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Hargreaves Services swings to loss as collapse of Wolf Minerals and British Steel takes toll

By BFN News | 10:08 AM | Wednesday 31 July, 2019


Hargreaves Services reported a swung to an annual loss owing to exceptional costs on lost revenue from the collapse of Wolf Minerals and British Steel. For the year ended 31 May, the company reported a loss of £9.9m, compared with a profit of £0.5m a year earlier and revenue inched higher to £302.6m from £297.1m. The loss comes as the company had to include provisions relating to the loss of revenue from the collapse of Wolf Minerals and British Steel of £16.1m. Both the Industrial Services and Specialist Earthworks business units had been adversely affected by these events, although the UK Production & Distribution business remained stable, the company said. The final dividend was unchanged at 4.5p a share. 'In what has been a challenging year, the Group has made progress towards its strategic objectives. The Group's property business, Hargreaves Land, has gained further momentum and, by extracting capital from our UK mining activities, its growth can be accelerated,' said Chairman Roger McDowell. 'Value held in the balance sheet of our German associate business is being unlocked and will be distributed to shareholders in due course. The Board anticipates progress through the next financial year.' At 10:08am: (LON:HSP) Hargreaves Services PLC share price was +34p at 259p Story provided by StockMarketWire.com

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