Jarvis has ended takeover talks with several interested parties because of the market downturn.

The rail specialist said no offer had been tabled despite talks reaching an advanced stage as part of a strategic review.

It said: “The board has therefore decided that shareholders’ interests are best served by concluding the review.”

In the six months to 10 October, the company posted a pre-tax profit of £4.3m, which was up from a loss of £3.3m in 2007.

Turnover was up by 49% from £136.3m to £203.1m, which executive chairman Steven Norris said was in line with the board’s expectations.

Names in the frame for Jarvis have included Balfour Beatty and Bouygues while some have suggested a management buyout was being planned.