REG - Hargreaves Servs PLC - AGM Statement

Hargreaves ServicesAnnouncement

30/10/2024 07:00

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RNS Number : 0889K  Hargreaves Services PLC  30 October 2024

 

Hargreaves Services plc

("Hargreaves", the "Company" or the "Group")

 

AGM Statement and Notice of Directorate Change

 

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

 

"I'm pleased to announce that all three business units; Services, Hargreaves
Land and HRMS, are performing in line with expectations throughout the first
four months of the financial year.

 

The trading momentum within the Services business has continued into the new
financial year with over 65 term and framework contracts with blue chip
clients, providing excellent revenue visibility. The Services business remains
focused on creating and delivering sustainable growth through the continued
expansion of its contract portfolio, by identifying and successfully tendering
high-quality, robust contracts in areas of core competence within the
infrastructure market.

 

Hargreaves Land has seen the first tranche of renewable energy land assets go
to market in the early period of the financial year, demonstrating the
commitment of the business to realising value from these developments. While
the asset marketing is at an early phase, we have been encouraged by interest
thus far and will provide an update to the market as appropriate.

 

Trading at HRMS has seen a steady start to the year as commodity pricing
continues to normalise. Focus remains on the realisation of value within HRMS,
and I'm pleased to confirm the Group has received the current year dividend,
further demonstrating the sustainable nature of the cashflow from the joint
venture."

 

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
available on the Company's website later today.

 

The Board expects to provide a further trading update in early December 2024
prior to the announcement of the Group's interim results for the six months
ending 30 November 2024 on Wednesday 29 January 2025.

 

Directorate change

 

David Anderson has notified the Board that he will retire from his current
role as Group Property Director on 31 May 2025. David, who has been integral
to the development of Hargreaves Land since he joined the Group in November
2018, will continue in post until 31 May 2025, following which he will remain
as a consultant on certain projects to help support a smooth transition. The
Group is creating a new position within the senior leadership team -
Hargreaves Land Managing Director, which will be filled by a senior internal
candidate to ensure oversight and leadership for the business unit and
continue with the development of the Group's strategic goals to transition
Hargreaves Land to a capital-lite model.

 

For further details:

 

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

 Gordon Banham, Chief Executive Officer                             Tel: 0191 373 4485

 Stephen Craigen, Chief Financial Officer
 Walbrook PR (Financial PR & IR)      Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com

                                    (mailto: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 Corporate Broker)                Tel: 020 7496 3000

 Sandy Fraser, Phil Davies, Sam Butcher

 Cavendish Capital Markets Ltd (Joint Corporate Broker)             Tel: 020 7220 0500

 Katy Birkin / Hamish Waller - Corporate Finance

 Jasper Berry / Tim Redfern - Sales / ECM

 

 

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

Hargreaves Services plc is a diversified group delivering services to the
environmental, 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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