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Jarvis takeover talks shelved after steady results

Jarvis has said it is no longer in takeover talks after posting half year results which are in line with expectations.

The rail maintenance group posted pre-tax profits of £4.3 million for the six months to 10 October, compared with a £3.3 million loss last year.

Turnover at the York-based company grew 49 per cent to £203.1 million due to high levels of work on West Coast contracts.

Jarvis said given the tough economic climate, it was unsurprising that no offer was forthcoming after discussions with potential buyers for the business.

It said it is no longer in discussions which could lead to an offer being made for the group.

Net debt at the company has been reduced to £34.6 million from £41.4 million last year.

Jarvis executive chairman Steven Norris said: “The board is pleased to report that the company has seen a continuation of the improved profitability experienced during the second half of the previous financial year.

“Our strategy remains to develop the group's rail, plant and freight businesses whilst working to reduce the group's cost base.”