Interim Results For The 28 Weeks To 13 October 2001

20th Nov 2001

* Interim turnover fell 5.2% , mainly through lower occupancy.
* First half results reflect a challenging market background.
* Interim dividend maintained at 1.8p, reflecting Jarvis’ strong cash flow.
* Rebranding of 56 properties under Marriott International’s Ramada flag completed.
* Planned sale and leaseback programme deferred due to current uncertainties.

* A slow down in commercial markets offset by increase in domestic short breaks and leisure.

* Christmas and New Year festivity bookings ahead of last year’s levels.
John Jarvis CVO CBE, Chairman, commented:
“The company’s short term profitability has been affected by a series of unprecedented events. It is too early to predict how our markets will develop into 2002 but we are taking all steps to maximise revenue and control overhead costs. So far, indications of the conversion to Marriott International’s Ramada brand are favourable. Our UK Central Reservations Office achieved record sales in October and Christmas and New Year festivity bookings are currently ahead of last year. With Embassy Leisure Breaks and our recently launched online reservations service, we are well positioned to take advantage of the likely increase in domestic tourism business.”


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