Beleaguered Jarvis issues profit warning

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Shares in the rail maintenance group crashed 42% four weeks ago when Network Rail announced it was cutting its track renewals in the coming year.

Jarvis, one of Network Rail's four primary contractors, admitted rail work had since slumped and it would undershoot profit targets for the year to the end of March.

Worse, said the company, 2009-10 figures are "expected to be significantly below previous management expectations".

Jarvis, which had been expected to double profits to £8 million this year, is a pale shadow of its former self.

A success story of the late 1990s, it grew quickly as a rail engineer and a Private Finance Initiative builder of schools and hospitals.

Over-expansion unwound its PFI business and its credibility as a rail engineer was shredded by the 2002 fatal Potters Bar crash.