Trading Update ahead of Preliminary Results

RNS Number : 1712G

Hargreaves Services PLC

22 July 2021

 

Hargreaves Services plc

("Hargreaves" or the "Group")

Trading Update ahead of Preliminary Results

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, provides the following update on the trading of its German joint venture, Hargreaves Raw Materials Services GmbH ("HRMS").

The Board has previously commented on the very strong commodity market conditions which are being experienced by HRMS. Following the completion of the financial year ended 31 May 2021, the management of HRMS have reported a profit after tax of £13.6m, much stronger results than expected. Additionally, HRMS has secured a number of forward trading positions which give great confidence to the Board that HRMS can continue to benefit from these market conditions throughout the first six months of the year ending 31 May 2022 at least. As a result, the Board now expects that the Group results for the year ending 31 May 2022 will materially exceed market expectations.

The Group will report its preliminary results for the year ended 31 May 2021 on Wednesday 28 July 2021.

For further details:  

Hargreaves Services Gordon Banham, Chief Executive Officer John Samuel, Group Finance Director		www.hsgplc.co.uk Tel: [phone]
Walbrook PR (Financial PR & IR) Paul McManus / Lianne Cawthorne	Tel: [phone] or [e-mail] Mob: [phone]
N+1 Singer (Nomad and Joint Corporate Broker) Sandy Fraser/Justin McKeegan/Rachel Hayes		Tel: [phone]
Investec (Joint Corporate Broker) Sara Hale/David Anderson/Shalin Bhamra		Tel: [phone]

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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