AGM Trading Update and Directorate Changes

Hargreaves Services plc

("Hargreaves" or the "Group")

AGM Trading Update and Directorate Changes

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services in the infrastructure, energy and property sectors, provides a trading update ahead of its Annual General Meeting today.

The Board is pleased to announce that trading, both at Group level and in its Services and Distribution division, is in line with expectations.

In its Property Division, the development of Blindwells, a major housing development in East Lothian, is progressing well and in line with expectations. We are also pleased to note that sale processes are advancing for a number of other material properties and although timing of such sales remains hard to forecast, the Board is encouraged with progress and activity levels.

The Board is also pleased to announce that John Samuel has been recruited to succeed Iain Cockburn as Group Finance Director when Iain moves to join Brockwell Energy in a full-time capacity. John will join the Board on 2 January 2018 and Iain will continue in his current dual role until that time.

As the Group continues to pursue its strategy to simplify and streamline, agreement has been reached that Kevin Dougan will step down from the Board and leave the Group with effect from 1 December 2017. Kevin has fulfilled the role of Group Commercial Director and this position will not be replaced.

David Morgan, the Chairman of Hargreaves, commented: "We are delighted to have hired a candidate of John's calibre. Over the past eleven years John has worked successfully to grow and develop Renew Holdings plc. We look forward with excitement to the contribution that John will make to providing financial leadership at Hargreaves and in helping to develop and deliver the Group's strategy. On behalf of the Board, I would also like to thank Kevin for his years of commitment and loyal service. Kevin has been instrumental in helping direct and shape the Group since its inception."

Gordon Banham, Chief Executive Officer of Hargreaves, commented: "I am pleased to welcome John to the Board and look forward to working with him. I would also like to acknowledge and thank Kevin on a corporate and personal level for his contribution to the development of the Group. I have worked with Kevin for over fifteen years and his loyalty and drive have been unwavering."

Additional regulatory disclosures required in relation to John Samuel's appointment are set out at the end of this announcement.

For further details: 

Further information:

John William Young Strachan Samuel, 61, holds / has held the following directorships:

Other than as set out above, there is no further information to be disclosed under schedule 2(g) and Rule 17 of the AIM Rules for Companies in respect of Mr Samuel's appointment.