Hargreaves Services PLC Trading update (9555J)
May 03 2022 - 2:01AM
UK Regulatory
TIDMHSP
RNS Number : 9555J
Hargreaves Services PLC
03 May 2022
Hargreaves Services plc
("Hargreaves" or the "Group")
Improved trading from German JV
Further upgrades to expected profits from HRMS
Hargreaves Services plc (AIM: HSP), a diversified group
delivering services to the industrial and property sectors,
announces further improvements to its expected trading results due
to the continuing strong performance of its German Joint Venture,
Hargreaves Raw Materials Services GmbH ("HRMS").
As noted in the statement released on 15 March 2022, commodity
prices, specifically pig iron and zinc, are continuing to have a
positive benefit on the results of HRMS and its subsidiary, DK
Recycling und Roheisen GmbH ("DK"). The HRMS management team has
indicated that they are confident that HRMS has sufficient
visibility for the remainder of the current financial year to
expect its contribution to Hargreaves' results to increase by
approximately GBP5m after tax from prior consensus estimates.
Additionally, the Board expects some benefit to fall into the first
quarter of the year ending 31 May 2023 resulting in an increase of
approximately GBP1.5m after tax against consensus estimates.
It remains difficult to predict how long these favourable market
conditions will prevail and both the German management team and the
Board remain cautious about the medium term sustainability of these
conditions.
The remainder of the Group's businesses continue to trade in
line with market expectations.
Commenting on HRMS' improved trading performance, Roger
McDowell, the Chairman of Hargreaves, said: "Clearly current market
conditions are extremely favourable and the Board is impressed with
the way in which the HRMS team is successfully navigating the
opportunities that the market is presenting."
For further details:
Hargreaves Services www.hsgplc.co.uk
Gordon Banham, Chief Executive Officer Tel: 0191 373 4485
John Samuel, Group Finance Director
Walbrook PR (Financial PR & IR) Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com
Paul McManus / Lianne Applegarth / Louis Ashe-Jepson Mob: 07980 541 893 / 07584 391 303 / 07747 515 393
Singer Capital Markets (Nomad and Joint Corporate Broker) Tel: 020 7496 3000
Sandy Fraser/ Justin McKeegan / Rachel Hayes
Investec (Joint Corporate Broker) Tel: 020 7597 5970
Sara Hale / David Anderson / Shalin Bhamra
About Hargreaves Services plc ( www.hsgplc.co.uk )
Hargreaves Services plc is a diversified group delivering
services to the industrial 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 Energy, Environmental, UK Infrastructure and
certain manufacturing industries 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, 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 and a joint venture
in Duisburg, Germany.
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END
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May 03, 2022 02:01 ET (06:01 GMT)
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