11th Feb 2014 08:43
LONDON (Alliance News) - Hargreaves Services PLC Tuesday said its pretax profit jumped 41% in its first half, and it increased its dividend as revenues and disposal gains fortified company finances.
The solid-fuel supply and bulk-material logistics firm said its pretax profit increased to GBP29.7 million for the six months ended November 30, 2013, from GBP20.1 million in the same period the previous year.
The company said its revenues increased 28% to GBP460.5 million from GBP359.8 million as its newly acquired Scottish surface mines came into operation and volumes from its energy and commodities division increased significantly.
Hargreaves also noted that it gained GBP2.1 million through the disposal of subsidiaries, as it reorganised its European operations during the period.
As a result, the company declared 28% increase in its interim dividend to 8.8 pence.
The company had announced in December that it expects good performance in its second half and was confident of achieving its full-year trading targets.
Hargreaves said its UK Bulk coal and UK Speciality Coal operations performed slightly ahead of expectations. However, its Production division performed slightly behind expectations due to delays in commencing operations in Scotland and continuing pricing pressures in coking coal markets.
The company added that it expects a stronger second half in Europe but that coke markets remain uncertain moving forward.
Hargreaves Services shares were up 3.3% to 873.00 pence during early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Hargreaves Serv