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HSP Hargreaves Services News Story

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REG - Hargreaves Servs PLC - Trading update

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RNS Number : 9555J  Hargreaves Services PLC  03 May 2022

 

Hargreaves Services plc

("Hargreaves" or the "Group")

 

 Improved trading from German JV

 

Further upgrades to expected profits from HRMS

 

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to
the industrial and property sectors, announces further improvements to its
expected trading results due to the continuing strong performance of its
German Joint Venture, Hargreaves Raw Materials Services GmbH ("HRMS").

 

As noted in the statement released on 15 March 2022, commodity prices,
specifically pig iron and zinc, are continuing to have a positive benefit on
the results of HRMS and its subsidiary, DK Recycling und Roheisen GmbH ("DK").
The HRMS management team has indicated that they are confident that HRMS has
sufficient visibility for the remainder of the current financial year to
expect its contribution to Hargreaves' results to increase by approximately
£5m after tax from prior consensus estimates. Additionally, the Board expects
some benefit to fall into the first quarter of the year ending 31 May 2023
resulting in an increase of approximately £1.5m after tax against consensus
estimates.

 

It remains difficult to predict how long these favourable market conditions
will prevail and both the German management team and the Board remain cautious
about the medium term sustainability of these conditions.

 

The remainder of the Group's businesses continue to trade in line with market
expectations.

 

Commenting on HRMS' improved trading performance, Roger McDowell, the Chairman
of Hargreaves, said: "Clearly current market conditions are extremely
favourable and the Board is impressed with the way in which the HRMS team is
successfully navigating the opportunities that the market is presenting."

 

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 / 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 / Rachel Hayes

 Investec (Joint Corporate Broker)                                              Tel: 020 7597 5970

 Sara Hale / 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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