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Decline in rail work hits Jarvis

Jarvismade small operating loss in the three months from April 1 in line with management expectations.

The group said it was restructuring its rail operation in response to falling volumes in its rail arm during the first quarter of its financial year. So far this had yielded £3M in savings.

The fall in rail work is due to Network Rail’s decision to delay work, but at the same time its freight business has been boosted by a coal haulage contract from energy giant E.ON.

In another effort to cut costs Jarvis will not appoint new chief operating officer, after Stuart Laird leaves the position to take over as chief executive when Richard Entwistle retires on September 3.

Jarvis chairman, Steven Norris said: “As we have said before volumes are expected to continue at the anticipated lower levels throughout the current financial year. Tender activity should start to pick up in the second half, although short term visibility remains poor. Beyond this year prospects look more promising.”

Jarvis shares were unchanged at 14p in morning trading.

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