London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Comforting update. Change in business model beginning to take shape. Dividend projections look cautious in light of current trading.........perhaps a special divi?
***Continued*** Management remain pleased with the rate of conversion of legacy assets into cash. As reported in October the Group's existing coal stocks have been sold and we continue to expect the full recovery of loans to the Tower joint venture. Working capital performance across the Group also remains in line with expectations. The Group is currently targeting to close the financial year with less than £5m of net debt. The Group expects to report its interim results for the six months ended 30 November on 15 February 2017. A briefing for analysts will be held at 10.00am on the morning of the results at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000.
22 December 2016 Hargreaves Services plc Post-Close Trading Update and Notification of Interim Results Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, today provides the following update on trading ahead of its interim results for the six months ended 30 November 2016. The Group has experienced more stable trading conditions during the period with underlying Group profits for the six months expected to be in line with management expectations. Hargreaves anticipates a strong second half with expected outperformance in Coal Distribution and Property & Energy that will more than offset the impact of the expected contract delays in Industrial Services. Results for the Coal Distribution Division include the Group's share of profit from our associate operation in Germany which is trading very strongly as its markets recover. The recent increase in coal price during the first half, together with more robust coal demand, is expected to also result in the UK operation exceeding forecasts. Profits for the Division are currently expected to exceed management expectations by £3m for the full year. The Industrial Services Division set aggressive targets for new business gains over the year as a whole. Whilst good progress continues to be made, it now seems unlikely that these will be fully achieved due to a delay in the commencement of a major project in Hong Kong. The Division's UK business has traded strongly and is expected to continue to do so through the second half. Good progress continues to be made in the evaluation and development of the Group's Property and Energy project portfolio. Profits realised from the Property Division are expected to slightly exceed management targets over the year as a whole, although the timing of property sales remains difficult to predict. The integration of the Blackwell acquisition is progressing well and underlying trading performance has been strong and in line with expectations. The Group has re-appraised the costs to complete and remediate two legacy contracts that were identified at the time of acquisition and as a consequence goodwill will be increased by £2.6m to £3.4m to reflect these additional costs, a level that management consider sustainable given the underlying profitability and cash generation of the operation. The escrow account established at the time of acquisition continues to provide protection in relation to legacy contracts and no further provisions or adjustments in respect of pre-acquisition contracts are expected. Good progress continues to be made in the realisation of cash from sales of former Blackwell properties. Management remain pleased with the rate of conversion of legacy assets into cash. As reported in October the Group's existing coal stocks have been sold and we continue to expect the full recovery of loans to the Tower joint ventur
Decline steadied, share price underpinned by future capital distributions. Nearly voted for a "weak buy!"
03 October 2016 Hargreaves Services plc  Update on Redcar Steelworks Closure and Trading Update ahead of AGM  Hargreaves Services plc (AIM: HSP), a group delivering key projects and services in the infrastructure, energy and property sectors, today provides an update, ahead of its AGM on 5 October 2016, on the Redcar steelworks closure activity and on current trading. Update on Redcar Steelworks Closure The Group notes the recent press coverage concerning the Tribunal claim by staff who were formerly employed by Hargreaves at the Redcar steel plant. Management is disappointed by the findings of the Tribunal's oral judgment delivered on 30 September 2016, which could give rise to an additional potential liability of £0.6m relating to the closure in October 2015 of the Redcar operation. We await the Tribunal's fully reasoned written judgment. The circumstances surrounding the demise of SSI, the owner and operator of Redcar steelworks, gave rise to a highly complex and fluid situation. It was against this challenging background that Hargreaves sought to do its very best by its employees, acting in accordance with legal and professional advice. We expect any cost arising from the Tribunal's decision to be treated as an exceptional item in line with all other historic costs associated with the closure of the Redcar operation. AGM Trading Update At the AGM, to be held on Wednesday 5 October 2016, Hargreaves Chairman David Morgan will make the following statement: "We are pleased that the increasing interest from coal power stations noted in the Preliminary Results Statement has now been translated into contracts for the sale of the Group's surplus coal stocks. Shipments of these coal stocks, totalling approximately £11m, have already commenced and will continue through the winter in line with expectations and without any impairment to book value. "Trading across the rest of the Group for the year to date has been in line with expectations. Although there are still risks associated with the achievement of new business targets in the Industrial Services division, encouraging progress in our Property and Energy portfolio allow management to remain confident at this time in achieving its overall performance target for the year which, together with the realisation of legacy coal stocks referred to above, provides a favourable background against which to finalise our deliberations on returning surplus capital to shareholders." http://www.lse.co.uk/share-regulatory-news.asp?shareprice=HSP&ArticleCode=vr3x22dg&ArticleHeadline=Update_on_Redcar_and_Trading_Update_ahead_of_AGM
23 September 2016 Hargreaves Services plc Posting of Annual Report and Notice of AGM Hargreaves Services plc (AIM: HSP) announces that its Annual Report and Accounts for the year ended 31 May 2016 has been posted to shareholders and is available at the Company's website: www.hsgplc.co.uk. The Company's Annual General Meeting will be held on 5 October 2016 at 11.00am at The Solarium, Durham Cathedral, The College, Durham DH1 3EH. http://ir1.euroinvestor.com/asp/ir/Hargreaves/NewsRead.aspx?storyid=13454201&ishtml=1 Preliminary Results for Year Ending 31 May 2016 http://www.hsgplc.co.uk/media/69374/Hargreaves-FY16-Prelim.pdf
drift towards 170p on cards ..let's see
Board continues to demonstrate transparency, both good and bad. Agree with Jolly S that if they execute their strategy and realise their legacy assets many will regret not getting in at these prices.
on tower a trifle lacklustre imv
The four directors in stumping up nearly half a million pounds to buy shares are making a bold statement. We know that factors outside their control have put them through the proverbial wringer but they are made of stern stuff up north. They have become used to swimming against the tide of events and have reacted swiftly to stop the bleeding and put together a plan focussing particularly on their knowhow and enormous land assets to turn things round-good luck to them.
primed to rubble north
A very confident statement from a quality board. If £66m can be realised then it provides massive underpinning for their new strategy. Cash alone would almost justify a £2 price tag!!
cheap on nav for a long way north..bod committed to realise cash and return business to ebit of £10-15m to boot ..if execute, plenty of upside ..simplesz
if they execute/deliver, then massive upside here
bounce? towards £2, and then retest here and new lows?
on face of it, plenty of buying.. ...but weakening sp ..guess large sell order(s) in process
receivable from tower ...I am writing that way down as well ...so for me net net closer to £1
Buying any more muck shifters
down to close to net net ...with recent acquisition, that's likely £1-1.50 range ...waiting
Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, is pleased to announce the acquisition of C A Blackwell Group Limited ("Blackwell") for a consideration of up to £11.85m. The consideration will be settled by a net cash payment of £8.5m and the transfer to the Blackwell shareholders of a property at Earls Colne with a market value of £3.35m. The property was owned by Blackwell. Of the £8.5m net cash payment, £5.25m will be held in escrow pending the settlement of a number of historic claims and the realisation of proceeds from the disposal of two other investment properties, which will be marketed post-acquisition and have a book value of £6.5m. These property disposals are expected to be completed by 31 December 2016. Blackwell has been operating in the field of bulk earthmoving and civil engineering for over 50 years. In addition to having a leading reputation in earthworks and civil engineering, Blackwell also operates a number of mining and quarrying services contracts. The operations of Blackwell are highly complementary to those of Hargreaves in terms of skills, experience and, critically, the equipment that they utilise. In the opinion of the Directors, the integration of Blackwell into Hargreaves creates new and exciting opportunities to deploy one of the largest heavy plant fleets in Europe within a large and well-funded Group. Based on unaudited management accounts and forecasts, in the year ended 31 December 2015 Blackwell is expected to generate an operating profit of £3.3m on £89.0m of revenues. Included within these amounts are £1.2m of operating profit and £12.2m of revenue relating to exceptional non-recurring activity. Excluding these exceptional non-recurring profits, adjusted EBITDA for the period is expected to be approximately £4.1m. The net assets of Blackwell at the date of acquisition after the disposal of the Earls Colne property are expected to be approximately £10.9m. The net debt of Blackwell at the date of the transaction, adjusted for normal working capital levels, was £13.0m, giving a headline enterprise value of £24.9m. After all the property disposals are completed the underlying enterprise value is expected to fall by £9.9m to £15.0m, representing an implied EV/EBITDA entry multiple for Hargreaves of approximately 3.7 times. Gordon Banham, Chief Executive Officer of Hargreaves, commented: "The acquisition of Blackwell extends the reach of Hargreaves into the UK earthworks and civil engineering sector bringing further diversification to the Group and offering an attractive return on capital. The business is complementary to and synergistic with our existing mining operations and offers flexibility with our existing fleet of heavy plant, providing further opportunities to diversify the Group's operational focus. "We are delighted to welcome
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 29 December 2015 Artemis Investment Management LLP increased their holding above the 10% triggering point: From 3,185,195 to 3,215,628 (10.08%) on 23 December 2015 (For information-On the HSP Website 01/09/2015 shows a holding of 2,703,375 = 8.43%) http://ir1.euroinvestor.com/asp/ir/Hargreaves/NewsRead.aspx?storyid=13283438&ishtml=1
is on life support...and, with cheap clean energy generation / storage just around the corner, the machine may be switched off ...hooray ..now for the difficult bit: population control
is utterly disenchanted with this stock and the only thing stopping it collapsing is the fact that net current tangible worth is not far from the current stock price. However I agree with rotto, this is an entrepreneurial company and they have a lot of assets albeit in post industrial locations. The question is can they monetise these?
EPS 25 p next FY. NAV ps 470p. Assume P/E 10 and c50% asset write-down then this has to be a buy at c 250p. To say nothing of the land bank and subsequent development! One for the thinkers!
Just seen your posting. Thanks for your reply.