Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Hargreaves half-year profit jumps, full-year outlook remains steady

29th Jan 2025 12:40

(Alliance News) - Hargreaves Services PLC on Wednesday reported a significant jump in half-year profit, though full-year results remain in line with expectations.

The Durham, England-based industrial services firm focuses on the energy, infrastructure and property sectors. The firm's pretax profit practically doubled in the six months to November 30, rising 96% to GBP5.3 million from GBP2.7 million the year prior.

Half-year revenue was up by about 14% at GBP125.3 million compared to GBP110.2 million the previous year, the company said.

About 90% of full-year revenue has been secured under contract, with annual service revenue forecast ahead of guidance.

However, planning delays have slowed asset sales at the company's Blindwells site, leaving full-year expectations unchanged.

During the 2024 half-year, earnings before interest, taxation, depreciation and amortisation rose 21% to GBP14.9 million from GBP12.3 million in 2023.

Hargreaves Services raised its interim dividend per share by 2.8% to 18.50 pence from 18.00p the previous year.

Net asset value per share was up 2.1% to 580.00p at November 30 versus 567.00p at the 2023 half-year-end.

The company's share price rose 4.2% at 615.00 pence each on Wednesday afternoon in London.

Also on Wednesday, Hargreaves Services appointed new Chief Operating Officer Simon Hicks, who will join the firm on June 1. Hicks' most recent position was chief executive of Evero Energy Ltd, a private company which converts waste to energy.

Hargreaves Services said Hicks' track record will complement the company's current "position of strength". The firm added that it is currently marketing renewable energy assets, hoping to close a sale in 2025.

By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest
Value8,732.46
Change-32.26