Hargreaves Services PLC – Pre-Close Trading Update and Results Notification

Hargreaves Services PLC – Pre-Close Trading Update and Results Notification

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and 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 2019.

Trading has been satisfactory, and the Board anticipates reporting interim results in line with its expectations.

Group Underlying Operating Profit* for the first half is expected to be slightly ahead of that reported for the six months ended 30 November 2018. As expected, Revenue will be lower than the comparative period primarily due to reduced levels of activity in Specialist Earthworks following the completion of site work on certain civils contracts.

Net debt at the half-year end was £34.7m, compared with £28.6m at 30 November 2018. The net debt figure excludes the proceeds of the sale of Drakelands Restoration Limited, which was announced yesterday. As expected, the Group has experienced an increase in working capital in the first half of the year. This is mainly due to higher coal inventory levels, where production output has been particularly efficient.

The net debt figures above are stated prior to the impact of the adoption of IFRS 16, which will be adopted by Hargreaves in its accounts for the year ending 31 May 2020 and in the interim results for the six months ended 30 November 2019.

Notification of Interim Results

The Board expects to report its interim results for the six months ended 30 November 2019 on Wednesday 29 January 2020. 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 hargreaves@buchanan.uk.com.

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