Positive Contract Awards in Services
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HARGREAVES SERVICES PLC
(the "Group", the "Company" or "Hargreaves")
Positive Contract Awards in Services
Revenue and Profit Before Tax upgrade for the year ending 31 May 2027
Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the environmental, infrastructure and property sectors announces two new contract positions.
The Group announces it has been appointed by Balfour Beatty and awarded an enabling earthworks subcontract at Lower Thames Crossing ('LTC') representing aggregate gross revenues of £10m.
The enabling earthworks subcontract for the Roads North of the Thames is scheduled to commence in late FY26 with the bulk of the work being undertaken in the financial year ending 31 May 2027. This subcontract represents a significant advancement in the Group's involvement with the strategically important Lower Thames Crossing infrastructure project. In addition, the Group is actively engaged in discussions regarding the Enterprise Agreement for the main earthworks associated with the Roads North of the Thames.
The contract progresses the Group's commitment to carbon free Earthworks by 2040 through the first UK deployment of battery electric heavy earthmoving equipment. This follows successful trials at Sizewell C Nuclear Power Station.
In addition to the subcontract with Lower Thames Crossing, the Group has also secured a position at Drax Power Station to build out a beneficiation plant on behalf of Power Minerals Limited. The plant will process up to 400,000 tonnes of legacy ash into Supplementary Cementitious Material, which is a key ingredient in the production of low carbon cement and concrete in the UK.
The Services Division, Hargreaves Land and the Group's Joint Venture in HRMS have continued to trade in line with expectations.
Following these awarded contracts and the increased revenue visibility the Group are upgrading market expectations* for Revenue and Profit before Tax for the year ending 31 May 2027 by 4% each.
Interim Dividend
The Board have announced that the interim dividend for the financial year ending 31 May 2026 will now be paid on 31 March 2026 to shareholders on the register as at 20 March 2026.
*The Company considers consensus market expectations prior to the release of this announcement for the year ending 31 May 2027 to be revenue of £285.2m, underlying PBT of £23.5m, EPS of 50.5p and cash of £17.2m.
For further details:
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Hargreaves Services Gordon Banham, Chief Executive Officer Stephen Craigen, Chief Financial Officer Simon Hicks, Chief Operating Officer
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Tel: 0191 373 4485 |
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Walbrook PR (Financial PR & IR) Paul McManus, Lianne Applegarth, Anna Dunphy
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Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com Mob: 07980 541 893 / 07584 391 303 07876 741 001 |
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Singer Capital Markets (Nomad and Joint Corporate Broker) Phil Davies, Sara Hale, Dan Ingram
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Tel: 020 7496 3000 |
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Cavendish Capital Markets Ltd (Joint Corporate Broker) Adrian Hadden, Jasper Berry, Tim Redfern |
Tel: 020 7220 0500 |
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About Hargreaves Services plc (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.
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