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Hargreaves Services to cease coal mining operations by July

By BFN News | 01:50 PM | Tuesday 02 June, 2020


Services provider to the industrial and property sectors Hargreaves Services said it had decided to cease all coal mining operations by July. The company said it would incur a related exceptional cost of £3.7m in the year ended 31 May. The costs included employment related liabilities of £1m and accelerated restoration accrual, plant and mining asset depreciation of £2.7m. Hargreaves Services reiterated that it had not experienced any material impact from Covid-19 other than in its property busines, where work on the Blindwells residential site near Edinburgh had been suspended. 'It remains unclear as to when our contractors will be able to restart on site,' the company said. 'Additionally, some small value sales of non-core property assets in Scotland which were expected to complete in May have also been delayed as a result of Covid-19.' 'For the year ended 31 May 2020, other than the impact caused by the Covid-19 delays in the property business, the board expects to report underlying results in line with the market expectations which were in place prior to their withdrawal on 26 March 2020.' At 1:50pm: (LON:HSP) Hargreaves Services PLC share price was -5p at 196.5p Story provided by StockMarketWire.com

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