RAIL and plant firm Jarvis today braced investors for heavy losses as spending delays from Network Rail keep up the squeeze on the business.
The York-based company’s profit warning comes after a "very considerable reduction" in rail and plant work as the network operator puts back track renewal investment.
Jarvis now predicts a £5 million operating loss this year, although more financial pain - including a further £3 million in restructuring costs - will mean an even deeper slide into the red in the group’s final results.
Shares fell more than 12% as the group said trading had failed to pick up since October due to the contract delays, capping a "disappointing year".
