REG - Hargreaves Servs PLC - 2nd tranche of Renewable Energy Land Assets sold

Hargreaves ServicesAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260306:nRSF5594Va&default-theme=true

RNS Number : 5594V  Hargreaves Services PLC  06 March 2026

HARGREAVES SERVICES PLC

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

 

Sale of second tranche of Renewable Energy Land Assets completed

 

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to
the environmental, infrastructure and property sectors, announces exchange of
contracts for the unconditional sale of the second tranche of the renewable
energy land portfolio (the "Sold Asset") to Meadow Partners, a real estate
investment and asset management firm, for gross cash consideration of £6.8m
(the "Disposal"). The long stop date for completion of the sale is 30 April
2026.

 

The Sold Asset represents freehold land leased to a Battery Energy Storage
System ("BESS") in South Lanarkshire, Scotland, generating a current rental
income of £0.5m per annum. BESS plays a vital role in enabling the
integration of renewable energy sources such as wind and solar by storing
excess electricity and releasing this back to the grid when needed.

 

The Sold Asset formed part of the renewable energy land asset portfolio
independently valued by Jones Lang Lasalle at a minimum of, in aggregate,
£27.0m in July 2025, of which this asset represented £6.4m of the total. The
£6.8m cash consideration represents a 6% uplift on the independent valuation.

 

The Board anticipates that the Disposal will result in a one-off net benefit
to PBT and cash in the financial year ending 31 May 2026 of £5.3m and £6.0m
respectively*.

 

The Disposal is another step forward in the Group's stated strategy of
realising value from its renewable energy land asset portfolio.

 

Commenting on the Disposal, Roger McDowell, Chair of Hargreaves Services plc,
said: "We are delighted to announce this second transaction in relation to our
portfolio of renewable energy land assets. The sale further demonstrates the
ability of the Group to realise material value from existing assets. This
gives us greater flexibility to invest in opportunities that either support
sustainable long term value creation or alternatively to return cash to
shareholders."

 

*The Company considers consensus market expectations prior to the release of
this announcement for the year ending 31 May 2026 to be revenue of £286.7m,
underlying PBT of £25.0m, EPS of 53.3p and cash of £9.8m.

 

 

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

 Simon Hicks, Chief Operating 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
 Anna Dunphy

                                          07876 741 001

 Singer Capital Markets (Nomad and Joint Corporate Broker)

 Phil Davies, Sara Hale, Dan Ingram                                                             Tel: 020 7496 3000

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

 Adrian Hadden, Jasper Berry, Sunila de Silva

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

Hargreaves Services plc is a diversified group delivering services to the
environmental, infrastructure 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 Connectivity, Clean Energy and
Environmental infrastructure 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 und Roheisen GmbH ("DK"), 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, South Africa and a joint venture in Duisburg, Germany.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISEASDSESPKEFA



            Copyright 2019 Regulatory News Service, all rights reserved