Year End Trading Update

RNS Number : 4074I

Hargreaves Services PLC

30 May 2014

 



For immediate release

30 May 2014

HARGREAVES SERVICES PLC 

("Hargreaves" or the "Group")

Period end trading update for the year ending 31 May 2014

Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, today issues the following trading update for the financial year ending 31 May 2014.

Profits in Energy & Commodities, Transport and Industrial Services have remained resilient and full year performance in each of the divisions is anticipated to be in line with management's expectations.

As highlighted in the interim results for the Production Division, coke markets have presented challenging trading conditions for Monckton and contract renewals have seen continued pricing pressures during the second half. Whilst our surface mining operations have performed well since the end of February and current production run rates are encouraging, the delays in the first half of the year in commencing operations and the extremely wet weather in January and February have meant that it has not been possible to recover all of the shortfall in production in the current period. The combined effect of these factors is anticipated to reduce the contribution from the Production Division in the financial year by between £3m and £5m.

Discussions with Government continue to progress over potential support from Hargreaves to deliver an orderly closure plan for UK Coal.

The Group intends to announce its preliminary results on Tuesday 9 September 2014.

For further details: 

Hargreaves Services	0191 373 4485
Gordon Banham, Group Chief Executive
Iain Cockburn, Group Finance Director
Buchanan	020 7466 5000
Mark Court / Fiona Henson / Sophie Cowles
N+1 Singer (Nomad & Joint Broker)	020 7496 3000
Sandy Fraser / Nick Owen
Jefferies International Limited (Joint Broker)	020 7029 8000
Sara Hale / Harry Nicholas

 

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