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Hargreaves Services swings to profit as margins improve

By BFN News | 01:51 PM | Wednesday 29 January, 2020

Services provider to the industrial and property sectors Hargreaves Services swung to a first-half profit, despite falling revenue, as it booked a gain on an asset sale and improved its margins. Pre-tax profit for the six months through November amounted to £5.2m, compared to a loss of £6.0m on-year. Revenue fell to £124.7m, down from £167.9m, following the completion of contracts at the company's specialist earthworks business. The previous corresponding period also included over £8m of revenue from Wolf Minerals, prior to its liquidation in October 2018. Hargreaves Services generated a profit of £2.4m from the sale of Drakelands Restoration. Its underlying profit rose 19% as its margin improved to 2.0%, up from 1.3%. The company held its interim dividend steady at 2.7p per share. 'These positive financial results demonstrate the group's progress in delivering higher quality earnings from the distribution and services business,' chairman Roger McDowell said. 'I am also pleased with the initiatives being driven by our German associate in developing and enhancing the underlying value of our German investment and am encouraged by early indications.' At 1:51pm: (LON:HSP) Hargreaves Services PLC share price was +9p at 315p Story provided by

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