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Jarvis warns of dip in profits

FINANCE

JARV IS last week warned that first half profitability at its rail and plant businesses is expected to be significantly below last year but said it had appointed City advisers Close Brothers to help with action on its underperforming businesses.

Delays in contract lettings and starts meant its plant and rail businesses saw a slow first half.

But it expected volumes to recover in the second half following contract wins for signalling work and track enhancement with other new contracts likely. The group expects to break even in the first half.

Chairman Steve Norris said Jarvis was hopeful it will shortly conclude talks on the disposal of parts of its roads division and that its construction activities were nearing closure.

Having cut its central overheads by £8 million per year, the firm is aiming to reduce them by a further £10 million by next September.