Jarvis shares continue to slide

Jarvis is involved in upgrading London's Underground

Shares in engineering firm Jarvis have continued to fall after it said delays in winning work will cut its earnings by £12m ($22m; 17.4m euros) this year.

Jarvis will not be able to include the work in the fiscal year ending March 31 as negotiations overran. The money will now show up in 2005's accounts.

Investors had already raised concerns about the company's plan to boost earnings by moving into new areas.

Its shares dropped 10.6% on Wednesday, and have now fallen 33% this week.

Getting paid

As well as Wednesday's news on contract delays, investor confidence also has been knocked by an ABN Amro report claiming that Jarvis may struggle to get some money it is owed.

However, the company has said it is optimistic it will get the cash in full.

Separately, there also have been complaints from a number of subcontractors that it was taking too long for them to get paid.

Jarvis last year decided to abandon its railway maintenance business because of growing criticism over the standard of work carried out by private contractors.

Its track maintenance record came under focus following the Potters Bar crash, a derailments at Kings Cross station in London, and the derailment of a coal train near Rotherham.

Jarvis is now involved in building and maintaining schools, hospitals and roads.

It also has a stake in Tube Lines, the consortium responsible for upgrading London Underground's Piccadilly, Northern and Jubilee lines.