RAIL contractor Jarvis today delivered results in line with expectations and said it is no longer in discussions about being taken over.
Pre-tax profits for the six months ending on October 10 were £4.3m compared with £3.3m last year and turnover grew 49 per cent to £203.1m.
The York-based company said rail turnover doubled compared with last year due to high levels of work on Wes
t Coast contracts. Turnover in the division was £152.1m compared to £75.3m last year and operating profit was £10.2m against £5.2m last year.
Its plant division also saw high turnover of £51.2m against £40.8m the previous period. However, operating profit slumped to £1.2m from £2.4m last year based on "disappointing" performance in its transport and freight container business.
Turnover in the accommodation services division was lower at £23.3m compared to £34.4m last year. It made an operating loss was of £200,000 – but this was substantially down on last year following the exit from several loss-making contracts during the second half of the previous financial year.
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 reduced to £34.6m from £41.4m last year. Despite this Jarvis said the group will not be paying an interim dividend.
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