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Track Renewal Contracts24/03/2004 Jarvis is pleased to announce that it has been awarded three track renewal contracts by Network Rail for which it was appointed preferred bidder in June 2003. The three contracts are for switches and crossings in Scotland, for switches and crossings in the London North East region and for plain line renewals in the London North East region. In addition, Jarvis is still in discussions with Network Rail for other track renewal work. Due to both lower overall volumes compared to the current year and also lower margins on the new contracts, it is currently expected that on the base level of these contracts, turnover and profits from Network Rail related work will be at the low end of the range of market expectations for 2004/05. However, this is before taking into account the opportunity to enhance performance through achieving cost savings for our customer, where Jarvis’ high output plant will be a key element in realising this opportunity and before the prospect of any gainshare. For further information, please contact: Paul Ravenscroft, Jarvis plc Or David Trenchard or Andrew Honnor, Tulchan Communications |
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