December 29, 2004

Jarvis hits low

by brian_turner

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Jarvis, the troubled engineering and construction group linked to the fatal Potter’s Bar rail crashe, has reported first-half losses of ’283 million - down from a profit of ’33.7 million in the same preiod last year.

Losses had actually been reduced by the recent sell-off of assets, such as roads (’24.5m), property (’25m), and the sale of its stake in the London Underground consortium Tube Lines to Spain’s Ferrovial for ’146m.

Jarvis still continues with debts of more than ’230m, and its creditors have been forced to extend credit to 2006 to lower the risk of the company being declared bankrupt.

More: Jarvis hits ‘nadir’ at half-year.

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