TIDMHSP
RNS Number : 8207T
Hargreaves Services PLC
27 July 2022
HARGREAVES SERVICES PLC
("Hargreaves" or the "Group")
Results for the year ended 31 May 2022
Hargreaves Services plc (AIM: HSP), a diversified group
delivering key services to the industrial and property sectors,
announces its results for the year ended 31 May 2022. The Group has
delivered very strong results and developed a strong platform from
which to create, deliver and realise value for shareholders.
KEY FINANCIAL RESULTS
Year ended 31 May 2022 2021
Revenue* GBP177.9m GBP204.8m
Underlying Profit Before Tax ("UPBT")** GBP32.7m GBP21.2m
Profit from joint ventures GBP28.2m GBP17.7m
Profit Before Tax from continuing GBP34.5m GBP14.4m
operations
Basic earnings per share 113.8p 50.8p
Basic underlying EPS from continuing
operations* 103.2p 70.7p
Proposed Final Dividend 5.6p 4.5p
Proposed Additional Dividend 12.0p 12.0p
Cash and cash equivalents*** GBP13.8m GBP28.3m
Net (Debt)/Cash (including leasing (GBP4.6m) GBP16.5m
debt)
Net Assets GBP183.1m GBP144.3m
Net Assets per Share 563p 447p
* Revenue reduced following exit from coal activities in 2021,
while like-for like Services revenue increased by 18.7% to
GBP162.8m (2021: GBP137.2m)
** The basis of Underlying Profit Before Tax and basic
underlying EPS is set out in Note 7
*** Excludes GBP15m loan made to HRMS, GBP12m of which was
repaid in July
.
HIGHLIGHTS
-- UPBT improved materially to GBP32.7m (2021: GBP21.2m),
including GBP28.2m (2021: GBP17.7m) contribution from joint
ventures
o German joint venture contributed GBP27.3m (2021: GBP13.6m)
benefitting from:
-- Very strong commodity market conditions
-- DK Recycling sustainable cost reductions and operational
improvements
-- Services UPBT increased to GBP7.6m from GBP5.1m as HS2 contract progresses
-- Hargreaves Land momentum continues:
o Further sales delivered at Blindwells
o GBP50m of conditional contracts exchanged at Unity JV
o Renewable energy land portfolio records first rental
incomes
-- Balance sheet free of bank debt
-- Net assets increased by 26.9% to GBP183.1m (2021: GBP144.3m)
-- Final dividend of 5.6p (2021: 4.5p) proposed, an increase of 24.4%
-- Additional dividend of 12p (2021: 12p) proposed, funded by dividend to be received from HRMS
Commenting on the preliminary results, Chairman Roger McDowell
said: "The Board has a clear, strategic investment proposition from
which to create, deliver and realise shareholder value. These
results, which include the highest level of profit recorded in
seven years, illustrate the Group's agility in taking advantage of
market conditions whilst also delivering strong, underlying and
sustainable profits. The Board is alive to current economic issues
and our balance sheet strength will serve the Group well in a
period of challenging global economic outlook."
CEO video Q&A
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Analyst meeting & investor presentation
A briefing for analysts will be held via Zoom at 9.30am this
morning, Wednesday 27 July 2022. Please contact Walbrook PR on 020
7933 8780 or at hargreavesservices@walbrookpr.com for further
information.
A live presentation relating to the Company's Preliminary
Results via the Investor Meet Company platform will be given by
management on Thursday 28 July 2022 at 4:30pm GMT. Investors can
sign up to Investor Meet Company for free and add to meet
Hargreaves Services via:
https://www.investormeetcompany.com/hargreaves-services-plc/register-investor
A presentation recording on the financial results and business
outlook delivered by management will be made available on the
Company's website later today, here:
https://www.hsgplc.co.uk/investors.aspx .
Enquiries:
Hargreaves Services www.hsgplc.co.uk
Gordon Banham, Group Chief Executive 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/ Mob: 07980 541 893/07584 391 303/
Louis-Ashe-Jepson 07747 515 393
Singer Capital Markets (Nomad and Joint Corporate Tel: 020 7496 3000
Broker)
Sandy Fraser/Justin McKeegan/Rachel Hayes
Investec (Joint Corporate Broker) Tel: 020 7597 5970
Sara Hale/David Anderson/Shalin
Bhamra
Chairman's Statement
Roger McDowell, Group Chairman
Introduction
The Group performed strongly throughout the financial year
achieving a 54.2% increase in underlying profit before tax
("UPBT")* of GBP32.7m (2021: GBP21.2m). We have seen strong growth
in both our Services business, which has been buoyed by the
commencement of the HS2 contract, and the Group's investment in the
German Joint Venture ("HRMS"). Hargreaves Land continued to
progress its major developments at Blindwells and the Unity Joint
Venture whilst also seeing the first incomes arise from its
renewable asset land portfolio which promises so much potential
future value. Profit before tax from continuing operations was
GBP34.5m (2021: GBP14.4m). Basic underlying earnings per share from
continuing operations* have increased to 103.2p compared to 70.7p
in the prior year. Basic earnings per share was 113.8p (2021:
50.8p).
On behalf of the Board, I would like to thank everyone at
Hargreaves for their hard work, dedication and passion, without
which the Group would not be what it is today. Over the last few
years the Group has undertaken a dramatic strategic transformation,
which is now creating, delivering and beginning to realise
substantially increased shareholder value.
Continuing momentum
This year the Group has built strong momentum in all three
business areas of Services, Hargreaves Land and HRMS.
The Services business has started work in earnest on the major
earthmoving project at HS2, which has led to a growth in UPBT. I am
also pleased to see the expansion of our mechanical and electrical
engineering capabilities, as demonstrated by our appointment to two
major engineering contracts on HS2 collectively worth over GBP18m.
Further environmentally positive business initiatives have been
undertaken including the remediation of over 100 acres of
previously unusable former mining land in Scotland.
Strategic progress has also been seen within Hargreaves Land.
Further sales have been completed and exchanged at Blindwells and
the wider pipeline looks strong with the conditional exchange of
contracts for the development and sale of the first logistics units
at the Unity Joint Venture near Doncaster due to complete over the
coming years. The Group's value creation from its renewable land
assets has also taken a big step forward in the year as Brockwell
Energy announced they had achieved financial close on their Energy
from Waste plant, which is under construction on our Westfield
site. The first windfarm is now under construction by BayWa AG on
our site at Dalquhandy. The creation of value from our renewable
asset land portfolio over the next few years is an exciting
prospect.
The HRMS team continues to demonstrate its ability to be agile
in an ever-changing commodities market, which has allowed them to
take advantage of recent favourable pricing to deliver an excellent
profit for the year, following a very strong performance in the
prior year. Whilst the current result is pleasing, I am more
excited by the underlying and sustainable improvements made in the
steel recycling business, DK Recycling und Roheisen GmbH ("DK").
Since acquisition by HRMS in 2019, the management team has
implemented improvements to operating processes and administrative
functions which should deliver a sustainable improvement of around
EUR10m per annum compared to their pre-acquisition performance. DK
contributed approximately 43% of the HRMS result for the year.
Cash and leasing debt
The Group remains free from any bank debt and held net cash of
GBP13.8m on 31 May 2022, compared to GBP28.3m in the prior year.
This reduction is due to the decision to loan GBP15m to HRMS to
enable them to capitalise on the current trading conditions. I am
pleased to see that this funding provided to our Joint Venture has
helped to deliver substantial returns. GBP12m of this loan was
repaid in July 2022. Notwithstanding this, cash generated from
operations has been primarily invested into Hargreaves Land assets
and leased plant and equipment, principally for the HS2
contract.
The only debt held by the Group relates to specific leasing
debts for the acquisition of fixed assets. At the year end this
borrowing stood at GBP18.4m, which is an increase of GBP6.6m when
compared to 31 May 2021 due to the initial investment required to
mobilise the HS2 earthmoving contract within Services.
Dividend
The Group paid an interim dividend of 2.8p, which represented a
3.7% increase year on year. The continued strong performance of the
Group throughout the remainder of the year has enabled the Board to
announce an increase of nearly 25% to the final dividend, which is
proposed to be 5.6p (2021: 4.5p). This brings the underlying full
year dividend to 8.4p (2021: 7.2p) representing an overall increase
of 16.7%.
In addition to the final dividend of 5.6p, the Board is also
proposing an additional dividend of 12.0p per share (2021: 12.0p)
in relation to dividends to be received from previously
undistributed profits at HRMS. Combined this brings the total
dividend for the year ended 31 May 2022 to 20.4p (2021: 19.2p).
If approved at the Annual General Meeting, the final dividend of
5.6p and the additional dividend of 12.0p will be paid on 31
October 2022 to all shareholders on the register at the close of
business on 23 September 2022. The shares will become ex-dividend
on 22 September 2022.
Environmental, social and governance ("ESG")
The Group has established a cross-business working group ("ESG
Group") which is focussed on identifying the risks and
opportunities arising from climate change and other social and
governance matters. The ESG Group reports directly into the Audit
and Risk Committee and contains representatives from each aspect of
the business. I am pleased to see the high levels of engagement in
this group and the fact that the drive for sustainability is coming
from all parts of the Group.
Hargreaves has taken significant strides in the last year to
develop our Employee Assistance Programme and train our mental
health first aiders. The well-being of our employees is essential
in delivering value to all of our stakeholders. We have also
established a dedicated Corporate Social Responsibility fund for
supporting local charities and activities in which our employees
are actively involved.
Strategy and Shareholder Value
The Group remains focussed on its strategy to create, deliver
and realise value for shareholders through the three core
businesses of Services, Hargreaves Land and HRMS.
Create
The commencement of the major earthmoving contract at HS2 and
the growing mechanical and electrical capabilities of the Services
business have enabled opportunities for the Group to create value
for Shareholders. The Hargreaves Land team are creating substantial
shareholder value through the development of the renewable energy
land portfolio and HRMS continues to create value through its
ability to adapt to market conditions.
Deliver
The Services business has secured over 50 term contracts and
framework agreements and is focussed on their successful delivery.
The long term land development assets at Blindwells and Unity are
continuing to deliver returns as we are now seeing regular revenues
and profit generation. The delivery of value from the renewable
land portfolio will increase steadily over the next few years. The
transformation of the operations within DK, part of HRMS, is now
delivering recurring and more sustainable returns, enabling the
base level of profitability to be increased within HRMS.
Realise
We are increasing the underlying full year dividend by 16.7% to
8.4p in recognition of the successful delivery of the value created
within the Group. Additionally, the value within HRMS continues to
be repatriated to shareholders via the additional 12.0p annual
dividend. The Board is confident that this increase is sustainable
and fairly reflects the value that is being delivered within the
Group. Further value realisation opportunities remain in the
forefront of the Board's considerations.
Outlook
The Group now has significant momentum, which has resulted in
the highest UPBT for the Group in seven years. The Balance Sheet
remains free from bank debt and third party security and provides a
strong platform for growth allowing the Group to remain agile to
opportunities. Our net tangible assets now stand at GBP178.3m
(2021: GBP139.5m) representing 548p per share (2021: 432p).
The Board is acutely aware of the uncertainties in current
global economic outlook and has strategies in place to mitigate the
challenges of UK inflation. HRMS is also taking steps to plan for
potential threats to German energy supplies. The Board has great
confidence in the strategy and expectations for the Group's
financial performance heading into the year ending 31 May 2023.
Roger McDowell
Chairman
26 July 2022
* The basis of Underlying profit before tax and basic underlying
EPS is set out in Note 7.
Group Business Review
Gordon Banham, Group Chief Executive
CHIEF EXECUTIVE'S REVIEW
GBP'm Services Hargreaves HRMS Central Total
Land Costs
Revenue (2022) 162.8 15.1 - - 177.9
--------- ----------- ----- -------- ------
Revenue (2021) 193.0 11.8 - - 204.8
--------- ----------- ----- -------- ------
Underlying Profit/(Loss)
before Tax* (2022) 7.6 2.1 27.3 (4.3) 32.7
--------- ----------- ----- -------- ------
Underlying Profit/(loss)
before Tax* (2021) 5.1 6.3 13.6 (3.8) 21.2
--------- ----------- ----- -------- ------
Profit before tax
from continuing operations
(2022) 9.4 2.1 27.3 (4.3) 34.5
--------- ----------- ----- -------- ------
Profit before tax
from continuing operations
(2021) (1.7) 6.3 13.6 (3.8) 14.4
--------- ----------- ----- -------- ------
* The basis of Underlying Profit Before Tax is set out in Note 7
.
Services
The Services business recorded a reduction in revenue from
GBP193.0m to GBP162.8m due to the decision taken in the prior year
to cease all material coal activities, which accounted for GBP55.8m
in the year ended 31 May 2021. Like for like Services revenue has
grown from GBP137.2m to GBP162.8m, an increase of 18.7%. This
growth has predominantly come from the major earthmoving contract
on HS2, which commenced during the year.
The business unit delivered a UPBT of GBP7.6m, representing a
growth of nearly 50% over the prior year. Whilst much of this
improvement is delivered by the HS2 contract, operating margins
have also improved across the business unit from 2.6% to 4.7%,
reflecting the move away from the low margin coal activities.
In my previous report, I highlighted two specific contracts,
which were on the horizon and I would like to provide an update on
both of them.
HS2
I am pleased to report that the major earthmoving contract with
the EKFB Consortium on HS2 has begun well. We now have over 350
people working on the project, with almost 300 items of plant being
put to work. In addition to the earthmoving activities, we have
also developed a solution to reduce the carbon emissions on the
project through the installation of an overland conveyor system to
remove excess material from site, which will eliminate over 78,000
lorry movements amounting to over 700,000 miles. This will not only
reduce the carbon emissions through less miles driven, but also
reduce the noise pollution for local residents.
Hemerdon
Following the listing of Tungsten West plc ("TW") on AIM in
October 2021, we received the first of eight annual payments of
GBP1m relating to maintaining our capability at site. TW announced
in April 2022 that it intended to pause their development plan for
the site and evaluate alternative approaches. A further
announcement was made by TW on 19 July 2022 which indicates that TW
plans to commence production in the first half of calendar year
2023. TW states that it has to put further funding in place to
achieve this. Whilst this news does mean that any growth that was
expected to come from the commencement of mining activities may be
delayed, the Group remains in a strong contractual position with
security over the mineral rights. The Group remains in close
contact with TW.
Profitability within Services has remained weighted to the
second half of the year, however, in the coming year this is likely
to level out as the works undertaken on HS2 provide greater
profitability in the summer months, reducing the seasonality.
With over 50 framework and term contracts in place and
approximately 75% of next year's revenue secured, the Services
business has resilience to the current inflationary pressures. Most
term contracts include a form of price escalation, particularly in
relation to fuel increases for our logistics operations. The main
HS2 contract is a defined cost plus fee arrangement so that
increases in defined costs will be recovered. With inflation in the
UK rising to over 7% in the second half of the last financial year,
the business has seen the benefit of these clauses in the contracts
in mitigating the impact of such risks.
Our mechanical, electrical and civils capabilities were enhanced
on 7 July 2022 by the acquisition for GBP750,000 in cash of SBU
Limited and its subsidiary S&B Utilities Limited ("SBU"). SBU
has long standing framework contracts with Yorkshire Water and
Severn Trent Services together with a very recent appointment with
Northumbrian Water. The business, which has annual revenue of
around GBP4m and over 40 employees, will strengthen our business
offering in the utilities sector.
Hargreaves Land
Hargreaves Land recorded revenue of GBP15.1m (2021: GBP11.8m)
and a Profit before tax of GBP2.1m (2021: GBP6.3m) for the year.
This reduction of GBP4.2m in profitability is due to the timing of
sales at the Unity Joint Venture, near Doncaster. In April 2021,
the Unity Joint Venture completed a material sale to a national
retailer, which was several months ahead of the original plan. This
sale pulled forward GBP4.1m of profit into the year ended 31 May
2021, which has led to the reduction recorded in 2022.
Further progress has been made at Unity, with the exchange of
contracts announced in February 2022 for the conditional sale of a
total of 29 acres to Aver Property and the development of two
logistics units for GBP50m consideration. Completion is expected to
occur over the next 24 months. The Unity Joint Venture is
independently funded from Hargreaves.
During the year, the business has completed a further sale at
Blindwells. A 12.9 acre plot was sold to Persimmon in January 2022
for a total consideration of GBP9.6m, which is payable in three
annual instalments. In February, the Group announced the exchange
of contracts with Ogilvie Homes for the sale of a 4.6 acre plot,
which is expected to complete in the next financial year. This
demonstrates continuing progress within the Blindwells development,
which welcomed its first residents in the financial year. The site
remains a long term, regular annual profit stream for Hargreaves
Land, with approximately 120 acres still remaining to be sold
within Phase 1. The first phase is expected to be developed out by
2031 with Phase 2, known as Greater Blindwells, comprising
approximately 1,000 acres progressing through the local plan
process with a planning allocation for up to 8,000 homes expected
to be secured before 2030.The Group has an effective 25% share of
the land in this second phase.
An exciting development within Hargreaves Land has been the
increasing momentum behind the Group's renewable energy land
assets. The Group's former subsidiary, Brockwell Energy Limited,
achieved financial close on their Energy from Waste plant at
Westfield, Fife, which provided an immediate GBP2m of deferred
consideration from the original sale of the business. Additionally,
Brockwell entered into a 35-year minimum term index linked lease,
which will deliver annual rental income of GBP0.4m following the
construction of the plant which is expected to take about three
years.
This marks the first significant income relating to the Group's
renewable energy land portfolio, which in addition to Westfield
includes options over land with wind farm developers needed to
produce 580 MWs of power on various long-term agreements, which are
expected to begin delivering value over the next 24 months. This
represents more than 2% of the UK's total installed wind power
capacity in 2021*. This is a particularly exciting area for
Hargreaves Land and represents an opportunity to create substantial
value for the Group.
Hargreaves Land acts solely as a landlord in this area and does
not undertake any construction work or ownership of the energy
generating assets themselves.
HRMS
HRMS contributed GBP27.3m (2021: GBP13.6m) to the Group's Profit
before Tax. This represents an increase of 110% and demonstrates
the continuing strong performance that was seen from HRMS in the
second half of the previous year.
The traditional trading business has seen a substantial increase
in volumes of minerals traded, which has accompanied the increase
in commodity prices seen over the past 18 months. The trading team
at HRMS have always been skilled at maximising opportunities whilst
minimising the risk profile taken. This has been highlighted in the
current year's result.
The performance by the trading team has been complemented by the
significant turn around in the profitability of the steel waste
recycling business, DK. Prior to acquisition by HRMS in December
2019, this business was loss making. Since then, the management
team has introduced a number of measures which have led to an
approximate EUR10m of sustainable improvement in profitability. In
addition to this sustainable improvement, DK has also benefited
from high commodity prices, in particular zinc and pig iron, which
have augmented the result.
The third aspect of HRMS is the Carbon Pulverisation Plant. The
plant is fully operational and producing 100kt of pulverised
product per annum, which represents around 25% of the plant's full
capacity. The facility delivered a break even result in the year,
which is in line with the prior year result. It is not expected to
move into profitability until the year ending 31 May 2024 whilst
economic uncertainties persist in German industrial markets as a
result of the war in Ukraine.
HRMS mitigates against its exposure to commodity prices by both
hedging forward sales positions and by ensuring that it does not
enter into open trading positions so that purchases of commodities
are back to back with secured sales. DK is considering the
installation of a liquid gas tank to provide resilience in the
event of a gas supply shortage although only small quantities of
gas are used in the production process.
Summary
This year has been one of real momentum, particularly within
Services and Hargreaves Land, whilst HRMS continues to demonstrate
its ability to capitalise on market opportunities.
I am particularly pleased with the resilience of the Services
business, given the challenges faced by many businesses regarding
cost inflation and supply chain difficulties. Hargreaves Land
continues to deliver long term and recurring profits from the two
flagship projects at Blindwells and Unity, whilst developing an
exciting pipeline of opportunities, not least of which is the
renewable energy land portfolio. Finally, the sustainable
improvements made at DK have highlighted the ability of the
management team to identify and take advantage of opportunities,
which can deliver substantial value.
Hargreaves has undertaken significant changes over recent years
and I believe we have navigated the challenges which have arisen
well. The business has a strong, debt-free balance sheet and I look
to the future with optimism.
Gordon Banham
Group Chief Executive
26 July 2022
*Source:
https://www.statista.com/statistics/421861/wind-power-capacity-in-the-united-kingdom
Consolidated Statement of Profit and Loss
and Other Comprehensive Income
for the year ended 31 May 2022
2022 2021
Continuing operations Note GBP000 GBP000
-------------------------------------------------------- ---- --------- ---------
Revenue 2 177,908 204,796
Cost of sales (148,458) (181,453)
-------------------------------------------------------- ---- --------- ---------
Gross profit 29,450 23,343
Other operating income 1,298 3,821
Administrative expenses (24,520) (29,234)
-------------------------------------------------------- ---- --------- ---------
Operating profit/(loss) 6,228 (2,070)
Analysed as:
Operating profit (before exceptional items and
impairment charges) 4,474 4,751
Exceptional items 3 1,754 (2,186)
Impairment of intangible assets - (4,635)
-------------------------------------------------------- ---- --------- ---------
Operating profit/(loss) 6,228 (2,070)
-------------------------------------------------------- ---- --------- ---------
Finance income 823 646
Finance expenses (770) (1,882)
Share of profit in joint ventures (net of tax) 28,200 17,680
-------------------------------------------------------- ---- --------- ---------
Profit before tax 34,481 14,374
Taxation 4 347 2,032
-------------------------------------------------------- ---- --------- ---------
Profit for the year from continuing operations 34,828 16,406
Discontinued operations
Profit for the year from discontinued operations 5 2,000 -
-------------------------------------------------------- ---- --------- ---------
Profit for the year 36,828 16,406
-------------------------------------------------------- ---- --------- ---------
Other comprehensive income/expense
Items that will not be reclassified to profit
or loss
Gain in defined benefit pension schemes 5,955 1,956
Tax recognised on items that will not be reclassified
to profit or loss (1,488) (319)
Items that are or may be reclassified subsequently
to profit or loss
Foreign exchange translation differences 313 (1,806)
Effective portion of changes in fair value of
cash flow hedges 41 136
Tax recognised on items that are or may be reclassified
subsequently to profit or loss (8) (25)
Share of other comprehensive income of joint
ventures, (net of tax) 3,070 -
-------------------------------------------------------- ---- --------- ---------
Other comprehensive income/(expense) for the
year, net of tax 7,883 (58)
-------------------------------------------------------- ---- --------- ---------
Total comprehensive income for the year 44,711 16,348
-------------------------------------------------------- ---- --------- ---------
2022 2021
Note GBP000 GBP000
------------------------------------------------------ ---- ------- -------
Profit/(loss) attributable to:
Equity holders of the Company 37,040 16,426
Non-controlling interest (212) (20)
------------------------------------------------------ ---- ------- -------
Profit for the year 36,828 16,406
------------------------------------------------------ ---- ------- -------
Total comprehensive income attributable to:
Equity holders of the Company 44,923 16,368
Non-controlling interest (212) (20)
------------------------------------------------------ ---- ------- -------
Total comprehensive income for the year 44,711 16,348
------------------------------------------------------ ---- ------- -------
Basic earnings per share (pence) 6 113.80 50.84
Diluted earnings per share (pence) 6 110.44 49.38
Continuing basic earnings per share (pence) 6 107.62 50.84
Diluted continuing basic earnings per share (pence) 6 104.44 49.38
Non-GAAP Measures
------------------------------------------------------ ---- ------- -------
Basic underlying earnings per share from continuing
operations (pence)* 6 103.23 70.66
Diluted underlying earnings per share from continuing
operations (pence)* 6 100.18 68.64
------------------------------------------------------ ---- ------- -------
* See Alternative Performance Measures in Note 7
Group Balance Sheet
at 31 May 2022
Restated*
2022 2021
GBP000 GBP000
-------------------------------------------- -------- ---------
Non-current assets
Property, plant and equipment 9,938 13,806
Right-of-use assets 22,062 13,776
Investment property 8,298 7,607
Intangible assets including goodwill 4,824 4,824
Investments in joint ventures 58,383 31,187
Deferred tax assets 11,063 10,084
Trade receivables 4,224 _-
Retirement benefit surplus 10,382 2,911
-------------------------------------------- -------- ---------
129,174 84,195
-------------------------------------------- -------- ---------
Current assets
Other financial assets - 2
Inventories 30,476 27,168
Trade and other receivables 88,574 78,260
Income tax asset - 59
Contract assets 6,752 1,720
Cash and cash equivalents 13,773 28,303
-------------------------------------------- -------- ---------
139,575 135,512
-------------------------------------------- -------- ---------
Total assets 268,749 219,707
-------------------------------------------- -------- ---------
Non-current liabilities
Other interest-bearing loans and borrowings (11,045) (8,586)
Retirement benefit obligations (2,703) (2,867)
Provisions* (2,344) (3,087)
Deferred tax liabilities (1,920) -
(18,012) (14,540)
-------------------------------------------- -------- ---------
Current liabilities
Other interest-bearing loans and borrowings (7,326) (3,179)
Trade and other payables* (50,727) (49,611)
Provisions* (9,440) (8,038)
Income tax liability (108) -
Other financial liabilities - (43)
-------------------------------------------- -------- ---------
(67,601) (60,871)
-------------------------------------------- -------- ---------
Total liabilities (85,613) (75,411)
-------------------------------------------- -------- ---------
Net assets 183,136 144,296
-------------------------------------------- -------- ---------
2022 2021
GBP000 GBP000
---------------------------------------------------- ------- -------
Equity attributable to equity holders of the Parent
Share capital 3,314 3,314
Share premium 73,972 73,955
Other reserves 211 211
Translation reserve (1,819) (2,132)
Merger reserve 1,022 1,022
Hedging reserve 318 285
Capital redemption reserve 1,530 1,530
Share-based payment reserve 2,029 1,680
Retained earnings 102,781 64,441
------------------------------------------------------- ------- -------
183,358 144,306
Non-controlling interest (222) (10)
------------------------------------------------------- ------- -------
Total equity 183,136 144,296
------------------------------------------------------- ------- -------
*Upon review of the prior year accruals balance it was
identified that a number of items should have been classified as
provisions. As such a restatement has been undertaken during the
year. The impact is an increase in provisions of GBP3,723,000 and a
corresponding reduction in trade and other payables. There is no
impact on opening reserves.
Consolidated Statement of Changes in Equity
Share-
Capital based Total
Share Share Translation Hedging Other redemption Merger payment Retained Parent Non-controlling Total
capital premium reserve reserve reserves reserve reserve reserve earnings equity interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
At 1 June 2020 3,314 73,955 (326) 174 211 1,530 1,022 1,462 48,703 130,045 10 130,055
Total
comprehensive
income/(expense)
for
the year
Profit/(loss) for
the year - - - - - - - - 16,426 16,426 (20) 16,406
Other
comprehensive
income/(expense) - - (1,806) 111 - - - - 1,637 (58) - (58)
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Total
comprehensive
income/(expense)
for
the year - - (1,806) 111 - - - - 18,063 16,368 (20) 16,348
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Transactions with
owners recorded
directly
in equity
Equity-settled
share-based
payment
transactions - - - - - - - 218 - 218 - 218
Dividends paid - - - - - - - - (2,325) (2,325) - (2,325)
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Total
contributions
by and
distributions
to owners - - - - - - - 218 (2,325) (2,107) - (2,107)
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
At 31 May 2021 3,314 73,955 (2,132) 285 211 1,530 1,022 1,680 64,441 144,306 (10) 144,296
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Share-
Capital based Total
Share Share Translation Hedging Other redemption Merger payment Retained Parent Non-controlling Total
capital premium reserve reserve reserves reserve reserve reserve earnings equity interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
At 1 June 2021 3,314 73,955 (2,132) 285 211 1,530 1,022 1,680 64,441 144,306 (10) 144,296
Total
comprehensive
income/(expense)
for
the year
Profit/(loss) for
the year - - - - - - - - 37,040 37,040 (212) 36,828
Other
comprehensive
income - - 313 33 - - - - 7,537 7,883 - 7,883
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Total
comprehensive
income/(expense)
for
the year - - 313 33 - - - - 44,577 44,923 (212) 44,711
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Transactions with
owners recorded
directly
in equity
Issue of shares - 17 - - - - - - - 17 - 17
Equity-settled
share-based
payment
transactions - - - - - - - 349 - 349 - 349
Dividends paid - - - - - - - - (6,237) (6,237) - (6,237)
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Total
contributions
by and
distributions
to owners - 17 - - - - - 349 (6,237) (5,871) - (5,871)
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
At 31 May 2022 3,314 73,972 (1,819) 318 211 1,530 1,022 2,029 102,781 183,358 (222) 183,136
----------------- ------- ------- ----------- ------- -------- ---------- ------- ------- -------- ------- --------------- -------
Consolidated Cash Flow Statement
Restated*
2022 2021
GBP000 GBP000
------------------------------------------------------------- -------- ---------
Cash flows from operating activities
Profit for the year from continuing operations 34,828 16,406
Adjustments for:
Depreciation and impairment of property, plant and equipment
and right-of-use assets 8,666 6,562
Impairment of goodwill and intangible assets - 4,635
Net finance (income)/expense (53) 1,236
Share of profit in joint ventures (net of tax) (28,200) (17,680)
Profit on sale of property, plant and equipment, investment
property and right-of-use assets (1,298) (3,667)
Equity-settled share-based payment expenses 349 218
Income tax (credit) (347) (2,032)
Contributions to defined benefit pension schemes (2,002) (2,039)
Translation of non-controlling interest and investments 202 -
12,145 3,639
Change in inventories (3,308) 36,841
Change in trade and other receivables (19,256) 2,012
Change in trade and other payables* 903 5,545
Change in provisions and employee benefits* 1,000 (1,489)
------------------------------------------------------------- -------- ---------
(8,516) 46,548
Interest received/(paid) 34 (1,194)
Income tax (paid) (44) (127)
------------------------------------------------------------- -------- ---------
Net cash (outflow)/inflow from operating activities (8,526) 45,227
------------------------------------------------------------- -------- ---------
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 801 3,125
Proceeds from sale of investment property 1,407 5,040
Proceeds from sale of right of use assets 78 753
Acquisition of property, plant and equipment (1,479) (2,727)
Acquisition of investment property (1,070) (390)
Acquisition of right of use assets (163) -
Dividends received from joint ventures 3,917 -
Net cash inflow from investing activities in continuing
operations 3,491 5,801
------------------------------------------------------------- -------- ---------
Net cash inflow from investing activities in discontinued
operations 2,000 -
------------------------------------------------------------- -------- ---------
Net cash inflow from investing activities 5,491 5,801
------------------------------------------------------------- -------- ---------
Cash flows from financing activities
Principal elements of lease payments (5,531) (6,085)
Dividends paid (6,237) (2,325)
Repayment of Group banking facilities - (32,000)
------------------------------------------------------------- -------- ---------
Net cash outflow from financing activities (11,768) (40,410)
------------------------------------------------------------- -------- ---------
Net (decrease)/increase in cash and cash equivalents (14,803) 10,618
Cash and cash equivalents at 1 June 28,303 18,499
Effect of exchange rate fluctuations on cash held 273 (814)
------------------------------------------------------------- -------- ---------
Cash and cash equivalents at 31 May 13,773 28,303
------------------------------------------------------------- -------- ---------
*Upon review of the prior year accruals balance it was
identified that a number of items should have been classified as
provisions. As such a restatement has been undertaken during the
year. The impact is an increase in provisions of GBP3,723,000 and a
corresponding reduction in trade and other payables. There is no
impact on opening reserves
Notes
1 Basis of preparation and status of financial information
The financial information set out above has been prepared and
approved by the Directors in accordance with the recognition and
measurement criteria of international accounting standards in
conformity with the requirements of the Companies Act 2006.
The financial information set out above does not constitute the
Group's statutory accounts for the years ended 31 May 2022 or 31
May 2021. Statutory accounts for 2021 have been delivered to the
Registrar of Companies, and those for 2022 will be delivered in due
course. The auditor has reported on those accounts; their reports
were (i) unqualified, (ii) did not include a reference to any
matters to which the auditor drew attention by way of emphasis
without qualifying their report and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act
2006.
The accounting policies set out below have, unless otherwise
stated, been applied consistently to all periods presented in these
consolidated financial statements.
The Group has restated the 31 May 2021 balance sheet and cash
flow statement due to a review of the prior year accruals balance
where it was identified that a number of items should have been
classified as provisions. As such a restatement has been undertaken
during the year. A third balance sheet has not been presented as
the impact of the restatement is not considered to be qualitatively
material to users of the accounts and all balances as at the
opening balance sheet day are disclosed within the relevant
notes.
Going concern
The Group's financing is not dependent on bank borrowings,
however the Group has a GBP12m invoice discounting facility which
is currently undrawn. Notwithstanding that, a rigorous review of
cash flow forecasts including testing for a range of challenging
downside sensitivities has been undertaken. These sensitivities
include testing without utilising the invoice discounting facility.
Mitigating strategies to these sensitivities considered by the
Board exclude any remedies which are not entirely within the
Group's control. As a result, and after making appropriate
enquiries including reviewing budgets and strategic plans, the
Directors have a reasonable expectation that both the Company and
the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, the Board
continues to adopt the going concern basis in preparing the Annual
Report and Accounts.
These results were approved by the Board of Directors on 26 July
2022.
2 Segmental Information
The following analysis by industry segment is presented in
accordance with IFRS 8 on the basis of those segments whose
operating results are regularly reviewed by the Board of Directors
(the Chief Operating Decision Maker as defined by IFRS 8) to assess
performance and make strategic decisions about allocation of
resources.
The sectors distinguished as operating segments are Services,
Hargreaves Land, Unallocated and HSEL.
-- Services: Provides materials handling, mechanical and
electrical engineering, land restoration, logistics and bulk
earthmoving into the energy, environmental, infrastructure and
industrial sectors.
-- Hargreaves Land: The development and realisation of value
from the land portfolio including rental income from investment
properties and the share of profit of the Unity joint venture.
-- Unallocated: The corporate overhead contains the central
functions that are not devolved to the individual business
units.
-- Hargreaves Services Europe ("HSEL"): The Group's share of its
German joint venture, which includes HRMS and DK.
These segments are combinations of subsidiaries and joint
ventures. They have separate management teams and provide different
products and services. The four operating segments are also
reportable segments.
The segment results, as reported to the Board of Directors, are
calculated under the principles of IFRS. Performance is measured on
the basis of underlying profit/(loss) before tax, which is
reconciled to profit/(loss) before tax in the tables below:
Hargreaves
Services Land Unallocated HSEL Total
2022 2022 2022 2022 2022
GBP000 GBP000 GBP000 GBP000 GBP000
----------------------------------- -------- ---------- ----------- ------- --------
Revenue
Total revenue 163,800 15,100 - - 178,900
Intra-segment revenue (992) - - - (992)
----------------------------------- -------- ---------- ----------- ------- --------
Revenue from external customers 162,808 15,100 - - 177,908
----------------------------------- -------- ---------- ----------- ------- --------
Operating profit/(loss) (before
exceptional items) 8,011 1,211 (4,748) - 4,474
Share of profit in joint ventures
(net of tax) - 858 - 27,342 28,200
Net finance (expense)/income (468) 58 463 - 53
Exceptional items (see Note 3) 1,754 - - - 1,754
----------------------------------- -------- ---------- ----------- ------- --------
Profit/(loss) before taxation
from continuing operations 9,297 2,127 (4,285) 27,342 34,481
Taxation (see Note 4) 3,343 (3,546) 550 - 347
----------------------------------- -------- ---------- ----------- ------- --------
Profit/(loss) after taxation 12,640 (1,419) (3,735) 27,342 34,828
----------------------------------- -------- ---------- ----------- ------- --------
Depreciation and impairment charge (8,344) (100) (222) - (8,666)
----------------------------------- -------- ---------- ----------- ------- --------
Capital expenditure (13,507) (1,165) (154) - (14,826)
----------------------------------- -------- ---------- ----------- ------- --------
Net assets/(liabilities)
Segment assets 79,155 62,505 68,706 - 210,366
Segment liabilities (70,104) (7,391) (8,118) - (85,613)
----------------------------------- -------- ---------- ----------- ------- --------
Segment net assets 9,051 55,114 60,588 - 124,753
Joint ventures - 4,836 - 53,547 58,383
----------------------------------- -------- ---------- ----------- ------- --------
Total net assets 9,051 59,950 60,588 53,547 183,136
----------------------------------- -------- ---------- ----------- ------- --------
Unallocated net assets of GBP60.6m include cash and cash
equivalents of GBP13.8m, deferred tax asset of GBP11.1m, amounts
due from Jointly Controlled Entities of GBP29.3m, a net pension
asset of GBP7.7m, deferred tax liability of GBP1.9m and other
corporate items (GBP0.6m asset).
Hargreaves
Services Land Unallocated HSEL Total
2021 2021 2021 2021 2021
GBP000 GBP000 GBP000 GBP000 GBP000
----------------------------------- -------- ---------- ----------- ------- --------
Revenue
Total revenue 194,600 11,800 - - 206,400
Intra-segment revenue (1,604) - - - (1,604)
----------------------------------- -------- ---------- ----------- ------- --------
Revenue from external customers 192,996 11,800 - - 204,796
----------------------------------- -------- ---------- ----------- ------- --------
Operating profit/(loss) (before
exceptional items and impairment) 6,691 2,530 (4,470) - 4,751
Share of profit in joint ventures
(net of tax) - 4,069 - 13,611 17,680
Net finance (expense)/income (1,614) (338) 716 - (1,236)
Impairment of intangibles (4,635) - - - (4,635)
Exceptional items (see Note 3) (2,186) - - - (2,186)
----------------------------------- -------- ---------- ----------- ------- --------
Profit/(loss) before taxation
from continuing operations (1,744) 6,261 (3,754) 13,611 14,374
Taxation (see Note 4) 591 (114) 1,555 - 2,032
----------------------------------- -------- ---------- ----------- ------- --------
Profit/(loss) after taxation (1,153) 6,147 (2,199) 13,611 16,406
----------------------------------- -------- ---------- ----------- ------- --------
Depreciation charge (6,135) (103) (323) - (6,561)
----------------------------------- -------- ---------- ----------- ------- --------
Capital expenditure* (5,011) (1,215) (216) - (6,442)
----------------------------------- -------- ---------- ----------- ------- --------
Net assets/(liabilities)
Segment assets 77,900 55,820 54,800 - 188,520
Segment liabilities (60,078) (6,990) (8,343) - (75,411)
----------------------------------- -------- ---------- ----------- ------- --------
Segment net assets 17,822 48,830 46,457 - 113,109
Joint ventures - 4,051 - 27,136 31,187
----------------------------------- -------- ---------- ----------- ------- --------
Total net assets 17,822 52,881 46,457 27,136 144,296
----------------------------------- -------- ---------- ----------- ------- --------
* Upon review of the prior year segmental capital expenditure
disclosure it was identified that this note only included capital
expenditure relating to property, plant, and equipment. As such a
restatement has been undertaken during the year to show total
capital expenditure of property, plant, and equipment, right of use
assets and investment properties. There is no other impact on the
financial statements.
Unallocated net assets of GBP46.5m include cash and cash
equivalents of GBP28.3m, deferred tax asset of GBP10.1m, amounts
due from Jointly Controlled Entities of GBP14.5m, VAT liability of
GBP3.8m and other corporate items (GBP2.6m liability).
3 Exceptional Items
The Group incurred one exceptional item in each year as
follows:
2022 2021
GBP000 GBP000
--------------------------------------------------------- ------- -------
Exceptional item in Cost of sales
Losses on legacy contracts in C.A. Blackwell (Contracts)
Limited - (2,186)
Total exceptional item in Cost of sales - (2,186)
--------------------------------------------------------- ------- -------
Exceptional item in Administrative expenses
Release of accrual relating to a liability from the
year ended 31 May 2015 1,754 -
--------------------------------------------------------- ------- -------
Total exceptional item in Administrative expenses 1,754 -
--------------------------------------------------------- ------- -------
Total 1,754 (2,186)
--------------------------------------------------------- ------- -------
In the year ending 31 May 2022, an aged accrual dating from the
year ended 31 May 2015 totalling GBP1,754,000 was released as the
potential for payment had lapsed due to time.
In the year ending 31 May 2021, further losses were recognised
on the legacy contracts within C.A. Blackwell (Contracts) Limited
resulting in costs of GBP2,186,000.
4 Taxation
Recognised in the Income Statement
2022 2021
GBP000 GBP000
--------------------------------------------------------- ------- -------
Current tax
Current year 212 57
Adjustments for prior years (4) 8
--------------------------------------------------------- ------- -------
Current tax expense 208 65
--------------------------------------------------------- ------- -------
Deferred tax
Origination and reversal of temporary timing differences 1,542 764
Impact of increase in tax rate - (2,736)
Adjustments for prior years (2,097) (125)
--------------------------------------------------------- ------- -------
Deferred tax credit (555) (2,097)
--------------------------------------------------------- ------- -------
Tax credit in Income Statement (excluding share of tax
of equity accounted investees) (347) (2,032)
--------------------------------------------------------- ------- -------
The deferred tax adjustment in respect of prior years of
GBP2,097,000 relates to losses assumed to be utilised in the
previous year, which were ultimately retained.
Recognised in Other Comprehensive Income
2022 2021
GBP000 GBP000
-------------------------------------------------------- ------- -------
Deferred tax expense
Effective portion of changes in fair value of cash flow
hedges (8) (25)
Remeasurements of defined benefit pension schemes (1,488) (319)
-------------------------------------------------------- ------- -------
(1,496) (344)
-------------------------------------------------------- ------- -------
Reconciliation of Effective Tax Rate
2022 2021
GBP000 GBP000
------------------------------------------------------- ------- -------
Profit for the year from continuing operations 34,828 16,406
Total tax credit (347) (2,032)
------------------------------------------------------- ------- -------
Profit before taxation from continuing operations 34,481 14,374
------------------------------------------------------- ------- -------
Tax using the UK corporation tax rate of 19.00% (2021:
19.00%) 6,551 2,731
Effect of tax rates in foreign jurisdictions 37 (143)
Tax effect of joint ventures (5,194) (2,586)
Previously unrecognised tax losses 136 (92)
Non-deductible expenses 407 894
Impact of change in tax rates - (2,736)
Other temporary trading differences (183) 17
Adjustment in respect of previous periods (2,101) (117)
------------------------------------------------------- ------- -------
Effective total tax credit (347) (2,032)
------------------------------------------------------- ------- -------
The UK corporation tax rate has been 19.00% for the duration of
the financial year (2021: 19.00%).
Factors That May Affect Future Current and Total Tax Charges
Following the March 2021 budget, the corporate tax rate will
increase from 19% to 25% with effect from 1 April 2023. The
deferred tax balances at 31 May 2022 and 31 May 2021 have been
calculated based on the rate substantively enacted at the balance
sheet date of 25%.
5 Discontinued Operations
All discontinued operation results are attributable to equity
holders. The Group's discontinued operations made a profit of
GBP2,000,000 (2021: GBPnil) after tax during the year.
The profit from discontinued operations represents the
contingent consideration received following the disposal of
Brockwell Energy Limited ("Brockwell"). The Company disposed of the
whole of its shareholding in Brockwell on 19 October 2018 with
contingent consideration of GBP2m which was received in the year
ending 31 May 2022. There are no remaining balances relating to
this matter.
2022 2021
GBP000 GBP000
------------------------------------------------- ------- -------
Proceeds from disposal of subsidiary 2,000 -
Profit before tax of discontinued operations 2,000 -
Current tax charge - -
Profit for the year from discontinued operations 2,000 -
------------------------------------------------- ------- -------
6 Earnings per Share
The calculation of earnings per share ("EPS") is based on the
profit for the year attributable to equity holders and on the
weighted average number of shares in issue and ranking for dividend
in the year.
2022 2021
-------------------------- ------------------------ --------------------------
Earnings EPS DEPS Earnings EPS DEPS
GBP000 Pence Pence GBP000 Pence Pence
-------------------------- -------- ------ ------ -------- ------- -------
Underlying earnings per
share from continuing
operations 33,407 103.23 100.18 22,832 70.66 68.64
Exceptional items, fair
value adjustments and
impairment (net of tax) 1,421 4.39 4.26 (6,406) (19.82) (19.26)
-------------------------- -------- ------ ------ -------- ------- -------
Continuing basic earnings
per share 34,828 107.62 104.44 16,426 50.84 49.38
Discontinued operations 2,000 6.18 6.00 - - -
-------------------------- -------- ------ ------ -------- ------- -------
Basic earnings per share 36,828 113.80 110.44 16,426 50.84 49.38
-------------------------- -------- ------ ------ -------- ------- -------
Weighted average number
of shares 32,362 33,347 32,312 33,262
-------------------------- -------- ------ ------ -------- ------- -------
The calculation of weighted average number of shares includes
the effect of own shares held of 611,118 (2021: 827,150).
The calculation of diluted earnings per share ("DEPS") is based
on the profit for the year and the weighted average number of
ordinary shares in issue in the year. The potentially dilutive
effect of the share options outstanding (effect on weighted average
number of shares) is 985,056 (2021: 950,750); effect of basic
earnings per ordinary share in the current year is 3.36p (2021:
1.46p). Effect on underlying earnings per ordinary share is 3.05p
(2021: 2.02p). Effect on discontinued operations per ordinary share
for 2022 is 0.18p (2021: nil).
7 Alternative Performance Measures Glossary
This report provides alternative performance measures ("APMs"),
which are not defined or specified under the requirements of
International Financial Reporting Standards. The Board believes
that these APMs provide readers with important additional
information on the business.
Alternative Performance
Measure Definition and Purpose
-------------------------- ----------------------------------- -------------- --------------
Underlying profit before Represents the profit before tax from continuing
tax ("UPBT") operations prior to exceptional items, fair value
adjustments and impairment of intangible assets,
and, in accordance with International Accounting
Standards, including the Group's share of the post-tax
profit of its German joint venture. This measure
is consistent with how the business measures performance
and is reported to the Board.
2022 2021
GBP000 GBP000
----------------------------------- -------------- --------------
Profit before tax from continuing
operations 34,481 14,374
Exceptional items (see Note 3) (1,754) 2,186
Impairment of intangible assets
and goodwill - 4,635
Underlying Profit before Tax 32,727 21,195
------------------------------------ -------------- --------------
Basic underlying earnings Profit attributable to the equity holders of the
per share Company from continuing operations prior to exceptional
items and impairment of intangible assets after
tax divided by the weighted average number of ordinary
shares during the financial year adjusted for the
effects of any potentially dilutive options. See
Note 6.
-------------------------- --------------------------------------------------------------------
EBITDA EBITDA is defined as profit before tax from continuing
operations prior to charges for depreciation and
impairment and interest and excludes the share
of profit from jointly controlled entities and
gains and losses on the sale of fixed assets.
2022 2021
GBP'000 GBP'000
----------------------------------- --------- ---------
Profit before tax from continuing
operations 34,481 14,374
Depreciation and impairment 8,666 6,562
Impairment of goodwill - 4,635
Net finance (income)/expense (53) 1,236
Share of profit in joint ventures
(net of tax) (28,200) (17,680)
(Profit) on sale of fixed assets (1,298) (3,667)
----------------------------------- --------- ---------
EBITDA 13,596 5,460
----------------------------------- --------- ---------
-------------------------- --------------------------------------------------------------------
Net Debt/(cash) Represents the net position of the Group's cash
and loan balances including leases. Calculated
as follows:
-------------------------- --------------------------------------------------------------------
2022 2021
GBP000 GBP000
----------------------------------- -------------- --------------
Cash and cash equivalents 13,773 28,303
Non-current interest-bearing loans
and borrowings (11,045) (8,586)
Current interest bearings loans
and borrowings (7,326) (3,179)
Net (debt)/cash (4,598) 16,538
------------------------------------ ------------------------- -------------- --------------
Net Asset Value per Represents the Net Asset value of the Group divided
share by the number of shares in issue less those shares
held in treasury. Calculated as follows:
-------------------------- --------------------------------------------------------------------
2022 2021
----------------------------------- -------------- --------------
Total shares in issue 33,138,756 33,138,756
Less shares in treasury (611,118) (827,150)
------------------------------------ ------------------------- -------------- --------------
Shares for calculation 32,527,638 32,311,606
------------------------------------ ------------------------- -------------- --------------
Net Asset Value per
Balance Sheet GBP183,136,000 GBP144,296,000
------------------------------------ ------------------------- -------------- --------------
Net Asset Value per
share GBP5.63 GBP4.47
------------------------------------ ------------------------- -------------- --------------
8 Posting of Report & Accounts
The Group confirms that the annual report and accounts for the
year ended 31 May 2022 will be posted to shareholders as soon as
practicable and a copy will be made available on the Group's
website:
www.hsgplc.co.uk
This information is provided by RNS, the news service of the
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END
FR RFMATMTATBIT
(END) Dow Jones Newswires
July 27, 2022 02:00 ET (06:00 GMT)
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