REG - Hargreaves Servs PLC - AGM Statement

Hargreaves ServicesAnnouncement

27/10/2022 07:01

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RNS Number : 6141D  Hargreaves Services PLC  27 October 2022

 

Hargreaves Services plc

("Hargreaves" or the "Group")

 

AGM Statement

 

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to
the industrial and property sectors, will hold its Annual General Meeting
("AGM") today at 11am. Ahead of the meeting, the Group's Chairman, Roger
McDowell, has issued the following statement:

 

"I am pleased to confirm that all three business sectors, Services, Hargreaves
Land and HRMS, are trading in line with the Board's expectations.

 

The Services business has had a strong start to the year. This performance is
despite the energy pricing and inflationary pressures in the market and is
testament to the mitigating controls embedded within the business and its
contractual positions. Over 50 framework or term contracts with blue chip
clients provide excellent revenue visibility and resilience to weather current
economic turbulence.

 

Hargreaves Land has completed another transaction at Blindwells. The sale of
4.5 acres to Ogilvie Homes generated revenue of £3.4m and continues to
demonstrate the recurrent nature of regular transactions at this site. A
further 20 acre plot is expected to exchange later this financial year and
initial marketing of a new 7.9 acre plot is generating strong housebuilder
interest.

 

The first four months of the financial year has seen a strong trading
performance within our German Joint Venture, HRMS. Uncertainty within German
industrial markets and short visibility on trading means that it remains
unclear how long current conditions will persist.

 

The balance sheet remains strong, free from bank debt and third-party
security. At 30 September 2022, cash balances stood at approximately £19m and
leasing debt at £27m.

 

The Board remains confident in delivering full year results in line with
market expectations."

 

A brief presentation will be delivered at the AGM by CEO Gordon Banham, no new
information will be disclosed and a copy of the presentation will be made
available on the Company's website later today -

https://www.hsgplc.co.uk/investors/news-reports-and-presentations/
(https://www.hsgplc.co.uk/investors/news-reports-and-presentations/)

 

The Board expects to provide a trading update in early December 2022 prior to
the announcement of the Group's interim results for the six months ending 30
November 2022 on Wednesday 25 January 2023.

 

For further details:

 

 Hargreaves Services                                                 www.hsgplc.co.uk (http://www.hsgplc.co.uk)

 Gordon Banham, Chief Executive Officer                              Tel: 0191 373 4485

 John Samuel, Group Finance Director

 Walbrook PR (Financial PR & IR)      Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com

 Paul McManus / Lianne Applegarth /   Mob: 07980 541 893 / 07584 391 303 /

 Louis Ashe-Jepson                    07747 515 393

 Singer Capital Markets (Nomad and Joint Corporate Broker)           Tel: 020 7496 3000

 Sandy Fraser / Justin McKeegan / Rachel Hayes

 Investec (Joint Corporate Broker)                                   Tel: 020 7597 5970

 David Anderson / Shalin Bhamra

 

About Hargreaves Services plc (www.hsgplc.co.uk (http://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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