Last checked at 27 Oct 2022 07:00
Hargreaves Services plc
("Hargreaves" or the "Group")
AGM Statement
Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, will hold its Annual General Meeting ("AGM") today at 11am. Ahead of the meeting, the Group's Chairman, Roger McDowell, has issued the following statement:
"I am pleased to confirm that all three business sectors, Services, Hargreaves Land and HRMS, are trading in line with the Board's expectations.
The Services business has had a strong start to the year. This performance is despite the energy pricing and inflationary pressures in the market and is testament to the mitigating controls embedded within the business and its contractual positions. Over 50 framework or term contracts with blue chip clients provide excellent revenue visibility and resilience to weather current economic turbulence.
Hargreaves Land has completed another transaction at Blindwells. The sale of 4.5 acres to Ogilvie Homes generated revenue of £3.4m and continues to demonstrate the recurrent nature of regular transactions at this site. A further 20 acre plot is expected to exchange later this financial year and initial marketing of a new 7.9 acre plot is generating strong housebuilder interest.
The first four months of the financial year has seen a strong trading performance within our German Joint Venture, HRMS. Uncertainty within German industrial markets and short visibility on trading means that it remains unclear how long current conditions will persist.
The balance sheet remains strong, free from bank debt and third-party security. At 30 September 2022, cash balances stood at approximately £19m and leasing debt at £27m.
The Board remains confident in delivering full year results in line with market expectations."
A brief presentation will be delivered at the AGM by CEO Gordon Banham, no new information will be disclosed and a copy of the presentation will be made available on the Company's website later today -
https://www.hsgplc.co.uk/investors/news-reports-and-presentations/
The Board expects to provide a trading update in early December 2022 prior to the announcement of the Group's interim results for the six months ending 30 November 2022 on Wednesday 25 January 2023.
For further details:
Hargreaves Services Gordon Banham, Chief Executive Officer John Samuel, Group Finance Director
| www.hsgplc.co.uk Tel: 0191 373 4485 | |
Walbrook PR (Financial PR & IR) Paul McManus / Lianne Applegarth / Louis Ashe-Jepson
| Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com Mob: 07980 541 893 / 07584 391 303 / 07747 515 393 | |
Singer Capital Markets (Nomad and Joint Corporate Broker) Sandy Fraser / Justin McKeegan / Rachel Hayes
| Tel: 020 7496 3000 | |
Investec (Joint Corporate Broker) David Anderson / Shalin Bhamra | Tel: 020 7597 5970
| |
About Hargreaves Services plc (www.hsgplc.co.uk)
Hargreaves Services plc is a diversified group delivering services to the industrial and property sectors, supporting key industries within the UK and South East Asia. The Company's three business segments are Services, Hargreaves Land and an investment in a German joint venture, Hargreaves Raw Materials Services GmbH (HRMS). Services provides critical support to many core industries including Energy, Environmental, UK Infrastructure and certain manufacturing industries through the provision of materials handling, mechanical and electrical contracting services, logistics and major earthworks. Hargreaves Land is focused on the sustainable development of brownfield sites for both residential and commercial purposes. HRMS trades in specialist commodity markets and owns DK Recycling, a specialist recycler of steel waste material. Hargreaves is headquartered in County Durham and has operational centres across the UK, as well as in Hong Kong and a joint venture in Duisburg, Germany.