6th Dec 2022 14:14
(Alliance News) - Hargreaves Services PLC on Tuesday said it expects interim revenue and profit to be higher than a year prior.
For the six months that ended November 30, the industrial and property services company expects revenue to be ahead of the prior year's GBP76.1 million. It expects pretax profit to top the GBP10.4 million achieved in the first half of financial 2022.
The Durham, England-based firm said a performance improvement was observed in each of its three businesses in services, Hargreaves Land and its German joint venture HRMS.
It is confident of delivering full financial year results in line with expectations
The services business experienced revenue and profit growth during the half-year due to an increase in activity on the High Speed Two contract. Hargreaves Services added this business remained resilient despite wider economic uncertainty and expected it to continue reliable profitability.
Hargreaves Land completed the GBP3.4 million sale of 4.5 acres at Blindwells development site in East Lothian, Scotland to Ogilvie Homes during the half-year period, which it said continues to demonstrate long-term, recurring revenue from the site.
Trading conditions for HRMS were largely also stronger, it said, and is expected to outperform the half-year outturn from a year earlier. This is despite softening trade conditions within Germany since then. However, the expected trading performance for the second half of its financial year is unclear. .
Shares in Hargreaves Services were up 5.5% to 364.00 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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