Interim results show 50% increase in turnover as profit hits £4.3m
Jarvis has posted a strong set of interim results, thanks to a rise in activity on Britain's railways.
Profit before tax was £4.3m for the six months to October 2008, in contrast with a £3.3m loss for the comparable period last year. Turnover increased 49% to £203.1m, up from £136.3m last year.
Jarvis, which focuses on rail, plant and accommodation services, said its results were boosted by a high level of activity on West Coast rail contracts.
Rail plant turnover also rose, but turnover in the firm's accommodation business fell as it exited loss-making contracts.
Steven Norris, executive chairman of Jarvis, said: “The board is pleased to report that the company has seen a continuation of the improved profitability experienced during the second half of the previous financial year.
“Our strategy remains to develop the group's rail, plant and freight businesses whilst working to reduce the group's cost base.
Jarvis said that it is well placed to take advantage of growth opportunities in the UK rail market in the longer term.
The interim results for 2008 are for 1 April to 10 October, with the comparative period for last year 3 April to 30 September.