24th Jan 2024 12:15
(Alliance News) - Hargreaves Services PLC on Wednesday upped its interim dividend, despite a drop in revenue and profit.
Hargreaves Services is a Durham, England-based provider of services to industrial and property sector. Its shares were up 5.6% to 427.48 pence each in London on Wednesday afternoon.
In the six months ended November 30, revenue fell to GBP110.2 million from GBP116.5 million a year earlier. The company said this was due to several post period end completions within Hargreaves Land.
Pretax profit fell to GBP2.7 million from GBP18.7 million.
Hargreaves Services said the six month period was "a time of contrasts across [its] three business segments."
On the back of the results, the company said it will pay out an interim dividend of 18.0p, up from 3.0p a year ago.
Hargreaves Services expects the interim dividend to be half of the full-year dividend.
Chair Roger McDowell said: "We are optimistic about the outlook for the business in the second half as Services continues to provide a robust underpinning to trading with over 90% of revenue already secured for the financial year. We anticipate positive pricing in Germany in the second half and Land is poised to deliver its best ever full year performance."
By Sophie Rose, Alliance News senior reporter
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