Turnover at rail specialist Jarvis fell 44% from 拢203m to 拢115m in the six months to 16 October, with the company plunging to a 拢5.8m loss
The loss compared to a profit of 拢4.4m for the equivalent period last year and followed 拢2.3m of restructuring costs linked to the loss of 15% of its workforce (450 people).
The poor figures follow reduced and delayed levels of work from its principal client Network Rail. Steven Norris, chair at the company, said: 鈥淩educing our dependency on Network Rail is a key objective of the business and an important way of ensuring we deliver future volume improvements and a healthier business as a result.鈥�
Net debt stood at 拢22.3m at the half-year end, which was down 36% from 拢34.6m in 2008.
No comments yet