TIDMHSP

RNS Number : 8545B

Hargreaves Services PLC

08 June 2023

Hargreaves Services plc

("Hargreaves" or the "Group")

Pre-Close Trading Update and Notification of Preliminary 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 preliminary results for the year ended 31 May 2023.

The Board expects to report results at least in line with market expectations. A strong performance from the Services business as a result of increased revenue including that at HS2, as well as a better than expected contribution from the German Joint Venture ("HRMS"), albeit a substantial year-on-year reduction in contribution as commodity prices have normalised, has offset the impact of some delayed transactions within Hargreaves Land.

At 31 May 2023, the Group held cash reserves of approximately GBP22m (2022: GBP14m). This increase in cash is primarily due to the repayment of a short term loan of GBP15m by HRMS. This receipt has been offset by investment into the Group's land assets, with Hargreaves Land adversely impacted by the deferral of certain transactions into the year ending 31 May 2024. Other than in its Joint Ventures, the Group has no bank debt. The Group's leasing debt which relates to specific operating plant amounts to approximately GBP37m (2022: GBP18m). The increase in leasing debt is due to investment in plant to support the HS2 earthmoving contract.

Notification of Preliminary Results

The Board expects to report its preliminary results for the year ended 31 May 2023 on Wednesday 26 July 2023. Details of the analyst meeting and investor meeting, via the Investor Meet Company platform, to 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 Joint Corporate Broker)                                  Tel: 020 7496 3000 
  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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June 08, 2023 02:00 ET (06:00 GMT)

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