Hargreaves Services flags results ahead of expectations

(Sharecast News) - Hargreaves Services said on Wednesday that it expected to report full-year revenue ahead of market expectations and pre-tax profit in line with forecasts, with all three business areas delivering year-on-year profit growth. The AIM-traded environmental, infrastructure and property services group said its Services division continued to perform strongly, supported by activity across HS2, Sizewell C and its first contract position on the Lower Thames Crossing.

The period also included a £7m non-recurring profit from the settlement of its mining services contract with Tungsten West.

Hargreaves said its Land business would deliver a substantial increase in profit following renewable energy land disposals that generated £14m of net cash proceeds, while its German joint venture HRMS was also expected to report higher profits.

Year-end cash stood at £21.6m, ahead of market expectations, after the group returned £20m to shareholders through a tender offer.

At 0914 BST, shares in Hargreaves Services were up 0.62% at 817p.

Reporting by Josh White for Sharecast.com.

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