REG - Hargreaves Servs PLC - Trading update and notice of preliminary results

Hargreaves ServicesAnnouncement

08/06/2023 07:00

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RNS Number : 8545B  Hargreaves Services PLC  08 June 2023

 

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 2023.

 

The Board expects to report results at least in line with market expectations.
A strong performance from the Services business as a result of increased
revenue including that at HS2, as well as a better than expected contribution
from the German Joint Venture ("HRMS"), albeit a substantial year-on-year
reduction in contribution as commodity prices have normalised, has offset the
impact of some delayed transactions within Hargreaves Land.

 

At 31 May 2023, the Group held cash reserves of approximately £22m (2022:
£14m). This increase in cash is primarily due to the repayment of a short
term loan of £15m by HRMS. This receipt has been offset by investment into
the Group's land assets, with Hargreaves Land adversely impacted by the
deferral of certain transactions into the year ending 31 May 2024. Other than
in its Joint Ventures, the Group has no bank debt. The Group's leasing debt
which relates to specific operating plant amounts to approximately £37m
(2022: £18m). The increase in leasing debt is due to investment in plant to
support the HS2 earthmoving contract.

 

Notification of Preliminary Results

 

The Board expects to report its preliminary results for the year ended 31 May
2023 on Wednesday 26 July 2023. Details of the analyst meeting and investor
meeting, via the Investor Meet Company platform, to accompany the results will
be provided in due course.

 

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

                                                      (mailto:hargreavesservices@walbrookpr.com)
 Paul McManus / Lianne Applegarth / Louis Ashe-Jepson

                                                      Mob: 07980 541 893 / 07584 391 303 / 07747 515 393

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

 Sandy Fraser / Justin McKeegan

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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