Steven Norris doubles Jarvis stake

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.

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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."

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