Hargreaves Services PLC Trading Update (0253Z)
May 18 2021 - 7:10AM
UK Regulatory
TIDMHSP
RNS Number : 0253Z
Hargreaves Services PLC
18 May 2021
Hargreaves Services plc
("Hargreaves" or the "Group")
Trading Update
Further improvement in trading results from German Joint
Venture
Hargreaves Services plc (AIM: HSP), a diversified group
delivering services to the industrial and property sectors,
announces a further improvement to expected trading results from
its German joint venture, Hargreaves Raw Material Services GmbH
("HRMS").
On 20 April 2021, the Board reported that trading in the Group's
German joint venture, HRMS, was benefitting from favourable market
conditions. Since then, as has been widely reported in the
financial press, certain raw material commodity prices have
continued to be very strong, fueled in part by demand from global
steelmakers. HRMS has continued to take advantage of these
conditions such that the Board now expects the contribution from
its joint venture to Group profits to exceed current market
expectations by a material amount. It is unclear how long these
market conditions will endure and as a result, the Board remains
cautious with regard to any impact on the financial year ending 31
May 2022.
Chairman, Roger McDowell, commented : "Our German joint venture
has always been particularly adept at maximising trading
opportunities and continues to do so to our advantage, although it
is unclear for how long these very strong market conditions might
endure."
For further details:
Hargreaves Services www.hsgplc.co.uk
Gordon Banham, Chief Executive Tel: 0191 373 4485
Officer
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 Cawthorne
N+1 Singer (Nomad and Joint Corporate Tel: 020 7496 3000
Broker)
Sandy Fraser/Justin McKeegan/Rachel
Hayes
Investec (Joint Corporate Broker) Tel: 020 7597 5970
Sara Hale/David Anderson/Shalin
Bhamra
About Hargreaves Services plc
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.
More information is available at www.hsgplc.co.uk and follow us
on Twitter @hargreaves_plc
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END
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