5th Dec 2018 09:39
LONDON (Alliance News) - Industrial and property services firm Hargreaves Services PLC said Wednesday interim trading had been "satisfactory" with both revenue and profit expected to be higher than a year prior.
For the six months ended November, Hargreaves anticipates both revenue and underlying operating profit to "show growth" over that of the year before, in line with its expectations.
For the six months ended November 2017, Hargreaves reported GBP2.3 million in underlying operating profit on revenue of GBP150.3 million. For the period Hargreaves reported a pretax loss of GBP1.9 million.
Trading was described as "satisfactory" with "improved trading" within its UK businesses helping to drive a better performance. The firm continues to expect full-year results to be in line with expectations.
Within the half-year results, Hargreaves expects to report a GBP8 million exceptional charge related to the insolvency of one of its customers Wolf Minerals (UK) Ltd in October.
Its sale of Brockwell Energy Ltd, however, will deliver a gain of GBP4 million. Further sales of legacy assets are expected to take place in the remainder of the financial year.
Net debt has fallen to GBP28.6 million at the end of November, down from GBP30.8 million at the end of May.
Hargreaves expects to report interim results on January 30, 2019. Shares in Hargreaves were untraded at 329.00 pence on Wednesday.
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