REG - Hargreaves Servs PLC - Pre-Close Trading Update

Hargreaves ServicesAnnouncement

02/06/2021 07:00

RNS Number : 4767A
  
Hargreaves Services PLC
  
02 June 2021
  
 

 
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 2021.
 
The Board expects to report results in line with market expectations which have recently been materially upgraded in the light of the very strong performance of the Group's Joint Venture in Germany ("HRMS") and the accelerated completion at the Unity Joint Venture in Hargreaves Land.
 
The Group had no bank debt and held cash reserves of £28.3m at the year end, compared with a net bank debt of £13.5m at 31 May 2020. Additionally, the only debt held by the Group is in respect of leasing debt related to specific assets which was approximately £12.0m at 31 May 2021, compared with £14.6m twelve months earlier, resulting in an overall net cash position of £16.3m compared with £28.1m of net debt at 31 May 2020.
 
Notification of Preliminary Results
The Group expects to report its preliminary results for the year ended 31 May 2021 on Wednesday 28 July 2021. Details of the analyst meeting to accompany the results will be provided in due course.
 
 
For further details: 
 




Hargreaves Services
Gordon Banham, Chief Executive Officer
John Samuel, Group Finance Director
 


www.hsgplc.co.uk
Tel: 0191 373 4485




Walbrook PR (Financial PR & IR)
Paul McManus / Lianne Cawthorne
 


Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com
Mob: 07980 541 893 / 07584 391 303
 




N+1 Singer (Nomad and Joint Corporate Broker)
Sandy Fraser/Justin McKeegan/Rachel Hayes
 


Tel: 020 7496 3000




Investec (Joint Corporate Broker)
Sara Hale/David Anderson/Shalin Bhamra


Tel: 020 7597 5970
 



 
 
 



 
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.
 
More information is available at www.hsgplc.co.uk and follow us on Twitter @hargreaves_plc 
 

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