AGM Statement

RNS Number : 3854D

Hargreaves Services PLC

28 October 2020

 

 28 October 2020

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") later this morning. Due to COVID-19 restrictions, the meeting will not be open to shareholders to attend. Ahead of the meeting, the Group's Chairman, Roger McDowell, has issued the following statement:

"At this time, the safety and wellbeing of our employees remains in the forefront of our minds. T he Group has invested in equipment and working practices to make all of its work environments as COVID-19 secure as possible. Alongside this, the Board wishes to thank all of its employees for their commitment and efforts in safeguarding themselves and their colleagues whilst continuing to serve our clients to the best of their ability.

Trading for the first four months of the year has been satisfactory and in line with the Board's expectations.   As previously reported, COVID-19 has had a limited direct effect on our business activities, with the main impact being the previously reported delay in completion of infrastructure works at the Blindwells site near Edinburgh, due to the three month cessation of site based activities in Scotland. The Board expects to be able to announce the completion of the sale of the first parcel of land there in the near future.

I am pleased to announce that our Industrial Services business in Hong Kong has been appointed by CLP Power to two key contracts at Castle Peak and Black Point power stations. The work encompasses the maintenance, repair and refurbishment of boilers, condensers and other critical components. The contracts are for three years with options for extension for up to two more years. These contracts, together with the five year NEC contract announced last year, provide the Asian business with strong revenue visibility and a platform for growth.

Additionally, our Industrial Services business in the UK has been appointed by Severn Trent Water to a three year Mechanical Services framework contract for the provision of maintenance, repair, removal and installation of both clean and waste water assets. The framework has extension options for up to five more years. This award indicates the growth and strength of this business in mechanical and electrical engineering services alongside its traditional materials handling capabilities.

T he Board expects to provide a trading update in early December 2020 prior to the announcement of the Group's interim results for the six months ending 30 November 20 20 on Wednesday 2 7 January 202 1 ."

For further details:  

Hargreaves Services plc Gordon Banham, Chief Executive Officer John Samuel, Group Finance Director	0191 373 4485
Buchanan (Financial PR) Mark Court/Henry Wilson [e-mail]	0207 466 5000
N+1 Singer (Nomad and Joint Corporate Broker) Sandy Fraser/Rachel Hayes/Justin McKeegan	0207 496 3000
Investec (Joint Corporate Broker)   0207 597 5970 Sara Hale/David Anderson/Shalin Bhamra

 

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