HARGREAVES SERVICES PLC Interim Results Highlights

HARGREAVES SERVICES PLC Interim Results Highlights

  • The Group, as expected, is trading strongly through the first three months of the second half and remains confident of achieving our full year profit targets.
  • Tower production will be coming on stream ahead of our expectations and all the 2012 output has been successfully contracted.
  • Industrial Services achieved exceptional success in the steel sector with contract wins totalling in excess of £80m at three major UK steel plants.
  • Energy & Commodities has successfully secured additional contracts volumes for delivery through 2012 for PCI, thermal coal, coke and pond fines.
  • Maltby's first half performance reflects both the budgeted face change which was completed successfully and the impact of poor coal yields from a thin coal section which is likely to impact full year production.
  • Hatfield management and sales contracts have been extended for a further two years with an option on a fourth year.

Commenting on the interim results, Chairman Tim Ross said: "The Board expects that this will be another positive year for Hargreaves and we remain on track to deliver for the full year in line with management's expectations. Our investment this year in developing our industrial, surface mining and energy and commodities businesses will reap significant benefits during 2012/13 and beyond.  Next year, these new profit streams combined with the existing operations will allow us to generate significant profits and cash. This will give us an even stronger platform to drive the medium and long term growth that we are targeting in Europe and Asia." 

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