Hargreaves Services PLC AGM Statement (6141D)
October 27 2022 - 2:00AM
UK Regulatory
TIDMHSP
RNS Number : 6141D
Hargreaves Services PLC
27 October 2022
Hargreaves Services plc
("Hargreaves" or the "Group")
AGM Statement
Hargreaves Services plc (AIM: HSP), a diversified group
delivering services to the industrial and property sectors, will
hold its Annual General Meeting ("AGM") today at 11am. Ahead of the
meeting, the Group's Chairman, Roger McDowell, has issued the
following statement:
"I am pleased to confirm that all three business sectors,
Services, Hargreaves Land and HRMS, are trading in line with the
Board's expectations.
The Services business has had a strong start to the year. This
performance is despite the energy pricing and inflationary
pressures in the market and is testament to the mitigating controls
embedded within the business and its contractual positions. Over 50
framework or term contracts with blue chip clients provide
excellent revenue visibility and resilience to weather current
economic turbulence.
Hargreaves Land has completed another transaction at Blindwells.
The sale of 4.5 acres to Ogilvie Homes generated revenue of GBP3.4m
and continues to demonstrate the recurrent nature of regular
transactions at this site. A further 20 acre plot is expected to
exchange later this financial year and initial marketing of a new
7.9 acre plot is generating strong housebuilder interest.
The first four months of the financial year has seen a strong
trading performance within our German Joint Venture, HRMS.
Uncertainty within German industrial markets and short visibility
on trading means that it remains unclear how long current
conditions will persist.
The balance sheet remains strong, free from bank debt and
third-party security. At 30 September 2022, cash balances stood at
approximately GBP19m and leasing debt at GBP27m.
The Board remains confident in delivering full year results in
line with market expectations."
A brief presentation will be delivered at the AGM by CEO Gordon
Banham, no new information will be disclosed and a copy of the
presentation will be made available on the Company's website later
today -
https://www.hsgplc.co.uk/investors/news-reports-and-presentations/
The Board expects to provide a trading update in early December
2022 prior to the announcement of the Group's interim results for
the six months ending 30 November 2022 on Wednesday 25 January
2023.
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 & Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com
IR) Mob: 07980 541 893 / 07584 391 303 /
Paul McManus / Lianne Applegarth 07747 515 393
/
Louis Ashe-Jepson
Singer Capital Markets (Nomad and Joint Tel: 020 7496 3000
Corporate Broker)
Sandy Fraser / Justin McKeegan / Rachel
Hayes
Investec (Joint Corporate Broker) Tel: 020 7597 5970
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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