Hargreaves Services expects full-year revenue to beat expectations

Hargreaves Services PLC on Wednesday said it expects to report full-year revenue ahead and pretax profit in line with current market expectations.

The Durham, England-based provider of services for environmental, infrastructure and property sectors said this reflects the mix of contribution and an increase in profitability year on year across all three business units of Services, Hargreaves Land and the group’s German joint venture, Hargreaves Raw Materials Services GmbH.

Hagreaves Services said market expectations prior to Wednesday’s announcement for the financial year ended May 31 were for revenue of £288.2 million, underlying pretax profit of £33.4 million, earnings per share of 64.1 pence and cash of £14.5 million.

In the prior financial year, the firm reported revenue of £264.4 million, underlying pretax profit of £17.6 million, earnings per share of 44.8 pence and cash of £23.3 million.

Services continued to deliver strong performance, underpinned by high activity levels across Connectivity, Clean Energy and the Environment markets, the firm said.

While the land portfolio is expected to deliver a ‘substantial’ increase in profitability on-year, driven by previously announced disposals.

HRMS has maintained its momentum and is expected to report higher profits than in the prior financial year, the company said.

As at May 31, Hargreaves held cash reserves of £21.6 million, higher than market expectations due to timing of working capital.

Hargreaves expects to report results for the financial year ended May 31 on July 29.

Shares in Hargreaves Services were down 0.7% at 806.00 pence in London on Wednesday.

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