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EDITIONS
Tuesday, 11 June, 2002, 15:38 GMT 16:38 UK
Big profits rise for Jarvis
Railtrack engineers working on the track at Potters Bar
Jarvis maintains railway track
The company responsible for maintaining the line where the Potters Bar rail crash happened has announced a sharp increase in profits.

Jarvis has changed its accounting methods, but either way its profits are substantially higher.


Public safety and the safety of our employees are our highest priorities

Paris Moayedi
Jarvis chief executive
The new method shows a profit of 45.8m for the financial year, compared with 24.8m in the previous 12 months.

Under the old system it made a profit of 50.8m compared with 30.1m.

Safety

The results cover the financial year to the end of March, before the Potters Bar rail crash in which seven people died.

In a statement, chief executive Paris Moayedi said: "These results are released only a little more than a month after the tragic events at Potters Bar.

"Everyone at Jarvis has been shocked and saddened by the terrible train derailment.

"Public safety and the safety of our employees are our highest priorities, and the impact of this tragic event is felt throughout the company."

Mr Moayedi said that because the police and the Health and Safety Executive were still investigating the derailment, it was not appropriate for the company to make any comment.

City reaction

In the City, while the results temporarily helped revive Jarvis's flagging shares, the stock closed down 8p at 315.5p on Tuesday.

Before the Potters Bar crash, Jarvis shares were trading at 520p.

 WATCH/LISTEN
 ON THIS STORY
The BBC's Jeff Randall
"This shows a company that is growing strongly and is very profitable"
Bob Crow of the RMT Union
"The profits they're making don't surprise me"

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See also:

11 Jun 02 | Business
13 May 02 | Business
16 Oct 01 | Business
09 Oct 01 | Business
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