Hargreaves Services PLC Trading Update and Notice of Interim Results (6402I)
December 06 2022 - 1:00AM
UK Regulatory
TIDMHSP
RNS Number : 6402I
Hargreaves Services PLC
06 December 2022
Hargreaves Services plc
("Hargreaves" or the "Group")
Trading Update and Notice of Interim Results
Hargreaves Services plc (AIM: HSP), a diversified group
delivering services to the industrial and property sectors,
provides the following update on trading ahead of reporting its
interim results for the six months ended 30 November 2022.
The Board anticipates reporting a strong set of results for the
period, with both revenue and profit before tax expected to be
higher than in the comparative period. Improvement has occurred in
each of the three business segments, Services, Hargreaves Land and
HRMS (German Joint Venture).
The Services business has experienced a growth in revenue and
profit primarily due to an increase in activity on the HS2
contract, which has benefited the current period, whilst underlying
contracts have also performed well. The Services business remains
resilient to the current economic uncertainty, with over 50 term
and framework contracts, most of which contain cost escalator
clauses or are "cost plus" in nature, continuing to provide a
reliable profit stream.
Hargreaves Land completed another sale at Blindwells in the
first half, disposing of 4.5 acres to Ogilvie Homes in a deal worth
GBP3.4m, which continues to demonstrate the long term, recurring
revenue generated from the site.
Whilst trading conditions within Germany have softened since the
second half of the previous financial year, they have remained
strong and the joint venture is expected to deliver results ahead
of those reported in the comparative period. As noted previously,
the limited visibility within this business and the current
uncertainty within German industrial markets means that the likely
outcome for the second half of the year remains less clear.
On 30 November 2022, the Group had cash and cash equivalents of
GBP18.1m compared to GBP13.8m at 31 May 2022. The Group also had
leasing debt totaling GBP30.6m (GBP18.4m on 31 May 2022) reflecting
the additional plant acquired in the period to service the HS2
contract.
The Board remains confident of delivering full year results in
line with market expectations.
Notice of Interim Results
The Board expects to report its interim results for the six
months ended 30 November 2022 on Wednesday 25 January 2023. Details
of the analyst and investor meetings which will accompany the
results will be provided in due course.
For further details:
Hargreaves Services www.hsgplc.co.uk
Gordon Banham, Chief Executive Officer Tel: 0191 373 4485
John Samuel, Group Finance Director
Walbrook PR (Financial PR & Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com
IR) Mob: 07980 541 893 / 07584 391 303 /
Paul McManus / Lianne Applegarth 07747 515 393
/
Louis Ashe-Jepson
Singer Capital Markets (Nomad and Corporate Tel: 020 7496 3000
Broker)
Sandy Fraser / Justin McKeegan
About Hargreaves Services plc ( www.hsgplc.co.uk )
Hargreaves Services plc is a diversified group delivering
services to the industrial and property sectors, supporting key
industries within the UK and South East Asia. The Company's three
business segments are Services, Hargreaves Land and an investment
in a German joint venture, Hargreaves Raw Materials Services GmbH
(HRMS). Services provides critical support to many core industries
including Energy, Environmental, UK Infrastructure and certain
manufacturing industries through the provision of materials
handling, mechanical and electrical contracting services, logistics
and major earthworks. Hargreaves Land is focused on the sustainable
development of brownfield sites for both residential and commercial
purposes. HRMS trades in specialist commodity markets and owns DK
Recycling, a specialist recycler of steel waste material.
Hargreaves is headquartered in County Durham and has operational
centres across the UK, as well as in Hong Kong and a joint venture
in Duisburg, Germany.
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