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Hargreaves Services PLC - Durham, England-based provider of services to industrial and property sectors - Says UK government's recent decision to cancel the northern section of the HS2 rail link won't hurt its UK Services business. Chair Roger McDowell tells annual general meeting on Wednesday that Hargreaves Services had built no revenue from HS2 phase 2, which was meant to extend the high-speed rail line to Manchester from Birmingham. McDowell says its contract for HS2 phase 1, which will link London to Birmingham, is performing in line with plan and is expected to generate revenue for Hargreaves Services for the next two years at least.
Overall, trading across the company is in line with board expectations, McDowell says. The company has GBP16 million in cash as of the end of September. It is moving along with its project to buy out its defined benefit pension scheme and expects this liability to be bought out within calendar 2024.
Current stock price: 418.75 pence, up 4.6% on Wednesday
12-month change: up 30%
By Tom Waite, Alliance News editor
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