There may be another reason for the no-start, but let's run through this procedure first.

There are two fuel pumps in the Bosch LH-Jetronic series fuel injection systems, consisting of the main fuel pump (usually underneath the car, just behind the driver's seat) and the in-tank pump. The car will not start if the main fuel pump is dead, even if the in-tank pump still works. But, that in-tank pump will push fuel through the fuel rail and give you a false positive on the fuel delivery test at ignition "Start." Therefore, for the fuel delivery test, pull fuse 11 (check your owner's manual for correct fuse) for the in-tank pump and then run the fuel delivery test. That way, you can exclude the in-tank pump and see if the main fuel pump actually delivers fuel.

More at Diagnosing No-Starts on Some 740/940 Volvos.