4th Jun 2019 12:55
LONDON (Alliance News) - Hargreaves Services PLC on Tuesday said it expects to report earnings growth in its recently ended financial year as trading improved across all of its divisions.
The provider of support services to the industrial and property sectors said both revenue and underlying operating profit for the year to the end of May are expected to have shown growth on the prior year, as a result of improved trading within the company's wholly owned businesses. In financial 2018, Hargreaves generated revenue of GBP447.6 million and operating profit of GBP291.1 million.
The company noted that its underlying operating profit results will exclude the impact of the provisions made following the insolvency events of Wolf Minerals UK Ltd in October 2018 and of British Steel Ltd last month.
During the year, Hargreaves said conditional sale agreements have been exchanged in respect of the first two plots at its key residential development site, Blindwells, near Edinburgh. The value of these two transactions - which are expected to reach legal completion in financial 2020 - is over GBP10 million.
"These contract successes demonstrate the positive momentum behind the Blindwells development and contribute to the board's confidence in the group's future trading prospects," Hargreaves said in its statement Tuesday.
The company expects to publish its annual results on July 31.
The stock was trading 2.2% lower on Tuesday at midday at 220.00 pence a share.
Related Shares:
Hargreaves Serv