance/Audit
Committee as appropriate. 
In line with the recommendations of the
Smith Report the Audit Committee continues
to review the risk control processes,
supplementing the Board’s formal review of
the outputs in this area. The Board confirms
that the process for identifying, evaluating
and managing significant risks (both financial
and non-financial) faced by the Group accords
with the Turnbull Guidance on Internal Control
and has been in place for the period under
review and up to the date of approval of the
Annual Report. This is regularly reviewed 
by the Board.
14 Jarvis plc Annual Report and Accounts 2008
Corporate Governance Statement Jarvis plc Annual Report and Accounts 2008 15
Internal Audit
The Group Internal Audit function provides 
an independent mechanism for monitoring
and reviewing internal control effectiveness
across the Group. The Head of Internal Audit
reports directly to the Audit Committee and
attends all Audit Committee Meetings. The
terms of reference for the function continue
to be supported by the Audit Committee,
with the main focus being the assessment
of the internal control environment. Group
Internal Audit continues to develop risk
assurance within the business risk review
process. Audit Committee approval is
required for any change in the appointment
of the Head of Internal Audit.
The annual audit plan for the period ended 
31 March 2008 was developed and agreed
with the Audit Committee. In addition, 
during the period, a number of ad hoc
projects were initiated and approved by the
Audit Committee to help understand risks
and internal control issues associated with
the changes taking place in the business.
Another key focus has been the provision of
project assurance in the development areas
outlined in the Internal Control section above.
Insurance
The Group obtains comprehensive insurance
cover for its operations, including cover for
third party liability, employers’ liability and
material damage. Network Rail has continued 
to provide an industry-wide third party 
legal liability insurance scheme for all
infrastructure and associated work to the
level of £155m as required by the Office 
of Rail Regulation. The Group’s Rail and
railway related Plant operations continue 
to benefit from this cover. The Group maintains
separate third party liability insurance up 
to £155m for its Freight operation and all
other work is covered to a level of £60m.
Directors and Officers of the Company and 
its subsidiaries have the benefit of a Directors
and Officers Liability insurance policy which
provides appropriate cover in respect of legal
actions brought against the Directors.
The Board
Decisions are taken by the Board as a whole,
based on detailed papers sent out in advance
of each Board meeting. The quality of Board
papers has improved during the period. 
The first regular item on every Board agenda 
is safety, with reports provided on both
operational and occupational safety matters.
Routine Board agenda items include reports
from the Chief Executive and Group 
Finance Director and reports on Corporate
Governance and Shareholder matters. On 
a rotational basis, the Board receives reports
on specific topics including risk management
and insurance, human resources and
corporate development issues as well as
Corporate Social Responsibility matters.
Management of day-to-day operations is
delegated to the Chief Executive and to an
Operational Executive Committee comprising
the Chief Executive, the Group Finance
Director and the Executive Team. This group
also meets on a weekly basis to consider key
management issues. Certain commercial
matters are delegated to a Committee 
of any two or more Directors. All matters
considered in this way are submitted for
ratification at the next regular Board meeting.
The Chairman
Steven Norris has been Executive 
Chairman since September 2005. Steven 
had previously been Non-Executive Chairman 
and had been identified as independent 
on his appointment to the Board. His 
other commitments include a number 
of directorships, some of a charitable 
nature, and his ownership of Park Place
Communications, which is a consultancy
specialising in transport and environment
matters. Subsequent to the end of the 
period Steven was appointed to the boards 
of Transport for London and the London
Development Agency. A written division 
of responsibilities between Chairman and
Chief Executive was established in 2005. The
Chairman has responsibility for the effective
operation of the Board’s proceedings and the
management of the relationship between
Executive and Non-Executive Directors.
Richard Entwistle was appointed as Chief
Executive on 30 June 2006 and is responsible
for the operations of the Group.
Approximately quarterly, the Chairman holds
meetings with the Non-Executive Directors
without the Executive Directors being
present.
Directors
The Board is currently made up of three 
Non-Executive Directors, all of whom are
deemed independent by the Board, the
Chairman, and two Executive Directors.
During the period under review the ratio 
of Non-Executive Directors to Executive
Directors has been 1:1.
The number of Board and Committee meetings attended by each Director during the period was as follows:
Executive Directors periodically attended Committee meetings by invitation.
Corporate
Audit Remuneration Nomination Governance
Director Board Committee (Note 2) Committee Committee Committee (Note 2)
Number of Meetings held 15 7 3 – 2
R Entwistle 15 6 – – 1
E Filkin 15 7 3 – 2
B Mellitt 15 6 3 – 2
S Norris 15 7 – – 1
J O’ Kane 14 6 – – 1
C J Rew 15 7 3 – 2
1 In addition to the above the Board met as a Committee on ten further occasions during the period to approve other transactions and to deal with the exercise 
of warrants and the liquidation of dormant subsidiary companies.
2 With effect from 25 October 2007 the responsibilities of the Audit Committee were extended to incorporate those previously assigned to the Corporate
Governance Committee. As such the Corporate Governance Committee ceased to meet as a separate committee from that date. The Group intends to maintain the ratio 
of more than one half of the Directors,
excluding the Chairman, being independent 
Non-Executives and maintains under review
the balance of skills currently available amongst
the Non-Executive Board members. Elizabeth
Filkin is the Senior Independent Director.
Executive Directors’ service agreements
have notice periods of one year from the
Company and six months by the Executive.
None of the Executive Directors hold 
Non-Executive directorships in FTSE 100
companies. Where the Company releases
an Executive Director to serve as a 
Non-Executive Director elsewhere, the
impact of this on the Director’s remuneration 
is considered by the Remuneration
Committee.
All Directors are appointed for a specific
term and are subject to re-appointment 
by the Company in general meeting at 
the first Annual General Meeting after 
their appointment by the Board and every
three years thereafter. Biographical material 
is given to Shareholders prior to the Annual
General Meeting each year. The terms 
and conditions of appointment of the 
Non-Executive Directors are available 
for inspection at the registered office of 
the Company and are made available for
inspection at the Annual General Meeting 
of the Company.
Attendance statistics at Board and Board
Committee meetings during the period are
shown in the table on page 15. The figures
include attendance at Committee meetings
by invited Executive Directors, who do not
normally form part of the Committee
membership.
Whilst it is not policy to make the Non-
Executive Directors readily available, in
response to the increasing demands of 
the investment community, their expertise
and knowledge have been utilised where
relevant. Additionally, as part of the regular
reporting to the Board, information on the
issues and concerns of the investment
community are considered. At each regular
meeting, the Board receives a report from
the Group Company Secretary and General
Counsel on the relative share price
performance of the Company including
movement in institutional shareholdings 
as well as reports on the beneficial holders 
of the share capital.
Any Director may, if necessary, seek
independent external advice at the
Company’s expense and has access to 
the Group Company Secretary and General
Counsel for his advice and services and 
to procure such independent advice if
requested. Any concerns which a Director
may have about the running of the Company,
or a proposed action, are recorded in the
Board minutes. If any such concerns arise
and are not addressed, a Non-Executive
Director would be able to provide a written
statement to the Chairman setting out the
basis of such concern.
On appointment, Directors are entitled to
receive any training they consider necessary
on issues of relevance to their role and are
subsequently entitled and invited to attend
relevant training seminars. Site visits and
briefings are arranged to coincide with 
Board meetings, and meetings with major
Shareholders are arranged on an ad hoc
basis. Details of the composition of the Board
during the period are set out in the Directors’
Report on page 29. There have been no
changes to its composition during the 
period. Biographical details and Committee
memberships of each of the Directors appear
on page 12.
Performance Evaluation
A performance evaluation review was
undertaken during the period. Interviews 
with each Board member, structured in
accordance with a template in questionnaire
form, were conducted by an external
facilitator. As required by the Combined
Code, the Non-Executives, led by the Senior
Independent Director, were responsible for
performance evaluation of the Chairman,
taking into account the views of Executive
Directors. The resultant reports were
considered by the Board and adopted. 
A further performance evaluation in the 
same format is currently in progress.
Company Secretary
The Group Company Secretary and General
Counsel is responsible for ensuring the timely
flow of information and provision of sufficient
resources to the Board and its Committees 
as well as ensuring that Directors not only
receive a suitable induction to the Board, 
but also receive any ongoing training, which
they require. The appointment and removal 
of the Group Company Secretary is a matter
reserved for the Board as a whole.
Board Committees
The Board has appointed an Audit Committee
which during the period expanded its remit to
incorporate those responsibilities previously
assigned to the Corporate Governance
Committee, a Remuneration Committee 
and a Nomination Committee. These meet
regularly throughout the year to scheduled
agendas and are discussed in detail below. 
Audit Committee
As required by the Combined Code, the 
Audit Committee comprised at least three
independent Non-Executive Directors
throughout the period. The Committee 
has been chaired by Chris Rew since his
appointment to the Board and the Committee
in May 2004. Chris is Chartered Accountant
and has invaluable and relevant financial
experience. Elizabeth Filkin, being 
a former member of the Audit Commission
and currently Deputy Chairman of the FSA
Regulatory Decisions Committee, is also
regarded as having valuable experience 
and the remaining Committee Member,
Professor Brian Mellitt, has extensive
business experience. All Committee
members are regarded as independent. 
The Board considers that the membership
of all the Non-Executive Directors on each 
of the Board Committees provides important
continuity at the current time. The Group
Finance Director and Head of Group Internal
Audit attend when requested.
The Company Secretary is the Secretary to
the Committee. On more than one occasion
during the last period, the Non-Executive
Directors have met without the presence 
of the Executive Directors.
The Committee meets with the external
auditors to review the Group’s Annual Report
and Half Y early Financial Report and has
responsibility for ensuring that appropriate
accounting policies and compliance
procedures are in place.
Part of this meeting is held without the
presence of the Executive Directors. The
Committee ensures that the principles of 
the Combined Code relating to accountability
and audit are followed for financial reporting,
internal control and the relationship with 
the Group’s auditors. The Committee also
reviews the fee ratio of non-audit work
undertaken by the external auditors and 
has adopted a policy that it must give prior
approval for any non-audit services provided
16 Jarvis plc Annual Report and Accounts 2008
Corporate Governance Statement Jarvis plc Annual Report and Accounts 2008 17
by the external auditors with a fee in excess
of £100,000. The Committee reviews all
other non-audit expenditure with the external
auditors. The Audit Committee also regularly
addresses the issue of auditor independence
and it is considered that adequate provision 
is made to ensure its protection. For the
purpose of compliance the Company can
confirm there was no need for a senior
partner change during the period under
review.
As the members of the Audit Committee 
and the Corporate Governance Committee
were predominately the same and a number
of areas of interest overlapped, the Board
decided to extend the remit of the former
during the period to include the responsibilities
of the latter. For example, the Audit Committee
considered the findings and observations of
the Corporate Governance Committee when
reviewing the effectiveness of the system of
internal control, which included monitoring
and reviewing the effectiveness of the Group’s
Internal Audit function. As such this now falls
within the direct scope of the Audit Committee
itself. As before the Audit Committee also
receives reports of the activity of the Group’s
Internal Audit department. The Group Internal
Audit function continues to report directly to
the Committee with line management of the
function being provided by the Group Finance
Director. The Head of Internal Audit meets
regularly with the Chairman of the Audit
Committee on Internal Audit matters. Audit
Committee minutes and reports are regularly
provided to the Board.
In addition to the Audit Committee’s duties
described above the Committee reviews 
the scope and nature of the audit, reviews 
the auditor’s quality control procedures and
discusses any problems or reservations
arising from audits.
The Audit Committee considers that the
above description of its work adequately
meets the recommendations of the
Combined Code as to disclosure. The
Committee’s terms of reference are available
on the Company’s website and have been
made available throughout the period.
Since the last Corporate Governance
Statement the Audit Committee has
undertaken a facilitated self-assessment 
of its effectiveness in conjunction with
Independent Audit Limited, strategic
governance consultants who specialise 
in improving corporate performance. Overall,
the results of this self-assessment were
encouraging. The Audit Committee was
unanimously regarded as one committed 
to continuous improvement. Amongst its
particular strengths were: its relationships
with financial management and the external
auditors; its supporting processes; the way
its meetings are run; and the follow through
after meetings. A number of areas for
improvement were identified and considered
in detail by the Audit Committee. As a result
the Audit Committee has agreed a course of
action to address these areas and to build on
its existing strengths.
Corporate Governance Committee
As previously described the responsibilities
of the Corporate Governance Committee
were incorporated into those of the Audit
Committee during the period and the
Corporate Governance Committee
subsequently ceased to meet as a
separate entity.
Its role until that time included consideration
of the structures, policies and processes 
of the Group to achieve good corporate
governance and proper systems of internal
control. This Committee supplemented the
work of the Audit Committee and during the
period had specifically focused on process
and organisational review projects. It had also
provided challenge regarding the coordination
of the various initiatives underway within 
the organisation and had considered
recommendations about improvements 
to the control mechanisms following the
annual audit and interim reports. The
‘Whistleblower’ policy which provides 
the route for employees and others to raise
concerns about financial and other matters 
in the event that normal channels prove
insufficient or inappropriate continues to be
compliant. The policy is communicated via
the website and through a number of other
channels and includes an independent email
address and a direct phone hotline to provide
secure contact for the use of employees. A
formal mechanism is in place for the Group
Company Secretary and General Counsel to
review concerns raised under the policy with
the Non-Executive Directors as they occur
and to discuss them at the next scheduled
Committee meeting with the Non-Executive
Directors only. The above activities now
continue within the scope of the Audit
Committee itself.
During the period the Committee’s
membership included all of the Directors
(other than the Chairman), the Group
Company Secretary and General Counsel and
a number of nominated senior specialist staff.
The Committee, was chaired by Chris Rew,
and had met regularly from inception to its
incorporation with the Audit Committee.
Remuneration Committee
The Report of the Remuneration Committee
and the Group’s compliance with the
Combined Code in relation to Directors’
remuneration is given on pages 23 to 27. 
The report will be submitted to Shareholders 
for their approval at the forthcoming Annual
General Meeting. The Remuneration
Committee is responsible for setting 
and monitoring the level and structure 
of the remuneration of Executive Directors,
including the Chairman, and the senior
management reporting directly to the Chief
Executive and consults the Chief Executive
on their recommendations. The level of fees
payable to Non-Executive Directors and the
Chairman are set by the Board as a whole on
the recommendations of the Chief Executive
and Group Human Resources Director.
In preparing these recommendations, the
Chief Executive reviews the fees payable 
to Non-Executive Directors of comparable
companies to provide a benchmark. The
Committee comprises all the Non-Executive
Directors and was chaired during the period
by Professor Brian Mellitt. The Group
Company Secretary and General Counsel 
is Secretary to the Committee. The Chief
Executive and Group Human Resources
Director are invited to attend as appropriate.
No Executive Director is present at a meeting
where his own remuneration is discussed.
In February 2005 the Board reviewed the
terms and conditions of appointment of the
Non-Executive Directors and agreed that,
given the importance of continuity of the 
Non-Executive body to the Company, that the
notice periods for Non-Executives should be
extended to be comparable with those of
Executive Directors. Additionally provision
was made in the agreements for additional
fees to be paid to Non-Executive Directors
where the workload of meetings exceeded
that identified as normal in their letter of
appointment. In the period under review
additional fees were paid to the Non-Executive
Directors under this provision and details are
disclosed in the Report of the Remuneration  Committee. The Board will review the fee
levels payable to the Non-Executive Directors
in the current financial year.
As required by the Combined Code,
Shareholders are invited specifically to
approve all new long term incentive schemes
and significant changes to existing schemes,
save in the circumstances permitted by the
Listing Rules. The Committee’s terms of
reference are available on the Company’s
website and have been made available
throughout the period.
Nomination Committee 
Nominations for appointments to the Board
are dealt with by a Nomination Committee
consisting of all the Non-Executive Directors
and the Chairman, who is also the Chairman
of the Committee.
At all meetings where discussion on the
appointment of a Nomination Committee
member has taken place, the candidates
for the position have absented themselves
during such discussions. The Committee
meets on an ad hoc basis. The Committee
was not called upon to make any changes 
to the Board during the period. The terms 
of reference of the Nomination Committee
include the responsibility for identifying and
nominating for the approval of the Board
suitable candidates to fill Board vacancies. 
In doing so, the Committee takes account 
of the skills, knowledge and experience
required on the Board before commencing 
a search based on objective criteria. On
behalf of the Committee, the Group Human
Resources Director and the Group Company
Secretary and General Counsel review the
experience and qualifications of candidates 
to enable the Committee to assess issues 
of independence, time commitment,
succession and board balance. 
External advice is sought and external search
consultants are used by the Committee
to ensure that a wide range of candidates
is considered. The Committee also has
responsibility for succession planning for the
Board and senior management and makes
recommendations to the Board regarding 
the re-appointment of all Directors.
As required by the Combined Code, apart
from the Chairman the Committee comprised
solely independent Non-Executive Directors
throughout the period. The terms of
reference of the Nomination Committee
provide for attendance by the Chief 
Executive at the Committee’s invitation.
Shareholder Communications
During the period institutional Shareholders
and their representative bodies had contact
with the Chairman, the Chief Executive, 
the Group Finance Director and the Group
Company Secretary and General Counsel.
Such meetings were reported to the Board.
The Chairman, the Non-Executive Directors
and the Group Company Secretary and
General Counsel are made available to meet
with representatives of investor protection
bodies and the views of these bodies are 
also reported to the Board. The Company
welcomes and encourages such Shareholder
dialogue, within the constraints of statute 
and the UK Listing Authority’s guidelines. 
Shareholders have been kept informed of
developments within the Company by the
release of news to the regulatory information
services and by a number of circulars during
the period and after its close.
Private investors are encouraged to attend
the AGM and General Meetings or, if they
cannot, to vote by proxy. In preparing the
agenda for all General Meetings of the
Company, care is taken to ensure that
substantial issues are the subject of separate
resolutions. At the forthcoming Annual
General Meeting, as at all recent General
Meetings, the numbers and voting intentions
of Shareholders voting by proxy will be
disclosed to the meeting. Shareholders will
have an option to direct their proxy to vote
either for or against the resolution or to
withhold their vote. It will be clearly stated 
in the notice to the meeting that a withheld
vote is not a vote in law and will not be
counted in the determination of the resolution.
The Company will continue to give at least 
20 working days notice of the Annual General
Meeting and the Chairmen of the Audit,
Nomination and Remuneration Committees
will be available to answer Shareholders’
questions relating to the responsibilities 
of the Committees which they chair.
By order of the Board
Mark Akinlade
Secretary
27 May 2008
18 Jarvis plc Annual Report and Accounts 2008
Corporate Governance Statement Jarvis plc Annual Report and Accounts 2008 19
Corporate Social Responsibility
Corporate Social Responsibility
Framework
Our Mission
The way we do business across the Group
reflects our commitment to profitable
growth, sustainable development and
integrity. Our Principles set the standards that
we intend to pursue through our economic
goals and business ventures. They define
what is acceptable business behaviour, 
and guide us in what is not.
Norms of Best Practice
The Principles are rooted in national and
international law relating to Corporate
Responsibility, much of which is guided by
the Universal Declaration of Human Rights
(UN, 1948), the Labour Standards embodied
in the Fundamental Conventions of the
International Labour Organisation (ILO, 1930-
1999) and the environmental Conventions
agreed following the Rio Declaration on
Environment and Development (UN, 1992).
They also build on associated ‘norms’ of
responsible business practice, the most
significant of which are the UN Global
Compact (2000), the OECD Guidelines
(2000), the UN Norms of Human Rights
Responsibilities of Multinational Companies
(2002) and the July 2002 Communique of the
European Commission concerning corporate
social responsibility.
Continuous Improvement
These Principles address both compliance
and aspiration. Their true force lies in their
continuous implementation as part of the
way we do business. This is why we continue
to develop policies and programmes to
support the embedding and communication
of these Principles throughout our operations
and those of our partners. In the event that
our Principles are compromised by those
partners with whom we work, we will seek 
to address any problems – although we will
not tolerate consistent failures to adhere 
to the Principles.
Implementation
We will measure progress by developing
relevant indicators to monitor our
performance over time systematically. We
will report publicly on our progress and open
ourselves to scrutiny through independent
audit. In this way we seek to promote
continuous improvement, demonstrate our
accountability to all our stakeholders, and
promote Jarvis as a responsible corporate
citizen and attractive business partner.
Principle 1: Corporate Governance and
Accountability
We will be accountable, promote Shareholder
value, and operate transparently and to a high
standard of corporate responsibility, to deliver
our long-term commitments.
We will work actively to achieve market
leadership and to deliver sustained returns 
for all our Shareholders. In doing so, we are
guided by UK law and best practice codes 
of corporate governance and responsibility.
We require all our business activities to be
undertaken in accordance with the principles
of transparency and accountability. We are
committed to ensuring that the way we do
business demonstrates long term financial
and societal returns, and that our Financial
Statements reflect our performance
accurately and fairly.
Principle 2: Integrity and Ethics
We will be ethical, lawful, transparent and
honest, in our business operations.
Our success depends on our ability to do the
right thing. We will work proactively to earn
the respect and trust of the public as a whole.
We believe in ethical business practice and
seek to uphold statutory law and regulations.
We reject all dealings that might bias
decision-making, and that might discredit
Jarvis or our customers. We do not allow 
the giving or accepting of bribes, and we 
are all obligated to report potential conflict 
of interest situations as they arise.
Principle 3: Employees
We will promote a diverse, committed, and
well-trained workforce that recognises the
rights of all employees.
Our employees make us successful. We 
are committed to the development of a
professional and motivated workforce
throughout the business. We are committed
to providing a stimulating and diverse
working environment, and aim to enhance
skills and capacity through continued
investment in employee training, effective
working practices and career development.
We will ensure that the due rights of our
employees are protected. We encourage
diversity and opportunity, and are dedicated
to the provision of fair and equitable
conditions of work. We will not discriminate
against employees on the basis of gender,
age, sexual orientation, marital status,
ethnicity or religious belief. We seek to
uphold the highest labour standards, rejecting
child or involuntary labour, excessive
overtime or unfair rates and terms of pay. We
support the rights of our employees to enter
into collective bargaining, and to join lawful
trade unions or form workers associations.
Principle 4: Business Partnerships
We believe partnerships are a fundamentally
important way to do good, successful and
meaningful business.
We believe in collaborative working
arrangements. We are dedicated to a
partnership approach as a means of
facilitating sustained improvement in
business sector performance, and enhancing
our contribution to society. We seek to
engage with, and contribute to, communities
and society through our work in public
infrastructure, education, health, and other
services. Our partnerships are a fundamental
part of the way we do business.
Principle 5: Supply Chain Responsibility
Our supply chains are important, so we 
will work to support suppliers and sub-
contractors that want to work with us to
improve the way we do business. We will
stop working with those that do not.
We seek to build long-term relationships and
‘value chains’ with our customers, partners,
suppliers, and sub-contractors. We are
committed to ethical and responsible
business practice and expect the same from
our partners in our supply chains. We are
committed to meeting the growing demands
and expectations of our customers by
delivering superior ethical, social, safety, 
and environmental standards. We will ensure
that the same high standards we expect of
ourselves are also requested of our suppliers
in our procurement practice, and all
companies or persons doing business with
Jarvis will receive a copy of our Corporate
Responsibility Principles. We will seek to
assist willing suppliers or sub-contractors
when their performance is found to be of
poor quality. We will stop working with any
supplier or sub-contractor that consistently
fails to improve their social and
environmental performance.
Principle 6: Community Engagement
We will work with and in our communities as
part of the service we deliver to support their
growth and development.
We are committed to improving the quality of
life of the communities in which we operate. We recognise the social impacts of our
business, and believe in consultation with
local communities about our activities and
about the safety and environmental
implications of our operations. We are aware
that some of our work is in deprived areas,
and we are sensitive to the need to promote
social inclusion through our local community
projects. We are committed to social
responsibility, and believe the success of our
business is contingent on the quality of the
relationships we build with our communities
and legitimate public interest groups.
Principle 7: Continuous Improvement 
in Health and Safety
Safety is our number one priority for
employees, users and sub-contractors. 
We insist on the same level of commitment 
to safety from our sub-contractors and
suppliers. We will do all we reasonably 
can to design, build and manage safe 
projects and services.
The health and safety of our employees,
customers and communities, and 
sub-contractors, is our number one priority.
We view legal requirements as the minimum
standard for minimising the risk of injury,
ill health, and damage and loss to property
arising from our work activities or equipment.
We are committed to making continued
investments in safety training, monitoring,
and awareness building across our
businesses. We will report on our progress.
We view operational safety and accident
awareness as a responsibility of us all.
Principle 8: Our Ecological Footprint
We view continuous improvement in our
environmental performance as an integral
part of the services and facilities that we
deliver. We will do this in accordance with
recognised environmental management
systems.
We believe improvements to our
environmental performance can make a
difference to society and to the efficiency
of our core business practices. We are
committed to assessing the impacts of
our operations on land, water, air, and
biodiversity, and to managing our waste in
all of its forms by reusing and recycling it,
wherever appropriate. We seek to minimise
the adverse environmental impacts caused
by our work and the services we provide.
We will work actively to prevent leaks and
spillages, manage any accidents responsibly
and to reduce our use of energy and
materials. We will manage and improve our
environmental performance in accordance
with evolving legal requirements and
international standards. We are also
committed to the continuing certification 
and improvement of our environmental
management systems in key areas of our
business.
Principle 9: Innovation and Risks Review
We will use innovation and robust risk
management tools to reduce risk, promote
opportunities and improve the services and
products that we deliver to our customers
and users.
We are committed to continuous innovation
in all aspects of our business and to
maintaining an effective and robust risk
management programme in relation to our
operations, services and products. We are
committed to understanding the needs of 
our customers. We will apply technological
and management innovation to improve the
efficiency and quality of our service provision,
extend our market penetration and to
manage risk and opportunity responsibly.
Progress Against the Principles
Principle 1
Providing Shareholder value and maintaining
high standards of Corporate Governance
remain fundamental to the Group’s
operations. Despite the Group’s recent
history, which has been documented 
in previous annual reports, the Group 
has continued to strive hard to deliver
Shareholder value in what, over the years,
have been difficult circumstances. The
continuing recovery of the Group is
testament to its determination to achieve 
this goal. These efforts are underpinned by
levels of Corporate Governance and a culture
of accountability and transparency which
have improved significantly since the
inception of the Corporate Governance
Committee in 2004 and continue to improve
following the Committee’s responsibilities
being incorporated into those of the Audit
Committee in October 2007. 
Principle 2
The Board continues to maintain and promote
integrity and ethics in the Group’s dealings
with all its stakeholders. The improved
transparency stemming from clear and
simple process delivery underpins its ability
to do this. The Board has put in place clear
policies across the business covering 
areas such as employment, finance and
procurement. These have been strengthened
during the period under review with the
implementation of a new Corporate
Contracting Manual and a new Group Finance
Manual both of which have been actively
monitored in terms of effectiveness and
ongoing compliance. In addition, as part 
of an independent monitoring process the
Group’s established whistleblowing policy
has continued to operate throughout the
period. This enables any employee to identify 
a breach of any policy or to raise any concerns
they might have with the Non-Executive
members of the board via telephone and
email hotlines.
Principle 3
Our employees are key to the success of our
business. We operate training, retraining and
further development programmes to ensure
effective working practices and provide for
career development. We have adopted policies
to prevent discrimination on the basis of
disability, gender, age, sexual orientation
marital status, ethnicity or religious belief 
and to encourage diversity and opportunity.
We operate in a unionised environment and
have worked closely with the appropriate
trade unions for the benefit of our employees.
Over recent years, however, we recognise
that the Group has reduced in size and a
major focus has been on protecting the rights
of our employees by means of minimising 
the requirement for compulsory redundancy,
ensuring protection of their rights on transfer
where businesses have been sold and
retraining and redeploying staff wherever
possible.
Principle 4
The Group continues to execute its contracts
in partnerships with all stakeholders. The 
use of Integrated Management Teams with
its customers is a prime example of the
collaborative working arrangements, during
the period, which seek to add value not only
to the Group but also to its partners. Work
under these arrangements was reviewed 
on a monthly basis as part of the Monthly
Operating Reviews. As part of its business
development strategy the Group focuses
on long-term framework agreements which
enable sustainable continuous
improvements.
Principle 5
Jarvis has a supplier reduction programme
in place which aims to move to fewer better
suppliers in its supply chain. Whilst some
progress has been made during the period,
20 Jarvis plc Annual Report and Accounts 2008
Corporate Social Responsibility Jarvis plc Annual Report and Accounts 2008 21
the opportunity remains to reduce suppliers
further in 2008-09. Critical to any new
arrangements that are made are assessments
of a supplier’s safety, social and environmental
standards. Measurement of supplier’s
performance is essential in our quest 
for continuous improvement.
New additions to the Jarvis supply chain
undergo a rigorous accreditation selection
process, which takes into account a broad
range of criteria to ensure best practice
safety, environmental and commercial
performance.
Jarvis applies these same principals to 
its own business to meet and exceed its
customers’ expectations, now and in the
future.
Principle 6
In our Rail and Plant businesses we try
to ensure that all communities affected by
our engineering works are fully briefed in
advance. We are involved in school safety
talks alongside Network Rail and the British
Transport Police as part of the ‘Track Off’
campaign to educate people, especially
young people, about the dangers of railway
infrastructure and consequences of railway
crime.
Our Accommodation Services business faces
directly into the communities in many deprived
areas offering leisure facilities in our buildings
for use by community groups. In addition, 
our employees across the business have
participated in many fundraising projects and
Jarvis T raining Management Limited currently
delivers NVQ training to around 1,000 non-
teaching staff in schools covering the ‘Every
Child Matters’ and ‘Healthy Eating’ initiatives.
Principle 7
Safety remains our number one priority and
we insist on the same level of commitment to
safety from our sub-contractors and suppliers.
In terms of our supply chain, we actively
promote this through our supplier accreditation
scheme and by holding regular safety forums
with our suppliers throughout the year.
Network Rail recognised the exceptional
safety performance in Scotland where the
strc team achieved an outstanding 1,000
days RIDDOR free working. Elsewhere, 
the Ballast Cleaner (MOBC) contract, and
Darlington and Peterborough Track Renewals
depots were recognised for achieving 730
days RIDDOR free working.
A programme to encourage and promote 
the reporting of every ‘near miss’ has been
undertaken in the year in the Rail and Plant
businesses. This was instigated as ‘near
miss’ reporting enables the business to learn
from these events and deal with the underlying
issues. A similar reporting system is now in
place within Accommodation Services. All
the businesses within the Group monitor
achievements and improvements against 
an annual Safety and Improvement Plan.
Within the period a Driver SPAD Management
Strategy Document was developed and
issued to staff and the Rail business
successfully complied with Network Rail’s
Welfare Standard, as well as bettering the
target for hours worked on track in a Green
Zone environment. 
A revised audit programme has now been
prepared offering a continued improvement
over previous years and will result in a more
detailed look at those parts of the business
exposed to greatest risk.
During the period the Group participated in
the Rail Safety and Standards Board’s ROGS
Industry Liaison Group. This liaison group
published the ’Guide to ROGS requirements
for duty of co-operation between transport
operators’ which has now been adopted as
part of Fastline’s ROGS Safety Management
System. A review was also undertaken 
of Fastline’s ’train operations risk profile’
which confirmed that the existing control
arrangements remained adequate.
The business continues to look at innovative
ways to reduce risk and increase safety.
These include the development of an
automatic lifting beam to reduce the need 
for people to work at height.
Following the implementation of a more
rigorous internal safety tour and briefing
process the Accident Frequency Rate in
Accommodation Services has almost halved
compared to the previous year and the
division saw a huge reduction in the
frequency of minor accidents.
Principle 8
Jarvis Rail and Fastline continue to operate 
an externally accredited environment
management system to meet their legal and
contractual obligations and to understand 
and provide effective management for
environmental impacts and risks that arise
through their activities.
Environmental Management System
We are committed to the continual
improvement of our environmental
performance under the Jarvis environmental
management system and during the period
under review have continued to build on our
achievements to date as audited by Lloyds
against the International Standard ISO
14001:2004.
Progress on 2007 Environmental
Objectives
Satisfactory progress has been made on all
objectives with particular success in reducing
the number and volume of oil spills.
22% Reduction in Volume of Hydraulic 
Oil Spills (See Table 1).
We continuously aim to improve our
environmental performance as an integral
part of the services and facilities we deliver as
we believe that just a small improvement can
make a difference, not only to society but to
the efficiency of the business. We take any
environmental incident very seriously and can
report that during the year there was a further
22 per cent reduction in the total volume of
spillages and leaks within Fastline compared
to the previous year. Jarvis continues to
report all spill incidents, rather than just 
those that exceed the Environment Agency’s
reporting requirement of over 20 litres.
There was also a reduction of 13 per cent in
the number of spill incidents within Fastline
compared with last year. Putting this into
context Fastline operated 7,636 OTM shifts
last year with 79 spill incidents, some
involving less than 0.5 litres and, at an
average of ten hours per shift, this equates 
to nearly 1,000 hours per incident.
All Fastline OTMs and other vehicles
currently carry a 15 litre spill kit, which 
is adequate for over 80 per cent of all spill
incidents. The number of spill kits carried 
is being increased to two which will contain
90 per cent of all spills.
Table 1 – 2007 OTM Hydraulic Oil Spills
Number of spill incidents
2000
2001
2002
2003
2004
2005
2006
2007
0 153045607590105 Amount of hydraulic oil lost in litres (000)
Average oil lost in litres/number of spills
Having converted all of its OTM fleet to
biodegradable hydraulic oil and introduced a
new specification for hoses, Fastline, through
its preventative maintenance inspection
programme, has again been able to reduce
the amounts of hydraulic oil lost per spill 
year on year.
The number of spill incidents has decreased
when compared with 2006, and the average
oil lost in litres against number of spills has
reduced, the lowest since spill data records
began in 1998.
Fastline has normalised the number of spills
and amounts lost in 2007 against engine
hours of machine worked. This gives a clearer
picture of the number of spills against the
machines’ productivity – effectively 175 hours
per spill.
Fuel Consumption
(See Table 2)
Fuel consumption in the year has increased
marginally reflecting increased activity within
the business. 
Table 2 – Fuel Consumption
Fuel use (Litres)
Road Vehicle Small Plant and OTM CO2
Emissions 2000-07
Number of cars/machines
Number with diesel engines
Number with petrol engines
CO2 emissions (Tonnes per M/c/pa)
Conversion factors used from DEFRA
web site.
Notes
1 All road vehicles and small plant data
included from 2005.
2 On Track Machines data added from 2006.
Environmental Objectives for 2008
New environmental objectives have been 
set for 2008 including the delivery of further
reductions in the consumption of fuel, carbon
dioxide emissions and use of energy.
Principle 9
As well as formal risk reviews undertaken 
as a normal part of the commercial process
we continue to analyse both industry and
company data in respect of performance and
the causation of failures, accidents and
incidents. This enables our teams to clearly
identify areas for performance improvement
and focus our efforts. The Group has a history
of innovation having designed and introduced
the first generation track renewal system,
Slinger
®
, into the UK in 1999-2000 and 
more recently delivered the combined track
renewal process, Accutrack
®
, which uses
both the track renewal system, Slinger
®
, and
rapid ballast excavator, Mole
TM
. Innovation
continues to be a strength and work has
continued during the period on several
projects which we believe will significantly
change the way in which our industry works.
22 Jarvis plc Annual Report and Accounts 2008
Corporate Social Responsibility
2000
2001
2002
2003
2004
2005
2006
2007
246810 12 14 16
2000
2001
2002
2003
2004
2005
2006
2007
0 50 100 150 200 250 300 350 400
2003
2004
2005
2006
2007
1,000,000 5,000,000 10,000,000 15,000,000
2000
2001
2002
2003
2004
2005
2006
2007
2000
2001
2002
2003
2004
2005
2006
2007
2000
2001
2002
2003
2004
2005
2006
2007
0 500 1,000 1,500 2,000 2,500
0 500 1,000 1,500 2,000 2,500
0 100 200 300 400 500 600
2000
2001
2002
2003
2004
2005
2006
2007
45678910 11 Jarvis plc Annual Report and Accounts 2008 23
Directors’ Remuneration Report
Information Not Subject to Audit
This report, which addresses the
requirements of the Directors’
Remuneration Report Regulations 2002
also forms part of the Group’s report of
its activities concerning the principles of
good corporate governance outlined in 
the Combined Code. It has been reviewed
and adopted by both the Remuneration
Committee and the Board of Jarvis plc and
will be the subject of a resolution at the
forthcoming Annual General Meeting.
The Remuneration Committee
The Committee determines, on behalf
of the Board, the policy of the Group for
balanced executive remuneration and
specific remuneration packages for each
Executive Director and other senior
employees who report to the Chief
Executive. This authority extends to
pension rights, terms of service contracts,
and incentive schemes, both equity and
non-equity based. The Committee has
the discretion to consider corporate
performance on environmental, social
and governance issues when setting
remuneration of Executive Directors and
is mindful to ensure that the incentive
structure for senior management does not
raise environmental, social and governance
risks by inadvertently motivating
irresponsible behaviour. The remuneration
of Non-Executive Directors is a matter
reserved for the Board. Membership of 
the Remuneration Committee currently
comprises Brian Mellitt, Elizabeth Filkin and
Chris Rew. The Chairman of the Committee
throughout the period was Brian Mellitt.
During the period the Committee met on
3 occasions to consider, inter alia, matters
relating to Directors’ remuneration. During
the period under review Geoff Mason, the
Company Secretary until 31 May 2007,
Mark Akinlade, the Group Company
Secretary and General Counsel from that
date forward, and Bernard Westbrook, 
the Group Human Resources Director,
attended such parts of those meetings 
as did not directly affect their own
remuneration. They also provided
information and advice relating to the
Directors’ current entitlements and
performance against targets consistent
with agreed policies. At the meeting 
of the Committee to review Directors’
remuneration, appropriate consideration
was given to comparative remuneration
within both a selected peer group of
companies and the FTSE small cap group 
of companies measured in terms of activity,
market capitalisation, turnover and
employee numbers using information
provided by Hewitt New Bridge Street.
Other services provided by Hewitt 
New Bridge Street, who were formally
appointed by the Committee on 
13 March 2003, included employee 
and executive incentive scheme advice. 
Remuneration Policy
The key Terms of Reference of the
Committee are:
1 To ensure that the Group’s remuneration
policies and practices for Executive
Directors and other senior employees
facilitate the employment and motivation 
of top quality personnel, and adequately
reward individual contributions made to the
Group, while at the same time remaining
appropriate in terms of the Group’s
performance and in comparison to
competitor companies.
2 To keep under review the long term
incentive plans and employee share
schemes operated by the Group in light 
of legislative and market developments 
and overall remuneration policy, and to
determine the awards of options under
such schemes together with performance
conditions linked thereto.
In order to comply with the Terms of
Reference, the remuneration policy is
based on the following core principles:
– total rewards are designed to support the
Group’s strategy and are set at levels that
are competitive within the relevant market;
– it remains the general policy of the
Committee not to award share options in
any year which amount to greater than an
Executive Director’s annual salary or to
award performance shares which would
have a value greater than 50 per cent of the
Executive Director’s salary in any one year;
– incentive based awards can only be earned
through the achievement of demanding
performance conditions which are
designed to be aligned with the interests 
of the Shareholders in the short, medium
and longer terms; and
– composition of remuneration packages are
designed to maintain a balance between
fixed and variable elements of
remuneration which the Committee
believes is appropriate.
However, at the 2005 Annual General
Meeting the Board sought and obtained
Shareholder approval for a Management
Incentive Plan specifically designed to
incentivise the senior team and to align
them with the interests of the Shareholders.
During the period under review no options
were granted under this scheme. Options
were, however, granted under the Executive
Share Option Plan to members of the
Executive team. In reviewing the
performance conditions for the exercise 
of these options the Remuneration
Committee noted previous comments 
from major Shareholders about the
appropriate performance criteria which
should be employed by a company
recovering from financial restructuring 
and agreed that the options would only 
be exercisable after a three year period,
provided that during the relevant vesting
period, specific share price performance
criteria had been achieved. Subsequent 
to the period end, no further options 
have been granted.
Total Shareholder Return
The graph on page 24 compares the
performance of Jarvis plc Ordinary Shares
with the companies comprising the FTSE
All Share Support Services Index for the last
five years. The Company is a component 
of this index. Total Shareholder Return 
has been calculated by Hewitt New Bridge
Street using data provided by Datastream. 250
200
150
100
50
0
Value (£)
31 Mar 03
Key
Source: Datastream
31 Mar 04 31 Mar 05 31 Mar 06 2 Apr 07 31 Mar 08
Jarvis             FTSE All Share Support Services Index
The above graph illustrates the value at 31 March 2008 of £100 invested in Jarvis on 31 March 2003 compared with the value of £100 
invested in the FTSE All Share Support Services Index. The other points plotted are the values at the intervening financial year ends. .
Elements of Remuneration
Basic Salary
The basic salary of the Executive Directors
is reviewed each year by the Remuneration
Committee. The review is undertaken 
to ensure that the remuneration package 
and benefits for Executive Directors
represents a fair return for employment.
Due consideration is given to performance
and reward relative to that of comparable
companies and the Group’s position.
Bonus Scheme
For the period under review the normal
bonus scheme was re-instated with the
expectation that the financial condition of
the Group would improve during the period.
Bonuses were agreed to be paid on the
basis of exceptional individual performance
or on the achievement of a mix of personal
and corporate performance criteria with an
individual’s maximum bonus only being
payable where performance criteria were
exceeded. It is recognised that whilst some
of the individual performance criteria have
been met the corporate performance
targets which were set at the time of the
previous budget have largely not been met
and whilst the performance of the Group
has improved, the targets set at the
beginning of the period have not been met.
The target bonuses of up to 50 per cent 
of basic salary for the Executive team have
therefore not been triggered for the period.
Limited bonuses have only been paid on
the basis of exceptional individual personal
performances during the period.
New objectives were set for the Executive
Directors at the beginning of the 2008-09
financial year. These objectives are a blend
of common primary objectives for the
Group as a whole and additional objectives
in line with their respective corporate role
and the Group’s strategic direction, which
are personal to each Director. For individual
Directors objectives include: 
– the delivery of the overhead reduction
targets identified in the budget;
– the continuous improvement in the
management of occupational and
operational safety;
– the achievement of relevant 
divisional / Group budget, turnover, 
profit and operating cash flow targets;
– the delivery of profitable forward order
book growth;
– the development of environmental
sustainability within operations;
– effective risk management; and
– the re-engineering of business processes
to ensure the company derives maximum
benefit from investment in new systems
and that these deliver demonstrable
improvements in Shareholder value.
These performance conditions have been
selected in order to align the individual
Director’s targets with the Group’s 
overall performance objectives, which
include social responsibility and
environmental sustainability targets.
Performance against objectives is assessed
through a formal process during and after
the year end. Typically this involves
interviews and the review of objective
measurements where targets represent
discrete aims. If the objectives are
achieved, a pre-determined percentage of
salary, currently 50 per cent of basic salary,
is paid in the following financial period as a
bonus to the Director. The Remuneration
Committee reviews the performance of
each Director after the end of each financial
period and, where the targets have been
achieved will award the bonus. In the event
that a target has been significantly exceeded,
the Remuneration Committee has the
option to increase the normal percentage
applied, to reflect that achievement.
Employment Benefits
Benefits provided to Directors typically
include a fully financed company car or 
car allowance, private medical insurance
and life assurance, and permanent health
insurance.
Pensions
The Group contributes to defined
contribution schemes for some of the
Executive Directors. None of the Executive
Directors are members of any of the defined
benefit schemes operated by the Group.
24 Jarvis plc Annual Report and Accounts 2008
Directors’ Remuneration Report Jarvis plc Annual Report and Accounts 2008 25
Share Incentive Schemes
In 2003, Shareholders approved the
introduction of a new Share Option Plan and 
a Performance Share Plan to comply with 
ABI guidelines and current best practice.
Although the performance criteria adopted
for recent grants under the Plans have
reflected the need for specific share price
targets, going forward options granted under
the new Share Option Plan will vest on the
basis of a range of earnings per share (EPS)
performance conditions. Performance will 
be measured over a single, three year period.
Vesting of shares under the Performance
Share Plan will be conditional on achievement
of a range of EPS and total shareholder return
performance conditions with each condition
applying to 50 per cent of the award.
Performance will again be measured 
over a single three year period.
Management Incentive Plan
At the 2005 Annual General Meeting the
Company sought and obtained approval from
Shareholders for the introduction of an option
based Management Incentive Plan. The plan
was designed to be a one-off arrangement
with grants only capable of being made in the
first year from the date of adoption by the
Board. The authority to grant further options
under the plan has now lapsed. Under the
scheme, participants were granted awards
over shares with an aggregate value of up to
200 per cent of base salary with an exception
being made for one individual where it was
agreed on recruitment that a specific number
of shares would be granted under option. 
The vesting of awards is dependent on the
increase in the Company’s share price with
the option price being set at a volume
weighted market average price over an
extended period and vesting being triggered
at price increases of 25 per cent, 50 per cent
and 75 per cent with each vesting being for
one third of the original grant.
Executive Directors’ Service Agreements
When appointing Executive Directors, the
Remuneration Committee considers it
appropriate to offer Service Agreements 
with a rolling one year term which can be
terminated by the employing company upon
not less than twelve months’ notice, and by
the individual Director upon not less than six
months’ notice. The Group intends to retain
these terms for future appointments,
believing them to be appropriate to the 
nature of the business. 
The authority of the Remuneration
Committee extends to the compensation
terms on any early termination of a Director’s
service agreement. The Committee considers
it fair and reasonable to respect these
existing contractual terms in the event 
of termination of an Executive Director’s
service contract. 
Ordinarily a Director will be entitled to
payment in respect of full salary for the
relevant notice period together with any
accrued holiday entitlement, subject to a
balanced view of reasonable mitigation.
Options granted to a Director may become
exercisable dependent upon the reasons 
for the termination. The effective date of each
Director’s service contract is shown in the
table shown on page 26.
Non-Executive Directors
Brief details of the letters of appointment
between the Group and the Non-Executive
Directors are set out in the table on page 26.
There are no provisions for compensation 
on early termination of these contracts. In
February 2005, in the light of the exceptional
demands made on the Non-Executive
Directors, it was agreed that the period of
notice to be given to them by the Company
be increased from 3 months to 12 months
and that any days service in excess of the
24 days per annum for which they originally
contracted, be remunerated in future at a rate
per day of 1/24 of their basic fee. During the
period under review the Non-Executive
Directors have been called upon to give
additional assistance to the Executive on
significantly fewer occasions than in the
previous year.
The Non-Executive Directors also receive
additional compensation in respect of the
additional responsibility assumed for chairing
Committees or assuming specific roles. 
The following additional fees are paid and 
are included in the amounts of Directors’
remuneration disclosed:
Chair of Audit Committee – £10,000 p.a.
Chair of Remuneration Committee – £7,500 p.a.
Senior Independent Director – £5,000 p.a. 26 Jarvis plc Annual Report and Accounts 2008
Directors’ Remuneration Report
Executive Directors
Effective date Unexpired Notice period Notice period
Director of contract term by Company by Director
R W Entwistle 08/09/2005 Rolling one year 12 months 6 months
S J Norris 08/09/2005 Rolling one year 12 months 6 months
J P O’Kane 24/04/2006 Rolling one year 12 months 6 months
Non-Executive Directors
Effective date of Notice period Notice period
Director appointment by Company by Director
E Filkin 07/08/2003 12 months 3 months
B Mellitt 05/10/2002 12 months 3 months
C J Rew 13/05/2004 12 months 3 months
Information Subject to Audit
Directors’ Remuneration
The table below reflects amounts paid or confirmed as payable in respect of the financial period ended 31 March 2008.
Pensions 
current Pension
Salary Pension Prior year period prior year
or Fees Benefits Bonus Supplement Total Total Note 2 Note 2
Note £000 £000 £000 £000 £000 £000 £000 £000
Executive Directors
R W Entwistle 309 17 – – 326 358 62 59
S J Norris 170 – – – 170 161 – –
J P O’Kane 1 205 17 – – 222 246 38 28
Non-Executive Directors
E Filkin 40 – – – 40 40 – –
B Mellitt 57 – – – 57 112 – –
C J Rew 47 – – – 47 47 – –
The benefits shown in the table include the use of Company vehicles, private medical insurance, car allowance or reimbursed fuel costs.
Notes
1 The comparative figures for J P O’Kane reflect only the period from his appointment to 2 April 2007.
2 Directors’ pension contributions comprise the amounts paid by the Group to defined contribution arrangements. Pension contributions 
are calculated and payable on basic salary only. Director’s Shares and Share Options
(Ordinary shares of 5p each)
Shares held at 
3 April 2007 or Shares acquired Shares sold Shares held
date of appointment during the period during the period at 31 March 2008
R W Entwistle 41,337 28,500 0 69,837
E Filkin 7 0 0 7
S J Norris 44,476 140,000 0 184,476
J P O’Kane 0 10,000 0 10,000
No other shares were bought or sold by Directors during the period 1 April 2008 to 27 May 2008.
Share Options
Options held by Executive Directors over ordinary shares under the Share Option Schemes of the Company were as follows.
Further details of the Jarvis share-based payment schemes are given in Note 24 to the Consolidated Financial Statements.
Granted Options 
Options held (lapsed/ held at 
at 3 April 2007 Exercise surrendered) Exercised 31 March 2008 Date of
or date of price during during or date of Date expiry 
appointment Pence the period the period resignation exercisable of option
R W Entwistle
Savings Related Share Option Scheme 13,357 70.00 – – 13,357 01/06/2009 01/12/2009
2003 Share Option Plan – Note 1 550,000 54.50 – – 550,000 04/10/2009 04/10/2016
2003 Share Option Plan – Note 2 – 66.00 461,400 – 461,400 03/04/2010 03/04/2017
S J Norris
Savings Related Share Option Scheme 13,357 70.00 – – 13,357 01/06/2009 01/12/2009
2003 Share Option Plan – Note 1 303,000 54.50 – – 303,000 04/10/2009 04/10/2016
2003 Share Option Plan – Note 2 – 66.00 250,000 – 250,000 03/04/2010 03/04/2017
J P O’Kane 
Management Incentive Plan 450,000 56.26 – – 450,000 Note 3 08/08/2011
2003 Share Option Plan – Note 1 376,000 54.50 – – 376,000 04/10/2009 04/10/2016
2003 Share Option Plan – Note 2 – 66.00 315,000 – 315,000 03/04/2010 03/04/2017
Jarvis plc Annual Report and Accounts 2008 27
Notes
1 The options issued under the 2003 Share
Option Plan at an exercise price of 54.50
pence will vest in three separate tranches.
Each tranche, over one-third of the shares
under option, will vest on the basis of an
improvement in share price against the
grant price by 20 per cent, 40 per cent and
60 per cent respectively for a period of 10
consecutive dealing days prior to the date
of vesting. The performance conditions
have to be satisfied within three years of
the date of grant. Subject to the rules of the
scheme the options cannot be exercised
before the third anniversary of the date 
of grant.
2 The options issued under the 2003 Share
Option Plan at an exercise price of 66.00
pence will vest in three separate tranches. 
Each tranche over one third of the shares 
under option will vest on the basis of an
improvement of share price by 25 per cent;
two-thirds on an improvement of 50 per
cent and the remainder on an improvement
of 75 per cent over the grant price. A further 
performance criteria of earnings per share
growth will be required for shares exercised
after the third anniversary of the date 
of grant.
3 The options are exercisable in the three
tranches, each on the achievement of an
increase in the share price of the Company
for a sustained period of 10 days. The
tranches are exercisable on the share price
achieving respectively a 25 per cent, 50 per
cent and 75 per cent increase over the
grant price.
No options were held by other Directors
during the period under review.
The closing middle market price of the
Ordinary Shares as at 31 March 2008 was
17.25p and the range during the period 
was between 9.20p and 87.00p.
This report will be submitted for approval
at the Annual General Meeting of the
Company.
By order of the Board
Mark Akinlade
Secretary
27 May 2008 Principal Activities and Business Review
The principal activities of the Group during
the financial period under review were rail
infrastructure renewal and enhancement,
plant hire, freight and facilities management.
During the period, the Group secured its
position as one of Network Rail’s four 
prime contractors for its track renewals
programme; secured further multi-disciplinary
rail contracts across the network; secured 
a five year contract to haul coal for E.ON 
UK plc, the UK’s largest integrated power 
and gas company; exited six facilities
management contracts, three of which were
significantly loss-making, and sold its 80 per
cent share in Herefordshire Jarvis Services
Limited.
Review of Position and Prospects
The Chairman’s and Chief Executive’s
Statements together with the Operating
and Financial Reviews which are contained
in this report between pages 2 and 11 report
on Jarvis’ principal activities and business
performance during the period and give 
a description of the principal risks and
uncertainties within the business as well 
as considering prospects for the future.
These statements and the reviews are
included in this report by reference.
Principal Risks
This annual report contains certain forward
looking statements. These statements are
made by the Directors in good faith, based 
on the information available to them up to 
the time of approval of this report. Actual
results may differ to those expressed in 
such statements, depending on a variety 
of factors. These factors include customer
acceptance of the Group’s services, levels of
demand in the market, restrictions to market
access, competitive pressure on pricing or
additional costs, failure to retain or recruit key
personnel and overall economic conditions.
A risk inherent in the industry occurs in the
nature, timing and contractual conditions
which exist at the time of contract
procurement and its dependency on one
large customer, Network Rail. The Office of
Rail Regulation reported that at the end of Q3
2007-08 Network Rail had underspent its year
to date budget on renewals by £280m and 
on enhancements by £74m, the former
reflecting expenditure deferred into 2008-09.
If Network Rail’s anticipated level of spend 
for 2008-09 is not implemented, the Group’s
business, financial position and cashflows
could be adversely affected. However,
Jarvis believes that given its pricing structure,
history of innovation and safety record,
together with its selection as one of Network
Rail’s four prime contractors for its track
renewals programme, it is well positioned to
continue to be selected to undertake renewal
and enhancement work on Network Rail’s
behalf.
Results and Dividends
The profit after taxation for the financial
period attributable to Shareholders, dealt with
in the Consolidated Financial Statements,
amounted to £11.1m (2007: loss £21.7m).
The Directors recommend that no final
dividend be paid in respect of the period
(2007: nil). The profit for the period
transferred to reserves is £11.1m 
(2007: loss £21.7m).
Share Capital
Details in respect of the authorised 
and issued share capital together with
movements in the Company’s share capital
during the period are shown in the following
paragraph and in Note 22 to the Consolidated
Financial Statements.
During the financial period under review
changes were made to the Company’s share
capital as a result of the exercise of warrants
totalling 8,639,732 and the allotment of
273,645 shares under employee share
schemes: 13,978 under the Savings Related
Share Option Scheme, 79,667 under the
2003 Share Option Plan, and 180,000 under
the Management Incentive Plan. As at 
31 March 2008, the Company’s authorised
share capital was £17,000,000, consisting 
of 340,000,000 ordinary shares of 5p each, 
of which 213,292,874 were in issue and fully
paid. No shares were held in treasury.
A holder of Ordinary Shares is entitled,
without payment, to one certificate for all
shares registered in his name. Holders of
Ordinary Shares are also entitled to attend,
speak and vote (unless if moneys are due and
payable on those shares or if the holders have
not complied with the disenfranchisement
notice). In addition, they have the right to be
sent notices of general meetings, a copy of
the Company’s annual accounts and reports,
and to appoint one or more proxies or
corporate representatives to attend general
meetings and to exercise voting rights.
Subject to meeting certain thresholds, 
they may also require Directors to circulate
resolutions which may be moved at AGMs
and statements relating to a matter to be
dealt with at general meetings, call general
meetings, demand a poll, and require
Directors to obtain an independent report 
on any poll taken, or to be taken. 
Restrictions on the Transfer of Shares
The Directors may, in their absolute
discretion and without assigning any further
reason therefor, refuse to register any share
transfer unless: (i) it is in respect of a fully paid
share; (ii) it is in respect of a share on which
the Company does not have a lien; (iii) it is in
respect of only one class of shares; (iv) it is 
in favour of not more than four joint holders
as transferees; or (v) the usual requirements
under the Articles of Association in respect 
of the actual registration of shares have been
satisfied in respect thereof provided that in
the case of a partly paid share the Directors
do not exercise their discretion so as to
prevent dealings in the share from taking
place on an open and proper basis.
28 Jarvis plc Annual Report and Accounts 2008
Directors’ Report
Analysis of Shareholders at 31 March 2008
Shareholders Shareholders Shares Shares
Number % Number %
Range of holdings of Ordinary 5p Shares
1 – 10,000 6,749 95.19 2,556,756 1.20
10,001 – 100,000 214 3.02 6,981,729 3.27
100,001 – 250,000 40 0.56 6,580,977 3.09
Over 250,000 87 1.23 197,173,412 92.44
7,090 100 213,292,874 100 Jarvis plc Annual Report and Accounts 2008 29
Restrictions on Voting
Every member present in person or by proxy
at a general meeting has one vote upon a
show of hands and every member present 
in person or by proxy shall upon a poll have
one vote for every 5p in nominal amount of
the shares held by him. A member who is 
a patient within the meaning of the Mental
Health Act 1983 may vote, whether on a
show of hands or on a poll, by his receiver 
or curator bonis and such receiver or curator
bonis may, on a poll, vote by proxy.
If two or more members are jointly entitled to
shares for the time being conferring a right to
vote, and more than one such joint holders be
present at any meeting, either personally or
by proxy, the member whose name stands
first on the Register as one of the holders of
such shares, and no other, shall be entitled 
to vote in respect of the same.
No member shall, unless the Directors
otherwise determine, be entitled to be
present or to vote, either in person or by
proxy, at any general meeting in respect of
any shares for which any call or other sum
payable remains unpaid. Also, no member
shall be entitled to attend or vote if served
with a disenfranchisement notice after failure
to provide the Company with information
concerning interests in those shares required
to be provided under the Companies Acts.
Under the Company’s Articles of Association,
the deadline for submission of proxy forms is
not less than 48 hours before the meeting.
Authority to Allot Securities
At the forthcoming Annual General Meeting
to be held on 31 July 2008, an ordinary
resolution will be proposed in accordance
with Section 80 of the Companies Act 1985 
to renew the Directors’ authority to allot the
authorised but unissued share capital of the
Company. The authority sought will be for a
period of five years unless revoked, renewed
or varied and supersedes all previous
authorities. Although the authority will not
expire for five years the Directors consider it
appropriate (and in line with current practice)
to seek renewal of the authority on an annual
basis and therefore intend to seek renewal 
of the authority at next year’s Annual General
Meeting. Subject to the approval of this
ordinary resolution by the Shareholders,
authority will also be sought from Shareholders
to disapply Section 89 of the Companies Act
1985. This authority, which has been sought
from and granted by Shareholders in previous
years, will permit the Directors to issue for
cash no more than five per cent of the current
issued share capital of the Company at the
date hereof, without first offering them 
pro-rata to existing Shareholders. The
Directors believe that the resolution,
disapplying Section 89 in this way, is 
in the best interests of the Company.
Amendment of the Company’s Articles 
of Association
The Company’s articles of association may 
be amended by special resolution of the
Company’s shareholders. A resolution will 
be put to the Annual General Meeting on 
31 July 2008 to adopt new Articles of
Association. Details of the specific changes
being proposed are set out in the explanatory
notes to the notice of the 2008 AGM.
Financial Instruments
Details of the Group’s financial risk
management policies and objectives 
are disclosed in the Financial Review 
on pages 6 and 7.
Directors
The names of the Directors and Officers who
held office on 31 March 2008 are as follows:
Mr R W Entwistle º 
Ms E Filkin * º † ‡ (Non-Executive)
Professor B Mellitt * º † ‡ (Non-Executive)
Mr S J Norris ‡
Mr J P O’Kane º
Mr C J Rew * º † ‡ (Non-Executive)
Company Secretary: Mr M A A Akinlade.
Members of the * Remuneration,
º Corporate Governance, † Audit and
‡ Nomination Committees. With effect 
from 25 October 2007 the responsibilities 
of the Corporate Governance Committee
were incorporated into those of the Audit
Committee and from that date the Corporate
Governance Committee ceased to meet as a
separate entity. Full biographical details of the
Company’s Directors at the date of the report
are given on page 12.
There were no changes to the composition 
of the Board during the period. However, 
Mr G K H Mason resigned as Company
Secretary on 31 May 2007. Mr M A A
Akinlade was appointed as Company
Secretary with effect from the same date.
In accordance with the Company’s Articles
of Association having served one three year
term, Richard Entwistle will retire by rotation
as Executive Director. Richard Entwistle will
offer himself for re-election.
Substantial Shareholdings
At 27 May 2008 the Company had been notified, pursuant to the Disclosure and Transparency Rules (DTR 5), of the following interests in three
per cent or more of the voting rights over the Company’s Ordinary Shares. The disclosed shareholdings recognise the interests of different
parties in the share capital and therefore some shareholdings are disclosed by both the beneficial owner and their Nominee holder:
Artemis Investment Management Limited 15.89%
Gartmore Investment Limited 10.15%
Investeringsselskabet Luxor A/S 9.14%
Barclays plc 6.25%
JPMorgan Chase & Co 4.51%
Legal & General Group plc 3.03% Details of the Directors’ Remuneration,
shareholdings and options over the shares 
in the Company are given in the Directors’
Remuneration Report on pages 23 to 27
which forms part of this report.
All of the Executive Directors who served
during the period held service agreements
with the Company, details of which are given
in the Directors’ Remuneration Report on
pages 23 to 27.
Powers of Directors
The business of the Company is managed 
by the Directors who may exercise all such
powers, and do all such acts and things as
may be exercised or done by the Company 
as are not required to be exercised or done 
by the Company in general meeting, subject
to such directions as may be given by the
Company in general meeting.
The Directors may exercise all the powers 
of the Company to give or award pensions,
annuities, gratuities and superannuation or
other allowances or benefits to any persons
(and their relatives or dependants) who are 
or have at any time been Directors of or
employed by or in the service of the Group.
Directors’ Indemnities
The Directors are entitled to be indemnified
by the Company to the extent permitted by
law and the Company’s Articles of
Association in respect of all losses arising 
out of or in connection with the execution 
of their powers, duties and responsibilities.
Directors and Officers of the Company and its
subsidiaries have the benefit of a Directors’
and Officers liability insurance policy which
provides appropriate cover in respect of legal
actions brought against the Directors.
Appointment and Replacement 
of Directors
Directors may be appointed by the Company
by ordinary resolution. Each Director shall
retire from office at the third annual general
meeting after the annual general meeting at
which he was last elected and is then eligible
for re-election.
The Company may by ordinary resolution
remove any Director before the expiration 
of his term of office.
Compensation for Loss of Office
The contracts of employment in respect of
the Executive Directors and the Executive
Team (as referred to on page 13 but with the
exception of the Group Director, Engineering
& HSQE who has separate arrangements
under a railways related scheme which are
not relevant for the purposes of this paragraph)
contain provisions relating to compensation
for loss of office on a change of control. In the
event that an Executive Director or a member
of the Executive Team (with the exception of
the Group Director, Engineering & HSQE) is
made redundant because of a takeover then
he would receive an additional redundancy
payment. The additional payment would be
equal to 12 months’ base salary in respect 
of an Executive Director and 6 months’ 
base salary in respect of a member of 
the Executive Team.
Significant Agreements
There are a number of commercial
agreements that take effect, alter or
terminate upon a change of control of the
Company following a takeover bid. Save 
for in respect of the Group’s working capital
facilities, none is considered to be significant
in terms of its potential impact on the business
of the Group as a whole. Under the terms 
of the Group’s working capital facilities, if 
any single person or group of persons acting
in concert (as defined in the City Code on
Takeovers and Mergers) acquires or agrees 
to acquire control (as defined in Section 416
of the Income and Corporation Taxes Act
1988) of the Company, the Company must
immediately notify its lenders and, on or
before the acquisition takes effect, prepay
the facilities in full, together with prepayment
fees, interest, costs and expenses, and the
facilities will be automatically cancelled.
Corporate Governance
This is the subject of a separate statement
on pages 14 to 18 which forms an integral
part of this Directors’ report and is intended
to address the requirements of the Combined
Code incorporated in the Listing Rules issued
by the Financial Services Authority.
Creditor Payment Policy
When entering into commitments for 
the purchase of services and goods, the
Company gives due consideration to quality,
delivery, price and the terms of payment.
Suppliers are made aware of these terms. 
The Company abides by these terms
whenever it is satisfied that suppliers have
provided the services or goods in accordance
with agreed terms and conditions. In the
event of disputes, efforts are made to 
resolve them quickly. During the period
ended 31 March 2008, the Company on
average paid its creditors within 62 days
(2007: 70 days) of receipt of invoice.
Employee Share Schemes
Where, under an employee share scheme
operated by the Company, participants are
beneficial owners of shares, but not the
registered owners, the voting rights are
normally exercised at the discretion of the
participants.
Employment Policies
The Directors recognise the need for
communication with employees at every
level. All employees have access to a copy 
of the Annual Report and Accounts, which
together with staff briefings, internal
noticeboard statements and newsletters,
keeps them informed of the Group’s
progress. The Directors are actively
considering ways to increase further the
involvement of employees in the Group’s
performance.
The Group continues to be committed to the
health, safety and welfare of its employees
and to observe the terms of the Health 
& Safety at Work Act 1974, and all other
relevant regulatory and legislative
requirements. It is the policy of the Group
that there shall be no discrimination or less
favourable treatment of employees, workers
or job applicants in respect of race, colour,
ethnic or national origins, religious beliefs,
sex, sexual orientation, disability, political
beliefs, age or marital status.
Full consideration will be given to suitable
applications for employment from disabled
persons, where they have the necessary
abilities and skills for that position, and
wherever possible to re-train employees 
who become disabled, so that they can
continue their employment in the same or in
another position. Jarvis and its subsidiaries
engage, promote, and train staff on the 
basis of their capabilities, qualifications and
experience, without discrimination, giving all
employees an equal opportunity to progress
within the Group.
30 Jarvis plc Annual Report and Accounts 2008
Directors’ Report Jarvis plc Annual Report and Accounts 2008 31
Environmental Policy
The Board is fully committed to minimising
any adverse effects that the Group’s
operations may have on the environment
and to finding alternative ways of 
operating where its activities may 
cause environmental damage.
Each of the operating businesses has
developed environmental policies and
procedures appropriate to its business 
and these have been co-ordinated at Group
level in order to ensure that the Board’s
commitment is applied consistently
throughout the Group. Further details and
information on key performance indicators
used are provided in the Corporate Social
Responsibility Report on pages 19 to 22.
Ethics and Whistleblower Policies
The Company has established ethics and
whistleblowing policies in place and has
continued to operate these and the
associated whistleblowing structure 
during the financial period under review.
Close Company Provisions
The Company is not a close company
within the provisions of the Income 
and Corporation Taxes Act 1988.
Going Concern
The Directors have a reasonable
expectation that the Company and the
Group have adequate resources to
continue in operational existence for the
foreseeable future and therefore continue
to adopt the going concern basis in
preparing the financial statements.
Political and Charitable Donations
The Group made charitable donations of
£500 during the period (2007: nil), and
made no political donations (2007: nil).
Post Balance Sheet Events
On 22 May 2008 the Company announced
that it had entered into documentation to
refinance its working capital facilities
through its existing senior lenders, Burdale
Financial Limited, a subsidiary of Bank of
Ireland, and Bank of America, N.A.. This
refinancing was completed on 27 May
2008. As part of the refinancing, the
remaining £10m of the Group’s subordinated
debt was replaced with £5m of additional 
senior debt and a £5m cash flow loan, and
the term in respect of the overall facility
was extended to 31 January 2010. The
overall impact of this upon the Group’s 
cost of debt would be to reduce it by
approximately 0.75 per cent per annum.
The Group had previously communicated
that the £67m of loan facilities entered into
in July 2006 would amortise down to £62m
by June 2008. As a further £2m of debt has
now been repaid following asset disposals,
the Group’s overall bank borrowing facilities
will stand at £60m, following this refinancing.
Disclosure of Information to Auditors
At the date of making this report each of
the Company’s Directors, as set out on
page 29, confirm the following:
– so far as each Director is aware, there is 
no relevant information needed by the
Company’s Auditors in connection with
preparing their report of which the
Company’s Auditors are unaware; and
– each Director has taken all the steps that
he ought to have taken as a Director in
order to make himself aware of any
relevant information needed by the
Company’s Auditors in connection with
preparing their report and to establish 
that the Company’s Auditors are aware 
of that information.
Auditors
A resolution to reappoint Grant Thornton
UK LLP as Auditor and to authorise the
Directors to fix their remuneration will 
be proposed at the forthcoming Annual
General Meeting.
By order of the Board
Mark Akinlade
Secretary
27 May 2008 32 Jarvis plc Annual Report and Accounts 2008
Statement of Directors’ Responsibilities
Company law in the United Kingdom
requires the Directors to prepare financial
statements for each financial period, which
give a true and fair view of the state of
affairs of the Company and the Group and
of the profit or loss of the Group for that
period. The Directors are required to
prepare the Group Financial Statements 
in accordance with IFRS as adopted by 
the EU and have elected to prepare the
Parent Company Financial Statements in
accordance with UK Generally Accepted
Accounting Practice. 
In preparing each of the Group and Parent
Company Financial Statements, the
Directors are required to:
– select suitable accounting policies and
then apply them consistently;
– make judgments and estimates that are
reasonable and prudent;
– for the Group Financial Statements, state
whether they have been prepared in
accordance with IFRS as adopted by
the EU;
– for the Parent Company Financial
Statements state whether applicable UK
Generally Accepted Accounting Practice
have been followed; and
– prepare the financial statements on the
going concern basis unless it is
inappropriate to assume that the Group
and the Parent Company will continue in
business.
The Directors confirm that the financial
statements comply with these
requirements.
The Directors are also responsible for:
– ensuring that the Company and the Group
maintain proper accounting records which
disclose with reasonable accuracy at any
time the financial position of the Group and
Company and enable them to ensure that
the financial statements comply with the
Companies Act 1985
– safeguarding the assets of the Company
and hence taking reasonable steps for the
prevention and detection of fraud and other
irregularities.
– the maintenance and integrity of the
corporate and financial information 
on the Group’s website. 
Legislation in the United Kingdom
governing the preparation and
dissemination of the financial statements
and other information included in annual
reports may differ from legislation in other
jurisdictions.
Directors’ Responsibility Statement
We confirm to the best of our knowledge
that:
1 the financial statements, prepared in
accordance with International Financial
Reporting Standards as adopted by the 
EU, give a true and fair view of the assets,
liabilities, financial position and profit or 
loss of the Company and the undertakings
included in the consolidation taken as a
whole; and
2 the business review and future
developments (which cross refers to 
the Chairman’s statement) which is
incorporated into the Directors’ report
includes a fair review of the development
and performance of the business and the
position of the Group, the Company and the
undertakings included in the consolidation
taken as a whole, together with a description
of the principal risks and uncertainties they
face.
By order of the Board
John O’Kane 
Group Finance Director
27 May 2008 Jarvis plc Annual Report and Accounts 2008 33
2008 2007
Before Exceptional Before Exceptional
exceptional items exceptional items
items (Note 5) Total items (Note 5) Total
Notes £m £m £m £m £m £m
Continuing operations
Revenue 2, 3 321.9 – 321.9 288.5 – 288.5
Cost of sales (282.8) (4.7) (287.5) (248.2) (13.1) (261.3)
Gross profit 39.1 (4.7) 34.4 40.3 (13.1) 27.2 
Administration expenses (29.9) 0.6 (29.3) (35.4) (0.3) (35.7)
Operating profit / (loss) 4 9.2 (4.1) 5.1 4.9 (13.4) (8.5)
Finance income 4.3 1.1 5.4 3.4 – 3.4 
Finance expense (6.0) – (6.0) (8.0) – (8.0)
Net finance costs 6 (1.7) 1.1 (0.6) (4.6) – (4.6)
Profit / (loss) before taxation 7.5 (3.0) 4.5 0.3 (13.4) (13.1)
Taxation 8 (0.2) 5.4 5.2 2.0 – 2.0 
Profit / (loss) for the period from 
continuing operations 7.3 2.4 9.7 2.3 (13.4) (11.1)
Post-tax (loss) / profit from 
discontinued operations 9 (0.4) 1.8 1.4 (4.2) (6.4) (10.6)
Profit / (loss) for the period 
attributable to equity 
shareholders 6.9 4.2 11.1 (1.9) (19.8) (21.7)
Basic and diluted earnings / (loss)
per share
– Continuing operations 4.7p (6.9)p
– Discontinued operations 0.7p (6.6)p
Total 10 5.4p (13.5)p
Consolidated Income Statement
For the period ended 31 March 2008
2008 2007
Notes £m £m
Net actuarial gains on defined benefit pension schemes 14.2 1.5 11.4 
Tax in respect of items taken directly to equity – (3.5)
Net income recognised directly in equity 1.5 7.9 
Profit / (loss) for the period
– From continuing operations 9.7 (11.1)
– From discontinued operations 1.4 (10.6)
Total recognised income / (expense) for the period attributable to equity shareholders 12.6 (13.8)
Consolidated Statement of Recognised 
Income and Expense
For the period ended 31 March 2008 34 Jarvis plc Annual Report and Accounts 2008
2 April
2008 2007
Notes £m £m
Non-current assets 
Intangible assets 11 2.8 –
Property, plant and equipment 12 18.6 22.8 
Deferred tax assets 13 12.7 10.0 
Retirement benefit assets 14 40.4 36.4 
74.5 69.2 
Current assets
Inventories 15 3.3 3.4 
Trade and other receivables 16 98.0 87.0 
Cash and cash equivalents 3.4 27.6 
104.7 118.0
Total assets 179.2 187.2 
Current liabilities
Borrowings 18 (10.6) (18.3)
Trade and other payables 19 (96.1) (113.8)
Current tax liabilities (2.5) (1.0)
Provisions 20 (5.9) (6.4)
(115.1) (139.5)
Non-current liabilities
Borrowings 18 (31.6) (32.9)
Trade and other payables 19 (0.8) –
Retirement benefit obligations 14 (15.1) (17.0)
Deferred tax liabilities 13 (15.0) (11.2)
Provisions 20 (0.1) (0.9)
(62.6) (62.0)
Total liabilities (177.7) (201.5)
Net assets / (liabilities) 1.5 (14.3)
Equity 
Share capital 22 10.7 10.2 
Share premium 23 63.3 581.4 
Special reserve 23 3.7 –
Capital redemption reserve 23 7.2 7.2 
Other reserve 23 89.7 89.7 
Accumulated losses 23 (173.1) (702.8)
Equity shareholders’ funds / (deficit) 1.5 (14.3)
The Financial Statements were approved by the Board on 27 May 2008 and were signed on its behalf by:
R Entwistle Chief Executive
J O’Kane Group Finance Director
Consolidated Balance Sheet
At 31 March 2008 Jarvis plc Annual Report and Accounts 2008 35
2008 2007
Notes £m £m
Operating activities
Cash flows from operating activities 28 (17.8) (21.0)
Restructuring costs paid (2.2) (7.7)
Income taxes received 6.4 1.0 
Net interest costs paid (5.1) (7.5)
Net cash used in operating activities (18.7) (35.2)
Investing activities
Dividends received from joint ventures and associates – 3.2 
Purchase of intangible assets (2.4) – 
Purchase of property, plant and equipment (0.4) (4.2)
Disposal of businesses, net of cash and cash equivalents disposed 1.9 5.1 
Disposal of property, plant and equipment 1.2 –
Net cash from investing activities 0.3 4.1 
Financing activities
Net proceeds from issue of ordinary shares 3.2 27.4 
Proceeds from new debt 1.0 51.2 
Repayment of old debt (10.0) (29.1)
Finance lease principal repayments – (0.5)
Net cash from financing activities (5.8) 49.0 
Net (decrease) / increase in cash and cash equivalents (24.2) 17.9 
Opening cash and cash equivalents 27.6 9.7 
Closing cash and cash equivalents 3.4 27.6 
Cash and cash equivalents comprise:
– Unrestricted cash – 24.7 
– Restricted use cash* 3.4 2.9 
3.4 27.6 
*Use is restricted to certain contracts in accordance with defined contractual obligations. 
Consolidated Cash Flow Statement
For the period ended 31 March 2008 36 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements
1 Summary of significant accounting policies
Basis of preparation 
The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as
adopted for use in the European Union (EU) and in accordance with the provisions of the Companies Act 1985. The Company has
elected to prepare its Parent Company Financial Statements in accordance with UK Generally Accepted Accounting Principles (UK GAAP).
These are presented on pages 57 to 60.
The Group has applied all accounting standards and interpretations issued by the International Accounting Standards Board and the
International Financial Reporting Interpretations Committee (IFRICs) relevant to its operations and effective for the period ending
31 March 2008 including IFRIC 11 ‘IFRS 2 – Group and treasury share transactions’ and IFRS 7 ‘Financial instruments: Disclosures’.
Standards that have been issued in the period but are not yet effective include:
– IFRS 8 ‘Operating segments’ effective for periods commencing on or after 1 January 2009. This is not believed to be significant
over and above the current disclosure the Group provides in accordance with IAS 14, but it will require additional disclosure in
respect of the turnover attributable to the Group’s largest customer.
– IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’. Effective for 
periods commencing on or after 1 January 2008.
Other standards that have been issued but are not yet effective are: IAS 1 (Revised 2007) ‘Presentation of Financial Statements’;
IFRS 3 (Revised 2008) ‘Business combinations’; IAS 27 (Revised 2008) ‘Consolidated and Separate Financial Statements’; IAS 23
‘Amendment to borrowing costs’; IFRIC 12 ‘Service concession arrangements’; IFRIC 13 ‘Customer loyalty programmes’. None of
these are expected to have a significant impact on the Consolidated Financial Statements. 
Results are presented for the financial year 3 April 2007 to 31 March 2008, the Group having extended its 2007 financial year-end by
two days to incorporate the Placing and Open Offer transaction completed on 2 April 2007, as disclosed in the 2007 Annual Report
and Accounts. The comparative results are for the financial year 1 April 2006 to 2 April 2007.
The Consolidated Financial Statements are prepared on the historical cost basis, except that share-based payments are measured
at their fair value as of the date of grant, and retirement assets and liabilities are stated at fair value at the balance sheet date.
1.2 Basis of consolidation
The Consolidated Financial Statements comprise the financial statements of Jarvis plc and subsidiaries controlled by the Group at
each period end.
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group, generally where there is a shareholding of more than one half
of the voting rights, and deconsolidated from the date on which control ceases. The financial statements of subsidiaries are prepared
using accounting polices consistent with those of the Group.
Inter-company balances and transactions including unrealised profits arising from intra-group transactions have been eliminated in
full. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3 Segmental reporting
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and
returns that are different from those of other business segments. The Group is organised into three main business segments: Rail,
Plant and Accommodation Services. The secondary format for segmental information is geographical area, which is based on the
location of the Group’s operations.
1.4 Taxation
Tax expense represents the sum of the tax currently payable and deferred tax.
(i) Current taxation
The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items
that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted
or substantively enacted by the balance sheet date.
(ii) Deferred taxation
Deferred taxation is provided in full, using the balance sheet liability method, on temporary differences arising between the carrying
amounts of assets and liabilities used for financial reporting purposes and the amounts used for taxation purposes. Deferred taxation
is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected
to apply when the related deferred tax asset is realised or the deferred tax liability is settled. 1.4 Taxation (continued)
(ii) Deferred taxation (continued)
Deferred taxation is provided in full on temporary taxable differences associated with pension scheme surpluses. Deferred tax assets
arising from unused tax losses eligible to cover such differences are recognised accordingly.
Deferred tax assets are recognised to the extent that it is probable future taxable profit will be available against which the temporary
differences can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will
be realised. This requires judgment to be made in respect of the forecast of future taxable income.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except
where the Group controls the timing of the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
Accruals for tax contingencies require management to make judgements and estimates of ultimate exposures in relation to tax
audit issues. Tax benefits are not recognised unless the tax positions can be ascertained with reasonable certainty. Once considered
probable, management reviews each material tax benefit to assess whether a provision should be taken against a full recognition
of that benefit on the basis of potential settlement through negotiation or litigation.
Current and deferred tax charges or credits are recognised in the Consolidated Income Statement except where they relate to items
recognised directly in equity, in which case the charge or credit is also recognised directly in equity.
1.5 Intangible assets
Intangible assets are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to the Consolidated
Income Statement on a straight-line basis over the useful economic lives of the assets concerned, from the date they are brought into
operational use. Computer software and licenses are the only intangible assets held by the Group at 31 March 2008. They have an
estimated life of 3 to 5 years.
1.6 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
The initial cost of an asset comprises the purchase price or construction cost, any costs directly attributable to bringing the asset 
into operation, the initial estimate for any decommissioning obligations, and, for qualifying assets, any borrowing costs. The purchase
price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. The
capitalised values of any finance leases are also included within property, plant and equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate. Expenditure on major
maintenance refits or repairs comprises the cost of replacement assets or parts of assets, inspection costs and overhaul costs.
Inspection costs associated with major maintenance programmes are capitalised and amortised over the period to the next inspection.
Other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. 
Where an asset or part of an asset that was separately depreciated and is now written off is replaced, and it is probable that future
economic benefits associated with the item will flow to the Group, and the cost of the item can be measured reliably, the expenditure
is capitalised.
Depreciation on assets is calculated using the straight-line method to allocate the cost of each asset to its residual value over its
estimated useful life as follows:
Leasehold land and buildings Over the period of the lease
Leasehold improvements 5 to 20 years or period of the lease if shorter
Plant and machinery 3 to 15 years 
Fixtures, fittings and office equipment 3 to 10 years 
The expected useful lives and residual values of property, plant and equipment are reviewed on an annual basis and, if necessary,
changes in expected useful lives and residual values are accounted for prospectively.
1.7 Impairment
The carrying amount of property, plant and equipment, and intangible assets, with finite lives are reviewed for impairment when
events or changes in circumstances indicate that the carrying amount may be impaired. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of any impairment loss. Where the asset does not generate cash
flows that are independent of other assets, the Group estimates the recoverable amount of the cash generating unit to which the
asset belongs.
1.8 Inventories
Inventories are valued at the lower of cost and net realisable value. Cost is determined by the first in first out method and comprises
direct purchase costs, and, where applicable, costs of production, transportation and any directly attributable overheads.
Jarvis plc Annual Report and Accounts 2008 37
Notes to the Consolidated Financial Statements 1.9 Financial instruments
(i) Financial assets
The company’s financial assets relate to trade and other receivables, and cash and cash equivalents. Trade and other receivables are
classified as loans and receivables and are measured subsequent to initial recognition at amortised cost using the effective interest
method, less provision for any impairment. Any change in their value through impairment or reversal of impairment is recognised in
the Income Statement. No financial assets are classified as fair value through profit and loss or as held to maturity or available for sale.
All financial assets are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there
is evidence that a loss event has occurred and that estimated future cash flows of the financial asset have been impacted. For certain
categories of financial asset, such as trade receivables, assets are assessed for impairment on a collective basis. Objective evidence
of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number
of delayed payments in the portfolio and the average credit period, as well as observed changes in the national or local economic
conditions that correlate with default on receivables.
(ii) Financial liabilities
Financial liabilities, which includes bank loans, overdrafts and trade and other payables are measured initially at fair value net of
transaction costs under the effective interest method and thereafter at amortised cost. Finance charges are accounted for on an
accruals basis to the Consolidated Income Statement using the effective interest method. 
1.10 Cash and cash equivalents
Cash and cash equivalents are carried in the balance sheet at amortised cost and comprise cash at bank and in hand and deposits
available upon demand. Cash at bank includes amounts where the use is restricted to certain contracts in accordance with defined
contractual obligations. For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents also include bank
overdrafts, as they are an integral part of the Group’s cash management.
1.11 Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and when it
is probable that an outflow of resources will be required to settle the obligation. 
Long-term provisions are measured at the present value of management’s best estimate of the expenditure required to settle the
present obligation at the balance sheet date. The present value of long-term provisions is determined by discounting the expected
future cash flows at a rate that reflects the current market assessment of the risk and time value of money and, where appropriate,
the risks specific to the liability. Where discounting is used, the change in the provision due to the passage of time and changes 
in discount rates is included within other finance expense. 
1.12 Leases
Leases of plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance
leases. They are capitalised at the lease’s inception at the lower of the fair value of the plant and equipment and the present value
of the minimum lease payments, and depreciated over the shorter of the asset’s useful life and the lease term.
Lease payments are apportioned between the finance charge and the reduction of the lease obligation so as to achieve a constant
rate of interest on the remaining balance of the liability. Finance charges are charged to the Consolidated Income Statement, the
corresponding rental obligations, net of finance charges, are included in borrowings.
Leases where the Group does not retain substantially all the risks and rewards of ownership are classified as operating leases.
Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
1.13 Retirement benefits
The Group operates both defined contribution and defined benefit pension schemes. The Group contributes to these schemes
according to the arrangements agreed with employees. Contributions paid by the Group to defined contribution pension schemes
are charged to the income statement as they become payable in accordance with the rules of the schemes.
The defined benefit schemes are valued every three years by a qualified actuary, the rates of contribution payable being determined
by the actuary. In the intervening years the appropriateness of the last valuation is reviewed annually. Obligations to employees are
measured at discounted present value whilst plan assets are measured at fair value. The operating and finance costs of such plans are
recognised separately in the Consolidated Income Statement. Service costs are spread systematically over the lives of employees and
financing costs are recognised in full in the periods in which they arise. Actuarial gains and losses are recognised immediately in the
SORIE. The asset or liability recognised in the Consolidated Balance Sheet is the fair value of plan assets less the present value of the
defined benefit obligations.
38 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 1.14 Share-based payments
The Group operates equity-settled share-based payment schemes for certain employees. The cost of share-based payments is
measured at fair value at the date of grant, excluding the effect of non market-based vesting conditions. The cost is recognised in 
the Consolidated Income Statement on a straight-line basis over the vesting period with the corresponding amount credited to equity,
based on an estimate of the number of shares that will eventually vest. The fair value of employee share option plans is calculated by
using the Black-Scholes-Merton valuation model.
1.15 Revenue
Revenue represents the fair value of consideration receivable, excluding value added tax, for services supplied to external customers.
Revenue from Facilities Management contracts is recognised according to the services provided to date. All other service and construction
related contracts recognise revenue according to the degree of completion of each individual contract, based on amounts certified 
by the customer.
1.16 Long-term contracts 
Long-term contracts are accounted for in accordance with IAS 11 ‘Construction Contracts’. When the outcome of a long-term contract
can be estimated reliably, contract revenue is recognised by reference to the degree of completion of each contract, based on the
amounts certified and to be certified by the customer. 
Incentive payments and insurance claims arising from long-term contracts are included where they have been agreed with the client.
Variations and other claims are included where it is probable that the amount will be settled. When the outcome of a long-term
contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable
those costs will be recoverable.
Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will
exceed total contract revenue, the expected loss is recognised immediately. 
All costs incurred in advance of contracts being awarded are written off to the Consolidated Income Statement, until the date that,
in the opinion of the Directors, it is probable that the contract will be secured. Costs incurred during the period between the contract
being probably secured and the eventual award are carried as work in progress to the extent they are expected to be recovered. 
Where revenue recognised exceeds progress billings, the balance is shown as due from customers on long-term contracts within
trade and other receivables. Where progress billings exceed costs incurred, the balance is shown as due to customers on long-term
contracts within trade and other payables.
1.17 Exceptional items
Exceptional items are material items which individually or, if of a similar type, in aggregate, need to be disclosed by virtue of their
size or incidence because of their relevance to understanding the entity’s financial performance.
1.18 Critical accounting judgements and key areas of estimation uncertainty
The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, income and expenses, which may differ from actual results. The estimates and
assumptions that have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are identified below.
(i) Defined benefit pension schemes 
Details of the Group’s defined benefit pension schemes are set out in Note 14 to the Consolidated Financial Statements. These
are accounted for in accordance with IAS 19 ‘Employee Benefits’ which, in order to calculate the value of pension scheme liabilities,
requires estimates to be made in relation to future salary increases, rates of increase of pension benefits, mortality rates and inflation.
These calculations are performed by the scheme actuary, with whom the Directors have agreed the underlying assumptions to be
applied. The discount rates used are from market rates on corporate bonds matched to the profile of the ages of the scheme
members and the maturity of the scheme liabilities at the balance sheet date.
(ii) Revenue recognition
Long-term contracts are accounted for in accordance with IAS 11 ‘Construction Contracts’, which require estimates to be made 
for future contract costs and revenues. Provisions are made where contracts are estimated to result in losses or where further
rectification work will be required to complete the project. In making these provisions, management consider the detailed criteria 
for revenue recognition set out in IAS 18 ‘Revenue’ and in particular whether the risks and rewards have been transferred.
(iii) Deferred tax
Deferred tax is accounted for on temporary differences using the liability method. Management consider it reasonable to recognise
deferred tax assets attributable to defined benefit pension scheme deficits and the unused tax losses (as detailed in Note 13 to
the Consolidated Financial Statements), based on future profit projections.
Jarvis plc Annual Report and Accounts 2008 39
Notes to the Consolidated Financial Statements 2 Segmental analysis for continuing business 
Segmental information is presented in respect of the Group’s business segments, which are the primary format of segmental
reporting and reflect the Group’s management reporting structure. The Group is organised into three main business segments:
Rail – provides rail infrastructure works to the UK rail industry, including rail renewal, major track development, electrical and
signalling services.
Plant – provides on-track machinery, small plant equipment and manages an extensive fleet of purpose-built vehicles for the rail
and other industries; provides bulk haulage and container freight services.
Accommodation Services – undertakes facilities management and residual construction operations.
Inter-segment pricing is determined on an arm’s length basis.
Discontinued operations in the period ended 31 March 2008 relate to Herefordshire Jarvis Services Limited, previously reported as
part of the Accommodation Services segment. For the period ended 2 April 2007 discontinued operations also include the Prismo
Road Markings business, previously reported as the Roads segment. The disclosure in respect of the segmental information for
discontinued operations is shown in Note 9.
2.1 Performance by business segment for the period ended 31 March 2008
Centre,
eliminations
Accommodation and
Rail Plant Services unallocated Total
£m £m £m £m £m
External revenue 206.3 53.4 62.2 – 321.9
Inter-segment revenue – 35.1 – (35.1) –
Total revenue 206.3 88.5 62.2 (35.1) 321.9 
Operating profit / (loss) before exceptional items 14.7 9.0 (2.1) (12.4) 9.2
Exceptional items (0.9) (0.2) (3.0) – (4.1)
Operating profit / (loss) 13.8 8.8 (5.1) (12.4) 5.1 
Centre recharges (4.3) (4.3) (3.0) 11.6 –
Operating profit / (loss) after centre recharges 9.5 4.5 (8.1) (0.8) 5.1
Net finance costs (0.6)
Taxation 5.2
Profit for the period from continuing operations 9.7 
Segment assets 80.5 60.0 15.6 7.0 163.1
Unallocated assets – – – 16.1 16.1
Total assets 80.5 60.0 15.6 23.1 179.2
Segment liabilities (62.4) (24.9) (19.4) (11.2) (117.9)
Unallocated liabilities – – – (59.8) (59.8)
Total liabilities (62.4) (24.9) (19.4) (71.0) (177.7)
Net assets / (liabilities) 18.1 35.1 (3.8) (47.9) 1.5 
Capital expenditure 0.1 0.4 – 2.8 3.3
Depreciation 0.1 3.1 – – 3.2
Unallocated assets represent cash and cash equivalents and deferred tax assets. Unallocated liabilities represent current and
non-current borrowings, current tax liabilities and deferred tax liabilities.
40 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 2.2 Performance by business segment for the period ended 2 April 2007 (restated)
Centre,
eliminations
Accommodation and Discontinued
Rail Plant Services unallocated operations Total
£m £m £m £m £m £m
External revenue 142.3 68.0 78.2 – – 288.5 
Inter-segment revenue – 35.8 – (35.8) – –
Total revenue 142.3 103.8 78.2 (35.8) – 288.5 
Operating profit / (loss) before 
exceptional items 9.4 13.3 2.3 (20.1) – 4.9 
Exceptional items (1.8) (1.9) (8.9) (0.8) – (13.4)
Operating profit / (loss) 7.6 11.4 (6.6) (20.9) – (8.5)
Centre recharges (5.0) (7.4) (3.4) 15.8 – –
Operating profit / (loss) after centre recharges 2.6 4.0 (10.0) (5.1) – (8.5)
Net finance costs (4.6)
Taxation 2.0 
Loss for the period from continuing operations (11.1)
Segment assets 53.7 60.6 25.5 5.8 4.0 149.6 
Unallocated assets – – – 37.6 – 37.6 
Total assets 53.7 60.6 25.5 43.4 4.0 187.2 
Segment liabilities (42.0) (32.0) (40.3) (19.8) (4.0) (138.1)
Unallocated liabilities – – – (63.4) – (63.4)
Total liabilities (42.0) (32.0) (40.3) (83.2) (4.0) (201.5)
Net assets / (liabilities) 11.7 28.6 (14.8) (39.8) – (14.3)
Capital expenditure – 4.5 0.1 – – 4.6 
Depreciation 0.2 2.8 0.1 0.1 – 3.2 
The assets and liabilities presented for discontinued operations relate to Herefordshire Jarvis Services Limited, sold in the period ended
2 April 2007, in accordance with the presentation requirements of IFRS 5 ‘Non-current Assets Held for sale and Discontinued Operations’.
2.3 Performance by geographic origin
The Group’s trading activities are all transacted in Europe.
3 Revenue 
Revenue from continuing operations is analysed below.
2008 2007
£m £m
Service revenue 313.8 276.6 
Construction contract revenue 8.1 11.9 
321.9 288.5 
Jarvis plc Annual Report and Accounts 2008 41
Notes to the Consolidated Financial Statements 4 Operating profit before exceptional items
Operating profit before exceptional items is stated after charging / (crediting):
2008 2007
£m £m
Repairs and maintenance expenditure on property, plant and equipment 8.6 9.2
Goodwill written off – 0.7
Trade receivables (impairment reversal) / impairment (1.1) 0.1
Inventories impairment / (impairment reversal) – (0.2)
Cost of inventories recognised as an expense 3.3 2.2
Depreciation of property, plant and equipment 3.2 3.2
Operating lease rentals 16.4 18.3
Fees payable to Company’s auditor for the audit of the Consolidated Financial Statements 
and Parent Company 0.1 0.2
Fees payable to the Company’s auditor for other services
– Audit of the Company’s subsidiaries 0.3 0.4
– Other services supplied pursuant to legislation 0.1 0.1
– Services relating to corporate finance transactions – 0.6
5 Exceptional items
2008 2007
£m £m
Termination costs of facilities management contracts (2.7) (6.9)
Provision for construction defects – (1.6)
Redundancy costs (2.0) (4.6)
Professional fees associated with financial restructuring – (0.3)
Profit on disposal of property, plant and equipment 0.6 –
Corporation tax refund 5.4 –
Interest on corporation tax refund 1.1 –
Exceptional items relating to continuing operations 2.4 (13.4)
Exceptional items relating to discontinued operations (Note 9) 1.8 (6.4)
Total exceptional items 4.2 (19.8)
On 23 October 2007 the Group completed the termination of three loss-making facilities management contracts. The £2.7m
exceptional costs in the period are a result of the delayed disposal of these contracts.
Agreement was reached during the period with Her Majesty’s Revenue and Customs to amend corporation tax returns submitted by
the Group for the years 2000, 2001 and 2002, following a change in tax legislation in 2007. This resulted in a tax refund of £5.4m and
associated interest rebate of £1.1m.
6 Net finance costs
2008 2007
£m £m
Finance income 
Interest receivable from short term bank deposits – 0.2 
Net finance income from defined benefit pension schemes 4.1 3.1 
Other interest 0.2 0.1 
4.3 3.4 
Finance expense
Interest payable on bank and other loans (5.6) (6.7)
Finance charges payable under finance leases – (0.1)
Other interest (0.4) (1.2)
(6.0) (8.0)
Net finance cost before exceptional items (1.7) (4.6)
Exceptional finance income (Note 5) 1.1 –
Total net finance cost for continuing operations (0.6) (4.6)
42 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 7 Employees
The average number of persons employed by the Group during the period, including Executive Directors, analysed by operating
division is shown below. The 2007 numbers have been restated to reflect operations sold during the period ended 31 March 2008.
2008 2007
Restated
Number Number
Rail 1,293 1,236 
Plant 696 818 
Accommodation Services 1,605 2,151 
Central 111 141 
Continuing operations 3,705 4,346 
Discontinued operations 176 687 
3,881 5,033
The employment costs of all employees included in continuing operations are shown below.
2008 2007
£m £m
Wages and salaries 106.0 108.7
Social security costs 10.5 10.7
Share-based payments 0.1 0.3
Defined contribution pension scheme costs 2.3 2.6
Current service cost of defined benefit pension schemes 3.8 4.6
122.7 126.9
8 Income tax recognised in the Consolidated Income Statement
8.1 Taxation credit for continuing operations
2008 2007
£m £m
UK corporation tax at the standard rate:
– Current period – 0.4 
– Adjustment in respect of prior period (6.3) (0.8)
Total current tax credit (6.3) (0.4)
UK deferred tax:
– Current period 1.1 (2.3)
– Adjustment in respect of prior period – 0.7 
Total deferred tax credit (Note 13) 1.1 (1.6)
Total income tax credit (5.2) (2.0)
There is no taxation charge in the period attributable to discontinued operations (2007: £nil).
8.2 Factors affecting the tax credit for the period
The tax credit for the period and effective tax rate are reconciled to the profit / (loss) for the period in the analysis below.
2008 2007
£m £m
Profit / (loss) before taxation 4.5 (13.1)
Tax at the UK standard rate of 30% 1.4 (3.9)
Expenses not deductible for tax purposes 0.3 0.2 
Utilisation of previously unrecognised tax losses (4.5) (1.2)
Tax provision for specific identified risk – 0.5 
Tax losses for which no deferred tax asset was recognised 3.9 2.6 
Adjustments to tax charge in respect of prior years (6.3) (0.2)
Total tax credit for period (5.2) (2.0)
Jarvis plc Annual Report and Accounts 2008 43
Notes to the Consolidated Financial Statements 9 Discontinued operations
On 31 August 2007 the Group sold its 80 per cent interest in Herefordshire Jarvis Services Limited to Amey plc and its results,
detailed below, have been classified as discontinued operations. Prior period comparatives, which have been restated accordingly, 
also include the results of the Prismo Road Markings business, the sale of which was completed on 1 December 2006, and the
Accord Jarvis Limited Joint Venture, the Group’s 50 per cent holding having being sold on 27 February 2007.
2008 2007
£m £m
Revenue 8.9 44.7 
Cost of sales (8.3) (41.6)
Gross profit 0.6 3.1 
Administration expenses (1.0) (7.6)
Operating loss before exceptional items (0.4) (4.5)
Exceptional items – (0.2)
Operating loss (0.4) (4.7)
Net finance costs – (0.1)
Share of post-tax profits from joint ventures sold – 0.6 
Loss before taxation (0.4) (4.2)
Taxation – –
Loss after taxation (0.4) (4.2)
Net profit / (loss) on disposals 1.8 (6.4)
Post-tax profit / (loss) from discontinued operations 1.4 (10.6)
The net profit on disposals in the period to 31 March 2008 relates to the £2.4m profit on disposal of Herefordshire Jarvis Services
Limited (detailed below) offset by £0.6m of additional expenses incurred in relation to previously discontinued businesses.
Herefordshire Jarvis Services Limited disposal £m
Net assets disposed of:
Inventories 0.1 
Trade and other receivables 3.7 
Trade and other payables (4.3)
(0.5)
Sale proceeds 3.5 
Working capital adjustment (1.5)
Costs of disposal (0.1)
Net cash consideration received 1.9 
Profit on disposal 2.4 
10 Earnings / (loss) per share
2008 2007
£m £m
Profit / (loss) for the period
– Continuing operations 9.7 (11.1)
– Discontinued operations 1.4 (10.6)
Total 11.1 (21.7)
Number of shares Number (m) Number (m)
Weighted average number of shares in issue – basic 208.0 160.6
Effect of share options and warrants 0.3 –
Weighted average number of shares in issue – diluted 208.3 160.6
Basic and diluted earnings / (loss) per share
– Continuing operations 4.7p (6.9)p
– Discontinued operations 0.7p (6.6)p
Total 5.4p (13.5)p
44 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 11 Intangible assets
Computer
software and
Goodwill licenses Total
£m £m £m
Cost
At 1 April 2006 65.9 – 65.9 
Written off (65.9) – (65.9)
At 2 April 2007 –––
Additions – 2.8 2.8 
At 31 March 2008 – 2.8 2.8
Accumulated amortisation
At 1 April 2006 65.2 – 65.2 
Written off (65.2) – (65.2)
At 2 April 2007 –––
Charge for the period –––
At 31 March 2008 –––
Net book value
At 31 March 2008 – 2.8 2.8 
At 2 April 2007 –––
During the period £1.6m of costs have been incurred in the development of the Group’s new Enterprise Resource Planning (ERP)
business system, and software licenses with a value of £1.2m have been purchased. Amortisation of the ERP costs will commence
when the system is brought into operational use during the 2008/09 financial year. The software licenses are being amortised over
a period of 5 years, from 1 March 2008.
The intangible asset at 1 April 2006 related to goodwill associated with the previously reported Roads business segment, discontinued
in the period ended 2 April 2007.
12 Property, plant and equipment
Short Plant,
leasehold Leasehold vehicles
properties improvements and equipment Total
£m £m £m £m
Cost or valuation
At 1 April 2006 0.2 1.9 57.1 59.2
Additions – 0.1 4.5 4.6
Disposals (0.2) (0.2) (0.1) (0.5)
In respect of business disposals – – (13.6) (13.6)
At 2 April 2007 – 1.8 47.9 49.7
Additions – 0.1 0.4 0.5
Written off – – (0.9) (0.9)
Disposals – – (5.8) (5.8)
At 31 March 2008 – 1.9 41.6 43.5
Accumulated depreciation
At 1 April 2006 0.2 1.5 29.5 31.2
Charge for the period – 0.2 3.8 4.0
Disposals (0.2) – (0.3) (0.5)
In respect of business disposals – – (7.8) (7.8)
At 2 April 2007 – 1.7 25.2 26.9 
Charge for the period – 0.1 3.1 3.2 
Written off – – (0.9) (0.9)
Disposals – – (4.3) (4.3)
At 31 March 2008 – 1.8 23.1 24.9 
Net book value
At 31 March 2008 – 0.1 18.5 18.6 
At 2 April 2007 – 0.1 22.7 22.8 
Jarvis plc Annual Report and Accounts 2008 45
Notes to the Consolidated Financial Statements 46 Jarvis plc Annual Report and Accounts 2008
13 Deferred taxation 
Deferred tax assets / (liabilities) are attributable as shown below.
Assets Liabilities Net
2008 2007 2008 2007 2008 2007
£m £m £m £m £m £m
Accelerated capital allowances 0.1 0.3 (3.7) (0.2) (3.6) 0.1 
Retirement benefit asset 4.2 – – – 4.2 –
Retirement benefit liability – – (11.3) (10.9) (11.3) (10.9)
Taxation losses 8.4 9.7 – – 8.4 9.7 
Other short term temporary differences – – – (0.1) – (0.1)
12.7 10.0 (15.0) (11.2) (2.3) (1.2)
Movements in net deferred tax assets / (liabilities) are analysed below.
Accelerated 
capital Retirement Taxation
allowances benefit asset losses Other Total
£m £m £m £m £m
At 1 April 2006 – (6.6) 6.6 0.7 0.7 
Credit / (charge) to Consolidated Income Statement 0.1 (0.8) 3.1 (0.8) 1.6 
Charge to equity – (3.5) – – (3.5)
At 2 April 2007 0.1 (10.9) 9.7 (0.1) (1.2)
Credit / (charge) to Consolidated Income Statement (1.8) 3.8 (3.2) 0.1 (1.1)
At 31 March 2008 (1.7) (7.1) 6.5 – (2.3)
The Group has not recognised deferred tax assets of £76.5m (2007: £81.3m) in respect of losses amounting to £273.5m (2007: £271.1m)
that can be carried forward against future taxable income.
14 Retirement benefits
14.1 Overview
For the disclosure requirements of IAS19 ‘Employee Benefits’, the Railways Pension Scheme (RPS) and the Streamline Pension
Schemes are the only material defined benefit pension schemes operated by the Group. All other schemes are accounted for as
defined contribution.
Railways Pension Scheme
The scheme is administered in accordance with its trust deed, and is commonly known as a shared cost scheme, under which
the employer and employees are liable for the costs and any surplus or deficit arising under the scheme in the proportion of 60:40
respectively. Eligible employees participate in three shared cost sections of the RPS, being the Relayfast, Fastline and Jarvis Facilities
sections. The latest triennial actuarial valuation of the RPS was as at 31 December 2004, and was undertaken by professionally qualified
and independent actuaries. At that date the market value of the assets was £270.6m and the average funding level was 102%.
For the period ended 31 March 2008, employer contributions to the three Jarvis sections of the RPS were 16.74%, 16.56% and
16.2% of pensionable pay for the Relayfast, Fastline and Jarvis Facilities sections respectively. The employer contributions to the
RPS were £2.9m in the period ended 31 March 2008 (2007: £2.9m).
Streamline Pension Schemes
The schemes comprise the Streamline Pension Fund (SPF) and the Streamline Local Government Pension Scheme (SLG). The latest
triennial actuarial valuation for the SLG was as at 5 April 2007 and at that date the market value of the assets was £6.3m and the
funding level was 84.8%. Following this triennial actuarial valuation, the employer contribution rates for the SLG were maintained at
20% of pensionable salaries. In addition, special employer contributions of £85,000 per annum continue to be payable over a 10 year
period. The employer contributions (including the special employer contribution) to the SLG were £0.2m in the period ended 31 March
2008 (2007: £0.3m).
The latest triennial actuarial valuation for the SPF was as at 5 April 2007 and at that date the market value of the assets was £26.5m
and the funding level was 72.0%. Following this triennial actuarial valuation, the employer contribution rates for the SPF were
maintained as 23.9%, 16.5% and 12.9% of pensionable salaries for the 1968, 1984 and 1992 sections respectively. In addition, special
employer contributions have been increased from £0.9 m to £1.1m, the revised amount being payable for 10 years effective from
5 April 2008. The employer contributions (including the special employer contribution) to the SPF were £1.0m in the period ended
31 March 2008 (2007: £1.1m).
The total employer contribution to the defined benefit pension schemes for the period ending 31 March 2009, including special
contributions, is estimated to be £4.0m.
Notes to the Consolidated Financial Statements 14 Retirement benefits (continued)
14.1 Overview (continued)
All Group defined benefit pension schemes are closed to new entrants, other than for new employees who qualify for participation 
in the RPS and employees transferring from the public sector, where conditions are specified in the terms of their transfer, who are
admitted into the SLG. Other eligible new employees are offered participation in the Group’s defined contribution schemes.
Contributions made to defined contribution arrangements for other eligible Group employees are based on a pre-determined
percentage of individual salaries. Contributions by the Group into defined contribution schemes and non-material defined benefit
schemes are disclosed in Note 7.
14.2 IAS 19 disclosures
Assets and liabilities for IAS 19 accounting purposes have been estimated by independent qualified actuaries, updating the most
recent triennial actuarial valuations. The weighted averages of the principal assumptions used are shown below.
2008 2007
% %
Discount rate for scheme liabilities 6.10 5.20
Retail price inflation 3.50 3.10
Rate of increase in salaries* 3.95 3.55
Rate of increase to pensions in payment 3.50 3.10
Rate of increase to deferred pensions 3.50 3.10
Expected return on scheme assets** 6.96 6.93
* Plus promotional increases, where applicable.
** The expected return on scheme assets is based on the market expectations at the beginning of the period for returns over the life of the benefit
obligation.
For both the RPS and Streamline Schemes the mortality basis is in line with the basis used by the respective Trustees at the last
valuation. The Streamline schemes have adopted the ‘PA92(C=2015)mc + 2 years’ table for all members (the previous bases were
‘PA92(C=2004) – 2 years’ for non-retired members and ‘PA92(C=2004) – 1 year’ for retired members). The RPS uses scheme specific
assumptions based on industry experience.
The life expectancies, for a male aged 65, implied by the mortality assumptions used are shown below.
2008 2007
Streamline Pension Schemes
Active / deferred 19.8 20.2
Pensioner 19.8 19.4
Railways Pension Scheme
Active / deferred 19.0 19.0
Pensioner 17.8 17.8
Railways Streamline
Pension Scheme Pension Schemes Total
Expected Share of Share of Share of
Expected rates of return and long term Market total scheme Market total scheme Market total scheme
analysis of scheme assets rate of return value assets value assets value assets
as at 31 March 2008 %£m % £m % £m %
Equity 7.70 124.1 60.3 14.6 50.0 138.7 59.0
Property 6.50 17.2 8.3 – – 17.2 7.3
Bonds (including gilts) 5.05 23.5 11.4 14.6 50.0 38.1 16.2
Hedge funds 7.84 18.5 9.0 – – 18.5 7.9
Cash 5.25 22.6 11.0 – – 22.6 9.6
Fair value of scheme assets 6.96 205.9 100.0 29.2 100.0 235.1 100.0
As at 2 April 2007
Equity 7.70 130.0 60.9 16.1 49.9 146.1 59.4
Property 6.50 17.8 8.3 – – 17.8 7.2
Bonds (including gilts) 5.05 28.3 13.2 15.9 49.3 44.2 17.9
Hedge funds 7.34 19.5 9.1 – – 19.5 7.9
Cash 5.25 18.3 8.5 0.3 0.8 18.6 7.6
Fair value of scheme assets 6.93 213.9 100.0 32.3 100.0 246.2 100.0
Jarvis plc Annual Report and Accounts 2008 47
Notes to the Consolidated Financial Statements 14 Retirement benefits (continued)
14.2 IAS 19 disclosures (continued)
The expected long term rate of return for equity, property and bonds is based on the yield to redemption on 20 year fixed interest gilts
of 4.60% (2007: 4.60%) plus an adjustment to reflect market expectations of the equity, property and bond asset classes respectively.
The expected long term rate of return for hedge funds is based on the London LIBOR plus an adjustment of 2% (2007: 2%) to reflect
market expectations. Cash comprises mainly of cash holdings and the expected long term rate of return reflects the current short
term returns on such deposits.
Railways Streamline Railways Streamline
Pension Pension 2008 Pension Pension 2007
Amounts recognised in the Scheme Schemes Total Scheme Schemes Total
Consolidated Income Statement £m £m £m £m £m £m
Current service cost (3.6) (0.2) (3.8) (4.2) (0.4) (4.6)
Curtailment gain ––– – 1.1 1.1 
Total charged to operating profit (3.6) (0.2) (3.8) (4.2) 0.7 (3.5)
Interest cost (9.2) (2.5) (11.7) (8.6) (2.4) (11.0)
Expected return on pension assets 14.3 1.5 15.8 12.6 1.5 14.1 
Total amount credited / (charged) to finance income 5.1 (1.0) 4.1 4.0 (0.9) 3.1 
Total credited / (charged) to the 
Consolidated Income Statement 1.5 (1.2) 0.3 (0.2) (0.2) (0.4)
Railways Streamline Railways Streamline
Pension Pension 2008 Pension Pension 2007
Amounts recognised in the Consolidated Scheme Schemes Total Scheme Schemes Total
Statement of Recognised Income and Expense £m £m £m £m £m £m
Actual return less expected return on pension 
scheme assets (15.8) (1.8) (17.6) 8.4 (1.3) 7.1 
Gain / (loss) arising from changes in the assumptions 
underlying the present value of scheme liabilities 15.4 3.7 19.1 3.3 1.0 4.3 
Net actuarial (loss) / gain in the Consolidated Statement 
of Recognised Income and Expense (0.4) 1.9 1.5 11.7 (0.3) 11.4 
The actual loss on scheme assets for the period ended 31 March 2008 was £1.7m (period ended 2 April 2007: return of £21.2m).
Railways Streamline Railways Streamline
Pension Pension 2008 Pension Pension 2007
Scheme Schemes Total Scheme Schemes Total
Balance sheet analysis £m £m £m £m £m £m
Present value of funded defined benefit obligations 
brought forward (177.5) (49.3) (226.8) (177.0) (50.0) (227.0)
Current service cost (3.6) (0.2) (3.8) (4.2) (0.4) (4.6)
Curtailment gain ––– – 1.1 1.1 
Contributions paid ––– – (0.1) (0.1)
Interest cost (9.2) (2.5) (11.7) (8.6) (2.4) (11.0)
Benefits paid 9.4 4.0 13.4 9.0 1.5 10.5 
Net actuarial gain / (loss) recognised in the Consolidated 
Statement of Recognised Income and Expense 15.4 3.7 19.1 3.3 1.0 4.3 
Present value of funded defined benefit obligations 
carried forward (165.5) (44.3) (209.8) (177.5) (49.3) (226.8)
Pension assets brought forward 213.9 32.3 246.2 199.0 32.1 231.1 
Expected return on scheme assets 14.3 1.5 15.8 12.6 1.5 14.1 
Benefits paid (9.4) (4.0) (13.4) (9.0) (1.4) (10.4)
Actuarial gains (15.8) (1.8) (17.6) 8.4 (1.3) 7.1 
Contributions paid by employer 2.9 1.2 4.1 2.9 1.3 4.2 
Contributions paid by the employees ––– – 0.1 0.1 
Pension assets carried forward 205.9 29.2 235.1 213.9 32.3 246.2 
Net defined benefit obligation 40.4 (15.1) 25.3 36.4 (17.0) 19.4 
48 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 14 Retirement benefits (continued)
14.2 IAS 19 disclosures (continued)
Railways Streamline Railways Streamline
Pension Pension 2008 Pension Pension 2007
Pension surplus / (deficit) recognised as a Scheme Schemes Total Scheme Schemes Total
non-current asset / (liability) £m £m £m £m £m £m
Fastline 14.4 – 14.4 12.6 – 12.6
Relayfast 5.6 – 5.6 5.5 – 5.5
Jarvis Facilities 20.4 – 20.4 18.3 – 18.3
Streamline LG Fund – (1.9) (1.9) – (3.3) (3.3)
Streamline Pension Fund – (13.2) (13.2) – (13.7) (13.7)
Net defined benefit pension obligation 40.4 (15.1) 25.3 36.4 (17.0) 19.4 
History of experience gains and losses – Railways Pension Scheme 2008 2007 2006 2005
Present value of defined benefit obligations (£m) (165.5) (177.5) (177.0) (162.3)
Fair value of scheme assets (£m) 205.9 213.9 199.0 166.7 
Surplus in scheme (£m) 40.4 36.4 22.0 4.4 
Experience (losses) / gains on scheme assets (£m) (15.8) 8.4 28.6 17.7 
Percentage of scheme assets (%) (7.7) 3.9 14.4 10.6 
Total amount recognised in the Consolidated Statement of 
Recognised Income and Expense (£m) (0.4) 11.7 17.2 11.1 
Percentage of the present value of scheme liabilities (%) (0.2) 6.6 9.7 6.8 
History of experience gains and losses – Streamline Pension Schemes 2008 2007 2006 2005
Present value of defined benefit obligations (£m) (44.3) (49.3) (50.0) (48.7)
Fair value of scheme assets (£m) 29.2 32.3 32.1 28.5 
Deficit in scheme (£m) (15.1) (17.0) (17.9) (20.2)
Experience (losses) / gains on scheme assets (£m) (1.8) (1.3) 1.9 0.7 
Percentage of scheme assets (%) (6.2) (3.9) 5.9 2.5 
Experience gains on scheme liabilities (£m) – – – 1.0 
Percentage of the present value of scheme liabilities (%) – – – 2.1 
Total amount recognised in the Consolidated Statement of Recognised 
Income and Expense (£m) 1.9 (0.3) 2.4 (3.2)
Percentage of the present value of scheme liabilities (%) 4.3 (0.6) 4.8 (6.6)
The cumulative amount of actuarial gains and losses since 1 April 2004 recognised in the Consolidated Statement of Recognised
Income and Expense is £40.5m (2007: £38.9m). In accordance with IFRS, the Group has taken exemption from disclosing experience
gains and losses for the years prior to 31 March 2005.
15 Inventories
2008 2007
£m £m
Raw materials and consumables 1.1 0.2 
Work in progress 0.8 1.9 
Finished goods and goods for resale 1.4 1.3 
3.3 3.4 
The above balances include an impairment provision of £0.3m (2007: £0.3m).
Jarvis plc Annual Report and Accounts 2008 49
Notes to the Consolidated Financial Statements 16 Trade and other receivables
2008 2007
£m £m
Trade receivables 16.5 23.5 
Amounts due from customers on contracts 62.8 42.5 
Other receivables 9.2 14.0 
Prepayments and accrued income 9.5 7.0 
98.0 87.0 
Other receivables include £0.8m (2007: £3.4m) relating to cash balances held in separate trust accounts. On 29 January 2005 Jarvis
plc and certain other subsidiaries entered into agreements with other relevant parties in respect of 14 construction contracts (being
those contracts not then past practical completion or that had material future cash outflows associated with them), to release the
Company from Parent Company guarantees given under the original contracts and to limit the Group’s liability to additional costs
required to complete the contracts. These agreements specified that the sums required to complete the contracts be placed into two
trusts for each contract. The trusts are in the name of Jarvis Construction (UK) Limited but the funds standing to the credit of them
are available only for the purposes specified by each trust and are directly related to funding construction liabilities. The funds are not
available to Jarvis plc and Jarvis Construction (UK) Limited except for these purposes. The cash in each trust is only made available
at the point when payments are made in accordance with the purposes of the trust. For these reasons the cash in the trusts is
recognised within other receivables.
17 Construction contracts
Contracts in progress at the balance sheet date are analysed below.
2008 2007
£m £m
Due from customers for contract work, included in trade and other receivables 0.7 3.0
Due to customers for contract work, included in trade and other payables – (0.1)
0.7 2.9 
The aggregate amount of costs incurred plus recognised profits (less recognised losses) for all contracts in progress at the balance
sheet date was £8.1m (2007: £8.3m).
18 Borrowings
18.1 Summary of borrowings
2008 2007
Fixed Floating Total Fixed Floating Total
£m £m £m £m £m £m
Current
Bank loans and loan notes – 10.1 10.1 – 18.3 18.3 
Other loans 0.5 – 0.5 –––
0.5 10.1 10.6 – 18.3 18.3 
Non-current
Bank loans and loan notes – 31.5 31.5 – 32.9 32.9 
Other loans 0.1 – 0.1 –––
0.1 31.5 31.6 – 32.9 32.9 
Total borrowings 0.6 41.6 42.2 – 51.2 51.2 
All borrowings are denominated in sterling.
18.2 Maturity profile of borrowings
Bank loans and 2008 Bank loans and 2007 
Other loans loan notes Total loan notes Total
£m £m £m £m £m
Not later than one year 0.5 10.1 10.6 18.3 18.3
Between one and two years 0.1 31.5 31.6 3.9 3.9
Between two and five years ––– 29.0 29.0
0.6 41.6 42.2 51.2 51.2 
50 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 18 Borrowings (continued)
18.3 Borrowing facilities
The Group’s floating rate borrowings relate to its committed facility of £67m arranged by Burdale Financial Limited, the secured
asset-based lending subsidiary of the Bank of Ireland, secured by way of a fixed and floating charge on the Group’s assets, in
particular its plant, machinery and receivables under its rail renewal and plant hire contracts.
At 31 March 2008 the Group had available £20.2m of undrawn borrowing facilities (2007: £15.8m).
Subsequent to the period end, on 27 May 2008 the Group completed the refinancing of its subordinated debt facilities through its
existing senior lenders, Burdale Financial Limited. As part of the refinancing, the remaining £10.0m of the Group’s subordinated debt
will be replaced with £5.0m of additional senior debt and a £5.0m cash flow loan, in each case with a term lasting to 31 January 2010.
The Group has previously communicated that the £67.0m of loan facilities entered into in July 2006 would amortise down to £62.0m
by June 2008. A further £2.0m of debt has now been repaid following asset disposals. Accordingly the Group’s overall bank borrowing
facilities will stand at £60.0m following this refinancing. 
18.4 Effective interest rates
The effective interest rates on the Group’s interest bearing borrowings at the balance sheet date are shown below.
2008 2007
% %
Loan notes and bank loans 11.0 10.7
Other loans 12.2 –
19 Trade and other payables 
2008 2007
£m £m
Current
Trade payables 37.6 33.8 
Other payables 8.5 4.9 
Accruals and deferred income 33.1 56.2 
Advance payments on contracts 1.1 1.3 
Other taxation and social security 15.8 17.6 
96.1 113.8 
Non-current
Other payables 0.8 –
0.8 –
20 Provisions
Onerous leases Restructuring Other Total 
£m £m £m £m
At 3 April 2007 1.0 3.6 2.7 7.3 
Provisions utilised during the period (0.6) (2.3) (0.5) (3.4)
New provisions charged to the Consolidated Income Statement 
during the period – 1.0 1.6 2.6 
Businesses disposed – – (0.5) (0.5)
At 31 March 2008 0.4 2.3 3.3 6.0 
Disclosed within:
Current liabilities 0.3 2.3 3.3 5.9
Non-current liabilities 0.1 – – 0.1
0.4 2.3 3.3 6.0
Provisions represent the best estimate of obligations at the balance sheet date. The provision for onerous leases has been calculated
at the net present value of rent payable less rents receivable (having taken account of potential void periods and lease incentives) up
to the end of the lease. Allowance has been made for empty rates and agents’ fees.
The restructuring provision relates to the costs associated with the ongoing operational restructuring. The other provisions relate to
liabilities in respect of contracts and third party claims and represent the net present value of the expected cash outflow in relation
to these obligations.
Jarvis plc Annual Report and Accounts 2008 51
Notes to the Consolidated Financial Statements 21 Financial Instruments
There were no derivative financial instruments outstanding at the balance sheet date.
Non-derivative financial instruments consist of cash at bank, short term deposits, trade and other receivables, bank overdrafts,
borrowings and trade and other payables. The fair value of these approximate the carrying value in the balance sheet. The fair value 
of the non-current borrowings is their net present value computed at the market rate that would arise if the commitment had been
entered into at the balance sheet date. The fair value of all other non-derivative financial instruments approximate their carrying values
because of the short term maturity of these instruments. A summary of the carrying value of financial assets and liabilities held by the
Group is given below.
2008 2007
£m £m
Financial assets
Trade and other receivables 98.0 87.0 
Cash and cash equivalents 3.4 27.6 
101.4 114.6 
Financial liabilities
Trade and other payables 96.9 113.8 
Borrowings 42.2 51.2 
139.1 165.0 
The maturity profile of the Group’s financial liabilities is detailed below.
Trade and
other
Borrowings payables
£m £m
31 March 2008
Due within one year 10.6 96.1 
Due between one and two years 31.6 0.4
Between two and five years – 0.4 
42.2 96.9
2 April 2007
Due within one year 18.3 113.8 
Due between one and two years 3.9 –
Between two and five years 29.0 –
51.2 113.8 
Financial risk management
The Group has a centralised Treasury function whose primary role is to manage the financial risks that the Group is exposed to, within
parameters approved by the Group Board. These risks include interest rate risk, liquidity risk, and credit risk. The Group does not
undertake any material transactions in foreign currencies.
Interest rate risk
The Group’s floating rate borrowings relate to its Burdale Financial Limited banking facilities, further details of which are given in Note
18. These borrowings are subject to floating rates of interest linked to the LIBOR. A one percentage point rise in interest rates would
increase the annual net interest charge on these borrowings by approximately £0.4m. 
Liquidity risk
The Group manages its liquidity risk by maintaining sufficient banking facilities and continuously monitoring its forecast and actual
cash flows. Details of undrawn borrowing facilities, and a maturity profile of the Group’s borrowings are given in Note 18. 
52 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 21 Financial Instruments (continued)
Credit risk
Credit risk arises on financial instruments held by the Jarvis Group, being trade receivables and cash and cash equivalents. Policies
and procedures are in place to ensure that credit is only given to customers that have an appropriate credit history and cash is
deposited with highly credit-rated authorised counterparties based on ratings issued by the major rating agencies. A significant
proportion of the Group’s trading is with one customer, Network Rail, which gives rise to a concentration of credit risk.
Trade receivables are included in the balance sheet net of provision for impairment, estimated by the Group’s management on an
individual customer by customer basis. This is based on prior experience and their assessment of the current economic environment.
The ageing of trade receivables and provision for impairment are detailed in the table below. There are no reasons to believe that
those debts past due but not impaired are not recoverable.
Gross Gross
receivables Impairment receivables Impairment
2008 2008 2007 2007
£m £m £m £m
Not past due 8.8 – 14.0 (0.2)
Past due up to three months 4.1 – 4.7 –
Past due three to six months 1.7 – 2.3 (0.3)
Past due six to twelve months 0.9 – 2.2 (0.3)
Past due more than twelve months 1.4 (0.4) 2.2 (1.1)
16.9 (0.4) 25.4 (1.9)
The movement in the provision for impairment of trade receivables during the period is shown below.
2008 2007
£m £m
Provision at start of the period 1.9 8.9 
Increase in provision during the period 0.1 1.4 
Provision utilised during the period (0.4) (7.8)
Provision released during the period (1.2) (0.6)
Provision at end of the period 0.4 1.9 
22 Share capital
22.1 Authorised
2008 2008 2007 2007
Number £m Number £m
Ordinary shares of 5p each 340,000,000 17.0340,000,000 17.0 
22.2 Allotted, called up and fully paid
Number £m
At 3 April 2007 204,379,497 10.2 
Shares authorised / issued in the period 8,913,377 0.5 
At 31 March 2008 213,292,874 10.7 
At 1 April 2006 152,126,241 7.6 
Shares authorised / issued in the period 13,768,015 1.9 
Placing and Open Offer 38,485,241 0.7 
At 2 April 2007 204,379,497 10.2 
During the period 8,639,732 share warrants have been exercised and 273,645 ordinary shares were issued following the exercise of
employee share options.
Jarvis plc Annual Report and Accounts 2008 53
Notes to the Consolidated Financial Statements 23 Reconciliation of movement in shareholders’ equity
Capital 
Share Share Special redemption Other Accumulated Total
capital premium reserve reserve reserve losses equity
£m £m £m £m £m £m £m
At 3 April 2007 10.2 581.4 – 7.2 89.7 (702.8) (14.3)
Profit for the period ––––– 11.1 11.1 
Transfer between reserves – capital reduction – (520.7) 3.7 – – 517.0 –
Actuarial gains on defined benefit 
pension schemes ––––– 1.5 1.5 
Shares issued in connection with exercise 
of warrants 0.5 2.6 –––– 3.1 
Equity settled share-based payments ––––– 0.1 0.1 
At 31 March 2008 10.7 63.3 3.7 7.2 89.7 (173.1) 1.5 
At 1 April 2006 7.6 556.6 – 7.2 89.7 (689.3) (28.2)
Loss for the period ––––– (21.7) (21.7)
Placing and Open Offer (net of expenses) 1.9 19.8 –––– 21.7 
Issue of shares to existing warrant holders 0.2 2.2 –––– 2.4 
Shares issued in connection with exercise 
of warrants 0.5 2.8 –––– 3.3 
Actuarial gains on defined benefit pension
schemes ––––– 11.4 11.4 
Tax in respect of items taken directly to equity ––––– (3.5) (3.5)
Equity settled share-based payments ––––– 0.3 0.3 
At 2 April 2007 10.2 581.4 – 7.2 89.7 (702.8) (14.3)
By special resolution, confirmed by the High Court on 2 May 2007, the Company reduced its share premium account by £520.7m,
eliminating the accumulated deficit on the Company’s profit and loss account and creating a special reserve of £3.7m.
The capital redemption reserve arose from the Placing and Open Offer completed on 29 September 2005, when £7.2m of ordinary
shares were cancelled.
The other reserve arose on the acquisition of Streamline Holdings plc in the year ended 31 March 1998, the Company taking
advantage of merger relief under section 131 of the Companies Act 1985.
24 Share-based payments
The Group has appraised its share options granted on or after 7 November 2002 and not vested at 1 April 2005, in accordance with
IFRS 1 and IFRS 2. In the period ended 31 March 2008 the amount charged to the Consolidated Income Statement in relation to
share-based payments totalled £0.1m (2007: £0.3m).
With the exception of the Savings Related Share Option Scheme (SAYE scheme) there are share price performance conditions
applicable to each of these schemes, with all schemes requiring continuous employment.
Options are are valued using the Black-Scholes option pricing model. All options have a life of three years. The expected volatility
used in the valuation model is based on historical volatility over the last three years of a peer group and a nil dividend yield has been
assumed. The principal assumptions and key data used in the calculations are shown below.
Fair value per option
Pence Share price at Exercise Expected Risk free 
grant date price volatility interest rate
Grant date Pence Pence % % Tranche 1 Tranche 2 Tranche 3
The Management Incentive Plan
30 November 2005 87 108 – 152 21.3 4.0 17 14 9
8 August 2006 56 70 – 98 20.5 5.0 11 9 6
4 October 2006 45 57 – 80 20.5 5.0 9 7 4
SAYE scheme
4 April 2006 70 70 20.5 5.0 14 – –
The 2003 Share Option Plan
4 October 2006 55 65 – 87 20.5 5.0 11 9 6
3 April 2007 66 83 – 116 28.8 4.6 18 18 18
5 September 2007 72 90 – 125 28.8 4.6 20 20 20
54 Jarvis plc Annual Report and Accounts 2008
Notes to the Consolidated Financial Statements 24 Share based payments (continued)
The options outstanding and movements during the period are shown below.
Outstanding Outstanding Outstanding
at Granted Surrendered, at Granted Surrendered, at
1 April during cancelled or 2 April during cancelled or 31 March 
Grant date 2006 the period exercised 2007 the period exercised 2008
The Management Incentive Plan
30 November 2005 5,355,000 – (2,700,000) 2,655,000 – (2,565,000) 90,000
8 August 2006 – 550,000 – 550,000 – – 550,000
4 October 2006 – 1,338,000 (42,000) 1,296,000 – (313,000) 983,000
SAYE Scheme
4 April 2006 – 3,200,213 (446,833) 2,753,380 – (696,013) 2,057,367
The 2003 Share Option Plan
4 October 2006 – 2,798,000 – 2,798,000 – (239,000) 2,559,000
3 April 2007 ––––1,026,400 – 1,026,400
5 September 2007 ––––2,990,473 – 2,990,473
25 Commitments
25.1 Capital commitments
The Group had no capital commitments at 31 March 2008 (2007: nil).
25.2 Operating leases
The Group has entered into commercial leases on certain properties, motor vehicles and items of plant and equipment. The total of
future minimum lease payments under non-cancellable operating leases is shown in the table below.
Vehicles, Vehicles,
plant and 2008 plant and 2007
equipment Property Total equipment Property Total
£m £m £m £m £m £m
Within one year 8.4 3.7 12.1 9.8 3.5 13.3 
More than one year but within five years 12.1 9.8 21.9 13.5 10.3 23.8 
After five years 1.2 14.8 16.0 1.8 16.3 18.1 
21.7 28.3 50.0 25.1 30.1 55.2 
Operating lease charges recognised in the Consolidated Income Statement are shown in Note 4.
26 Contingent liabilities
The Group has guaranteed performance bonds and given guarantees in respect of contracts entered into by subsidiary undertakings
in the normal course of business.
The Group has provided guarantees to certain local authorities in connection with the potential rebate of unitary charges paid by
those authorities to the relevant wholly-owned Jarvis special purpose company, should this become necessary as a result of
underperformance in connection with agreed service standards.
The Group’s banking facilities are subject to certain financial covenants and events of default. Breaches of financial covenants or
events of default can be waived or consented to by the lenders but such waivers or consents may require the payment of fees 
and costs to the lenders.
Jarvis plc Annual Report and Accounts 2008 55
Notes to the Consolidated Financial Statements 56 Jarvis plc Annual Report and Accounts 2008
27 Related party transactions
Related party transactions in the period are limited to compensation for key management. Key management personnel comprise 
the Executive and Non-Executive Directors, as identified in the Directors’ Remuneration Report on pages 23 to 27, along with the
Executive Team. The remuneration of these key personnel is detailed below.
2008 2007
£m £m
Salaries and short-term benefits 2.4 2.9 
Post employment benefits 0.3 0.3 
Termination payments 0.2 0.1 
2.9 3.3 
28 Cash generated from operations
2008 2007
Profit / (loss) from operations £m £m
Operating profit / (loss) from continuing operations 5.1 (8.5)
Operating loss from discontinued operations (Note 9) (0.4) (4.7)
4.7 (13.2)
Adjustments for non-cash movements
Depreciation of property, plant and equipment
– Continuing operations 3.2 3.2 
– Discontinued operations – 0.8 
Non-cash pension costs / (income) 1.1 (0.7)
Restructuring costs 1.0 4.9 
Profit on disposal of property plant and equipment (0.6) –
Share of post-tax profits from joint ventures – 0.5 
4.7 8.7 
Movement in working capital
Decrease in inventories 0.1 3.6 
(Increase) / decrease in receivables (14.0) 12.3 
Decrease in payables and provisions (13.3) (32.4)
(27.2) (16.5)
Cash flows from operating activities (17.8) (21.0)
29 Principal subsidiary undertakings and associates at 31 March 2008
The subsidiaries of Jarvis plc which, in the opinion of the Directors, principally affect Group trading results and net assets are
listed below.
Company Nature of business
Fastline Limited* Rail and other plant hire business
Jarvis Rail Limited Rail infrastructure services
Jarvis Accommodation Services Limited Facilities management 
Jarvis Construction (UK) Limited Construction management
On Track Plant Limited Rail plant hire
Jarvis Property Company Limited Property investment, dealing and development
Jarvis Estates Limited Property investment
Somerford Equipment Limited* Specialist vehicle delivery
Jarvis Plant Hire Limited* Plant hire
* Indirectly owned by Jarvis plc.
All principal subsidiary undertakings are incorporated in England and Wales and are wholly owned.
Notes to the Consolidated Financial Statements 2008 2007
Notes £m £m
Fixed assets
Intangible assets 5 2.8 –
Investments in subsidiary undertakings 7 73.9 74.3
76.7 74.3
Current assets
Debtors 8 93.3 93.0
Cash at bank and in hand – 23.8
93.3 116.8 
Creditors: amounts falling due within one year 9 (11.8) (17.3)
Net current assets 81.5 99.5
Total assets less current liabilities 158.2 173.8
Creditors: amounts falling due after more than one year 9 (0.8) –
Provisions for liabilities 10 (1.7) (3.0)
Net assets 155.7 170.8 
Capital and reserves
Share capital 11 10.7 10.2
Share premium 11 63.3 581.4
Special reserve 11 3.7 –
Capital redemption reserve 11 7.2 7.2
Other reserve 11 89.6 89.6
Profit and loss account 11 (18.8) (517.6)
Equity shareholders’ funds 155.7 170.8
The Financial Statements were approved by the Board on 27 May 2008 and were signed on its behalf by:
R Entwistle Chief Executive
J O’Kane Group Finance Director
Jarvis plc Annual Report and Accounts 2008 57
Company Balance Sheet
At 31 March 2008  1 Principal accounting policies
1.1 Basis of accounting
The Company’s Financial Statements have been prepared under the historical cost convention and in accordance with applicable UK
accounting standards and the Companies Act 1985. The Company has not presented its own profit and loss account, in accordance
with the exceptions allowed by Section 230(4) of the Companies Act 1985.
1.2 Intangible assets
Intangible assets are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to the profit and
loss account on a straight-line basis over the useful economic lives of the assets concerned, from the date they are brought into
operational use. Computer software and licenses are the only intangible assets held by the Company at 31 March 2008. They have
an estimated life of 3 to 5 years.
1.3 Investments
Investments are stated at cost less provision for any impairment in value.
1.4 Provisions 
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event and when it is
probable that an outflow of resources will be required to settle the obligation. Provisions are measured at the Directors’ best estimate
of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value.
1.5 Share-based payments
The Company operates equity-settled share-based payment schemes for certain employees. The cost of share-based payments is
measured at fair value at the date of grant, excluding the effect of non market-based vesting conditions. The cost is recognised in the
profit and loss account on a straight-line basis over the vesting period with the corresponding amount credited to equity, based on an
estimate of the number of shares that will eventually vest. The fair value of employee share option plans is calculated by using the
Black-Scholes-Merton valuation model.
1.6 Current taxation
The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the profit 
and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
1.7 Deferred taxation
Full provision has been made for deferred taxation in respect of timing differences that have originated but not reversed at the 
balance sheet date as the result of an event which results in an obligation to pay more or less tax in the future, except that:
– Provision is made for gains on disposal of assets that have been rolled over into replacement assets only where there 
is a commitment to dispose of the replacement assets.
– Deferred tax assets are recognised to the extent that it is more likely than not that there will be suitable taxable profits from 
which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a non-discounted basis at the tax rates expected to apply in the period in which the timing differences
reverse, based on tax rates enacted at the balance sheet date.
58 Jarvis plc Annual Report and Accounts 2008
Notes to the Company Balance Sheet 2 Auditors’ remuneration
The auditors’ remuneration for audit services to the Parent Company for the period ended 31 March 2008 was £0.1m (2007: £0.1m).
3 Payroll costs and employee numbers
2008 2007
£m £m
Wages and salaries 5.8 6.8 
Social security costs 0.7 0.8 
Pension costs 0.5 0.5 
7.0 8.1 
The average number of employees in the period, including Executive Directors, was 111 (2007: 141).
4 Dividends
No dividends were paid during the period (2007: nil).
5 Intangible assets
Intangible assets held at 31 March 2008 relate to computer software and licenses. During the period £1.6m of costs have been
incurred in the development of the Group’s new Enterprise Resource Planning (ERP) business system, and software licenses with 
a value of £1.2m have been purchased. Amortisation of the ERP costs will commence when the system is brought into operational
use during the 2008/09 financial year. The software licenses are being amortised over a period of 5 years, from 1 March 2008.
6 Tangible assets 
Fixtures,
Leasehold fittings and
improvements equipment Total
£m £m £m
Cost
At 3 April 2007 0.1 0.9 1.0 
Written off (0.1) (0.9) (1.0)
At 31 March 2008 –––
Depreciation
At 3 April 2007 0.1 0.9 1.0 
Written off (0.1) (0.9) (1.0)
At 31 March 2008 –––
Net book value
At 3 April 2007 and 31 March 2008 – – –
7 Fixed asset investments in subsidiary undertakings
£m
At 3 April 2007 74.3 
Additions in the period 0.2 
Impairment provision (0.6)
At 31 March 2008 73.9 
Investments in subsidiary undertakings primarily relate to the subsidiary undertakings disclosed in Note 29 to the Consolidated
Financial Statements.
8 Debtors
2008 2007
£m £m
Amounts owed by Group undertakings 88.6 86.7 
Other debtors 4.5 6.1 
Prepayments and accrued income 0.2 0.2 
93.3 93.0 
Jarvis plc Annual Report and Accounts 2008 59
Notes to the Company Balance Sheet 9 Creditors
2008 2007
£m £m
Amounts falling due within one year
Bank loans and loan notes 0.6 –
Trade creditors 1.7 3.2 
Accruals and deferred income 7.5 13.1 
Taxation and social security 0.2 1.0 
Corporation tax payable 1.8 –
11.8 17.3 
Amounts falling due after more than on year
Other creditors 0.8 –
0.8 – 
Details of borrowing and security arrangements are set out in Note 18 to the Consolidated Financial Statements.
10 Provisions for liabilities and charges
Onerous
leases Restructuring Total
£m £m £m
At 3 April 2007 1.0 2.0 3.0 
Utilised (0.6) (0.7) (1.3)
At 31 March 2008 0.4 1.3 1.7 
Provisions represent the best estimate of obligations at the balance sheet date. The provision for onerous lease commitments has
been calculated at the net present value of rent payable less rents receivable (having taken account of potential void periods and lease
incentives) up to the end of the lease. Allowance has been made for empty rates and agents’ fees. The restructuring provision relates
to the costs associated with the ongoing operational restructuring.
11 Capital and reserves
Profit and loss 
Other reserves account
£m £m
At 3 April 2007 89.6 (517.6)
Loss for the period – (18.3)
Movements relating to share-based payments – 0.1 
Transfer between reserves – capital reduction – 517.0 
At 31 March 2008 89.6 (18.8)
Details of the Company’s authorised and issued share capital, share premium and capital redemption reserve are given in Notes 22
and 23 to the Consolidated Financial Statements.
The cumulative amount of goodwill written off direct to reserves in respect of acquisitions prior to 31 March 1998 is £89.2m
(2007: £89.2m) which arose in connection with the acquisition of rail businesses.
12 Capital commitments 
The Company had no capital commitments at 31 March 2008 (2007: £nil). 
13 Contingent liabilities
Details are given in Note 26 to the Consolidated Financial Statements.
60 Jarvis plc Annual Report and Accounts 2008
Notes to the Company Balance Sheet Jarvis plc Annual Report and Accounts 2008 61
Group Historical Summary
2008 2007 2006 2005
£m £m £m £m
Consolidated Income Statement
Revenue* 321.9 288.5 335.3 432.9
Operating profit / (loss)* 9.2 4.9 15.2 (62.5)
Net finance costs* (1.7) (4.6) (67.8) (27.7)
Exceptional items (3.0) (13.4) (1.1) (289.1)
Profit / (loss) before tax* 4.5 (13.1) (53.7) (379.3)
Taxation 5.2 2.0 0.1 2.6
Profit / (loss) for the period* 9.7 (11.1) (53.6) (376.7)
Post-tax profit / (loss) from discontinued operations 1.4 (10.6) (3.0) 44.6
Profit / (loss) for the period attributable to equity shareholders 11.1 (21.7) (56.6) (332.1)
Basic and diluted earnings / (loss) per share 5.4p (13.5)p (39.4)p (231.2)p
Capital employed
Equity shareholders’ funds / (deficit) 1.5 (14.3) (28.2) (414.3)
Net debt (38.8) (23.6) (23.5) (307.5)
*From continuing operations, before exceptional items.
Figures for the four years ended 31 March 2008 shown above were prepared under International Financial Reporting Standards (IFRS). The Group’s annual
report and accounts for 2004 and prior years were prepared under UK Generally Accepted Accounting Principles (UK GAAP) and as these results are not
comparable with results under IFRS, they are not presented above. 62 Jarvis plc Annual Report and Accounts 2008
Report of the Independent Auditor 
to the members of Jarvis plc
We have audited the group and parent
company financial statements (the
‘’financial statements’’) of Jarvis plc for the
year ended 31 March 2008 which comprise
the group income statement, the group and
parent company balance sheets, the group
cash flow statement, the group statement
of recognised income and expense and
notes 1 to 29 for the group consolidated
accounts and notes 1 to 13 in respect 
of the parent company accounts. These
group financial statements have been
prepared under the accounting policies 
set out therein. We have also audited the
information in the Directors’ Remuneration
Report that is described as having been
audited.
This report is made solely to the
company’s members, as a body, in
accordance with Section 235 of the
Companies Act 1985. Our audit work has
been undertaken so that we might state
to the company’s members those matters
we are required to state to them in an
auditor’s report and for no other purpose.
To the fullest extent permitted by law, we
do not accept or assume responsibility to
anyone other than the company and the
company’s members as a body, for our
audit work, for this report, or for the
opinions we have formed.
Respective Responsibilities of Directors
and Auditors
The directors’ responsibilities for preparing
the Annual Report and the group financial
statements in accordance with United
Kingdom law and International Financial
Reporting Standards (IFRSs) as adopted
by the European Union, and for preparing
the parent company financial statements
and the Directors’ Remuneration Report
in accordance with United Kingdom 
law and Accounting Standards (United
Kingdom Generally Accepted Accounting
Practice) are set out in the Statement 
of Directors’ Responsibilities.
Our responsibility is to audit the financial
statements and the part of the Directors’
Remuneration Report to be audited in
accordance with relevant legal and
regulatory requirements and International
Standards on Auditing (UK and Ireland).
We report to you our opinion as to
whether the financial statements give
a true and fair view and whether the
financial statements and the part of the
Directors’ Remuneration Report to be
audited have been properly prepared in
accordance with the Companies Act 1985
and whether, in addition, the group
financial statements have been properly
prepared in accordance with Article 4 of
the IAS Regulation. We also report to you
whether in our opinion the information
given in the Directors’ Report is consistent
with the financial statements. The
information given in the Directors’
Report includes that specific information
presented in the chairman’s statement,
the chief executive review, the financial
review, and the operating review that is
cross referred from the Business Review
section of the Directors’ Report.
We review whether the Corporate
Governance Statement reflects the
company’s compliance with the nine
provisions of the 2003/6 Combined Code
specified for our review by the Listing
Rules of the Financial Services Authority,
and we report if it does not. We are not
required to consider whether the board’s
statements on internal control cover all
risks and controls, or form an opinion on
the effectiveness of the group’s corporate
governance procedures or its risk and
control procedures.
We read other information contained in
the Annual Report and consider whether
it is consistent with the audited financial
statements. The other information
comprises only the Directors’ Report,
the unaudited part of the Directors’
Remuneration Report, the Chairman’s
Statement, the Chairman’s statement,
Chief Executive review, the financial
review, the operating review, the
biographies, the corporate governance
statement and the corporate social
responsibility statement. We consider the
implications for our report if we become
aware of any apparent misstatements or
material inconsistencies with the financial
statements. Our responsibilities do not
extend to any other information.
Basis of Audit Opinion
We conducted our audit in accordance
with International Standards on Auditing
(UK and Ireland) issued by the Auditing
Practices Board. An audit includes
examination, on a test basis, of evidence
relevant to the amounts and disclosures
in the financial statements and the part of
the Directors’ Remuneration Report to be
audited. It also includes an assessment
of the significant estimates and judgments
made by the directors in the preparation
of the financial statements, and of
whether the accounting policies are
appropriate to the group’s and company’s
circumstances, consistently applied 
and adequately disclosed.
We planned and performed our audit
so as to obtain all the information and
explanations which we considered
necessary in order to provide us with
sufficient evidence to give reasonable
assurance that the financial statements
and the part of the Directors’
Remuneration Report to be audited are
free from material misstatement, whether
caused by fraud or other irregularity or
error. In forming our opinion we also
evaluated the overall adequacy of the
presentation of information in the financial
statements and the part of the Directors’
Remuneration Report to be audited.
Opinion
In our opinion:
– the group financial statements give a true
and fair view, in accordance with IFRSs
as adopted by the European Union, 
of the state of the group’s affairs as at
31 March 2008 and of its profit for the
year then ended;
– the group financial statements have been
properly prepared in accordance with the
Companies Act 1985 and Article 4 of the
IAS Regulation;
– the parent company financial statements
give a true and fair view, in accordance
with United Kingdom Generally Accepted
Accounting Practice, of the state of
the parent company’s affairs as at
31 March 2008;
– the parent company financial statements
and the part of the Directors’
Remuneration Report to be audited have
been properly prepared in accordance
with the Companies Act 1985; and
– the information given in the Directors’
Report is consistent with the financial
statements.
Grant Thornton UK LLP
Registered Auditor
Chartered Accountants
Leeds
27 May 2008 Jarvis plc Annual Report and Accounts 2008 63
Shareholder Services
Registrars
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Amalgamation of Accounts
Shareholders who receive duplicate sets
of Company mailings as a result of multiple
accounts registered in their names should
write to the Registrar to have their accounts
amalgamated.
Gifting Your Shares to Charity
Shareholders who have a small number of
shares can often find it uneconomical to sell
them. An alternative is to consider donating
them to the charity ShareGift (registered
charity 1052686), which collects donations
of unwanted shares until there are enough
to sell and uses the proceeds to support
other UK charities. Further information can
be obtained from the Company’s Registrars
or from ShareGift on 020 7930 3737 or from
www.ShareGift.org. There is no implication
for Capital Gains Tax (no gain or loss) when
you donate shares to charity and UK
taxpayers may be able to claim income 
tax relief on the value of their donation.
Investor Centre Website
The Company’s Investor Centre website
provides users with timely access to
up-to-date and historical information on
Jarvis, including results announcements,
presentations, annual reports, regulatory
announcements and other investor relations
materials and tools including a real time
share price feed and share price calculator.
The Investor Centre can be accessed at:
www.jarvisplc.com/jarvisplc/investor/.
Unsolicited Mail
The Company is obliged by law to make
its Share Register available to other
organisations who may then use it for a
mailing list. If you wish to limit the receipt of
unsolicited mail you may do so by registering
with the Mailing Preference Service (MPS).
Registration can be made in writing to: The
Mailing Preference Service (MPS), Freepost
29 LON20771, London, W1E 0ZT or online
at www.mpsonline.org.uk. 
Company Details
Registered Office
Meridian House
The Crescent
York YO24 1AW
Company Registration
Registered in England
No. 2238084
Our Advisers
Auditors
Grant Thornton UK LLP
No 1 Whitehall Riverside
Whitehall Road
Leeds LS1 4BN
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Meridian House
The Crescent
York
YO24 1AW
T+44 (0)1904 712712
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