Hargreaves Services PLC Half Year Trading Update and Results Notification (4400J)
December 05 2018 - 1:00AM
UK Regulatory
TIDMHSP
RNS Number : 4400J
Hargreaves Services PLC
05 December 2018
5 December 2018
Hargreaves Services plc
("Hargreaves" or the "Group")
Pre-Close Trading Update and Notification 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 2018.
Trading has been satisfactory, and the Board expects to report
interim results in line with its expectations. Both revenue and
Underlying Operating Profit* are expected to show growth over that
reported for the six months ended 30 November 2017, deriving from
improved trading within the Group's UK businesses. The Board also
confirms that it expects the Group's full year results to be in
line with expectations.
As previously reported, the Group will record an exceptional
charge of approximately GBP8m relating to the insolvency of Wolf
Minerals (UK) Ltd. Additionally, the previously reported sale of
Brockwell Energy Limited, which gave rise to a gain on disposal of
approximately GBP4m, will be accounted for as the disposal of a
discontinued operation.
Net debt at the half-year end was GBP28.6m, against GBP30.8m at
31 May 2018. As expected, the Group has experienced an increase in
working capital in the first half of the year. Further sales of
Legacy assets are expected to occur in the second half of the
financial year.
The Group expects to report interim results for the six months
ended 30 November 2018 on Wednesday 30 January 2019. A briefing for
analysts will be held at 10.00am on the morning of the results at
the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more
information on the briefing, please contact Buchanan on 020 7466
5000 or email hargreaves@buchanan.uk.com.
*Underlying Operating Profit is defined by the Board as
Operating Profit prior to exceptional items, amortisation and
impairment of intangible assets and includes the Group's share of
the operating profit of its German associate. It is a key indicator
used by the Board to measure business performance.
For further details:
Hargreaves Services plc
Gordon Banham, Chief Executive
John Samuel, Group Finance Director 0191 373 4485
Buchanan (Financial PR)
Mark Court/Sophie Wills/Henry Wilson 0207 466 5000
N+1 Singer (Nomad and Joint Corporate
Broker)
Sandy Fraser/Justin McKeegan/Rachel Hayes 0207 496 3000
Investec (Joint Corporate Broker) 0207 597 5970
Sara Hale/Helene Comitis
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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