25th Jun 2025 12:20
(Alliance News) - Hargreaves Services PLC on Wednesday said it expects "another strong set of results" for its latest financial year, noting a "strong" first half for the Services business.
Shares in Hargreaves Services climbed 6.5% to 723.90 pence early on Wednesday afternoon in London.
The Durham, England-based industrial services company said that for the 12 months ended May 31, it expects to report revenue and pretax profit ahead of market expectations.
The company said it considers consensus market expectations, prior to releasing its trading update, to be GBP247.6 million in revenue; GBP16.5 million in underlying pretax profit; 42.4p in earnings per share and GBP17.7 million in cash.
Saying it anticipates "another strong set of results" for the period, Hargreaves said it expects Services and its German joint venture Hargreaves Raw Materials Services GmbH to drive the profit growth.
The company said its Hargreaves Services business "has built on a strong first half of the year, securing additional contract wins across all areas of operation". It expects revenue and pretax profit for the business to exceed market expectations "by approximately 6% and 7% respectively due, in the most part, to increased earthmoving activities".
Hargreaves Services added that it expects revenue and profit in subsequent years to also surpass current forecasts due to high levels of visibility in its pipeline.
The company furthermore said that Hargreaves Land "has had a stable year", noting that this business delivered "record results" in financial 2024. Meanwhile, it expects Hargreaves Raw Materials Services "to report a significant growth in profitability" due to increased gate fees and lower input fuel costs in its steel waste recycling operations.
Hargreaves Services said it held GBP23.3 million in cash reserves as of May 31, up from GBP22.7 million one year prior.
By Emma Curzon, Alliance News reporter
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