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December 29, 2004

Jarvis hits low

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.

Posted by brian_turner at December 29, 2004 06:55 PM

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