Information  X 
Enter a valid email address

Hargreaves Servs PLC (HSP)

  Print      Mail a friend       Annual reports

Wednesday 05 December, 2018

Hargreaves Servs PLC

Half Year Trading Update and Results Notification

RNS Number : 4400J
Hargreaves Services PLC
05 December 2018
 

5 December 2018 

 

Hargreaves Services plc

("Hargreaves" or the "Group") 

                                    Pre-Close Trading Update and Notification of Interim Results

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, provides the following update on trading ahead of reporting its interim results for the six months ended 30 November 2018.

Trading has been satisfactory, and the Board expects to report interim results in line with its expectations. Both revenue and Underlying Operating Profit* are expected to show growth over that reported for the six months ended 30 November 2017, deriving from improved trading within the Group's UK businesses. The Board also confirms that it expects the Group's full year results to be in line with expectations.

As previously reported, the Group will record an exceptional charge of approximately £8m relating to the insolvency of Wolf Minerals (UK) Ltd. Additionally, the previously reported sale of Brockwell Energy Limited, which gave rise to a gain on disposal of approximately £4m, will be accounted for as the disposal of a discontinued operation.

Net debt at the half-year end was £28.6m, against £30.8m at 31 May 2018. As expected, the Group has experienced an increase in working capital in the first half of the year. Further sales of Legacy assets are expected to occur in the second half of the financial year.

The Group expects to report interim results for the six months ended 30 November 2018 on Wednesday 30 January 2019. A briefing for analysts will be held at 10.00am on the morning of the results at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000 or email [email protected].

*Underlying Operating Profit is defined by the Board as Operating Profit prior to exceptional items, amortisation and impairment of intangible assets and includes the Group's share of the operating profit of its German associate. It is a key indicator used by the Board to measure business performance.

For further details: 

Hargreaves Services plc

Gordon Banham, Chief Executive

John Samuel, Group Finance Director

 

0191 373 4485

 

Buchanan (Financial PR)

Mark Court/Sophie Wills/Henry Wilson

 

0207 466 5000

 

N+1 Singer (Nomad and Joint Corporate Broker)

Sandy Fraser/Justin McKeegan/Rachel Hayes

 

0207 496 3000

 

Investec (Joint Corporate Broker)                                                            0207 597 5970

Sara Hale/Helene Comitis

 

 

 


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 [email protected] or visit www.rns.com.
 
END
 
 
MSCEAKALESAPFFF

a d v e r t i s e m e n t