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Jarvis Hotels predicts first half losses
Jarvis Hotels has announced at its AGM that turnover for the first sixteen weeks is five per cent down on last year overall, and predicted a reduction in first half profits, prompting a slide in share value. Chair, John Jarvis in his annual report said that despite a solid performance in the year ending 31 March, which saw operating profit increase by 9.7 per cent to £38.9m, subsequent well publicised problems of the UK leisure industry in the wake of the foot and mouth epidemic had taken their toll. He added: As a consequence, we expect a reduction in our first half profits for the 28 weeks to 13 October 2001 compared to last year but expressed that the trading conditions were abnormal. Jarvis reported that the re-branding of the hotels under the Ramada flag was progressing, with 56 Jarvis hotels being converted on August 31, and reiterated his intention for the company to evolve into a hospitality management services company, with a reduced emphasis on the ownership of hotel properties.
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