Steven Norris, chairman of Jarvis, has backed up his claim that the rail maintenance specialist will recover from a recent difficult period by nearly doubling his stake in the firm.
Norris, a former Conservative transport minister, bought 300,000 shares at 7.5p a time.
The shares have taken a downward turn since his last foray into the market, when he paid 10.8p a time for 200,000 shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Jarvis's revenue in the year to March rose to £345.8m from £321.9m in 2008. Underlying profit fell to £5.1m from £7.5m, but after exceptional costs of£11.4m, losses were £6.3m.
"The current economic conditions and Network Rail's decision to delay works created a difficult trading environment in the second half of the year under review and this is expected to continue through 2009-10," Norris said.
"The prospects beyond that appear much more promising."
Top Director Buys
Value: £54,000
Value: £22,500
Top Director Sells
Value: £16,324
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
-
‘I’m among the thousands of millionaires leaving the UK – the new tax rules don’t make sense ’MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status
