ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

HSP Hargreaves Services Plc

497.00
9.00 (1.84%)
Last Updated: 11:00:05
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hargreaves Services Plc LSE:HSP London Ordinary Share GB00B0MTC970 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  9.00 1.84% 497.00 490.00 500.00 497.00 495.00 497.00 7,866 11:00:05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Sanitary Services, Nec 211.46M 27.92M 0.8510 5.84 163.03M

Hargreaves Services PLC Post-Close Trading Update and Results Notification (0676D)

04/07/2016 7:00am

UK Regulatory


Hargreaves Services (LSE:HSP)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Hargreaves Services Charts.

TIDMHSP

RNS Number : 0676D

Hargreaves Services PLC

04 July 2016

 
 For immediate release   4 July 2016 
 

Hargreaves Services plc

("Hargreaves", "the Group" or "the Company")

Post-Close Trading Update and Notification of Preliminary Results

Hargreaves Services plc (AIM: HSP), a leading supplier of solid fuels, bulk material logistics and specialist earthworks services, provides the following update on trading ahead of its preliminary results for the year ended 31 May 2016.

Core Operations

The Group is pleased to report that trading in the run up to the year end was in line with management expectations and consequently the Group expects underlying profitability for the year ended 31 May 2016 to be in line with current market expectations.

The restructuring and repositioning of the Group's core operations continues to progress and the resulting restructuring and exceptional costs are expected to be broadly in line with previous market guidance.

Tower Joint Venture

The Group notes that since reporting its interim results on 16 February 2016, RWE has confirmed its intention to cease buying Welsh coal for its Aberthaw power station by 31 March 2016. This decision firmed up our previously announced intention to consider a shortened mining programme at our Tower joint venture. Within our interim results we stated that a shortened mining plan could result in a modest impairment of our outstanding loans to the joint venture vehicle. It is our current view that, although the equity investment values and goodwill require to be impaired as no future dividends are likely to arise, a full recovery of the loans remains achievable. The Group will continue to work with its joint venture partners to seek an optimal outcome. The impairment charge in respect of our equity investment and goodwill will be approximately GBP4.9m.

Brexit

The Group continues to appraise the potential impacts of Brexit. The Group is a net beneficiary of Sterling weakness due to its current stocks of largely dollar-denominated coal and coke. No revaluation gains have been booked to date, but if the current exchange rate trends continue the Group should benefit as and when these stocks are realised.

On a negative note the Group has been informed that a GBP7m earthworks project at a major UK port has been postponed owing to Brexit-related concerns. The current uncertainty associated with Brexit presents potential risks for our Earthworks and Logistics businesses which have a significant exposure to construction activity and capital investment projects. However, it is difficult at this stage to form a clear picture of the medium term impacts and we currently consider the risk of a downturn in private sector activity as against the potential upside from Government-sponsored public sector works to reflate the economy to be relatively finely balanced.

Notification of Preliminary Results

The Group expects to report its preliminary results for the year ended 31 May 2016 on 9 August 2016. A briefing for analysts will be held at 10.00am on the morning of the results announcement at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000.

For further details:

 
  Hargreaves Services 
  Gordon Banham, Chief Executive 
  Officer 
  Iain Cockburn, Finance 
  Director                               0191 373 4485 
  Buchanan 
   Mark Court / Anna Michniewicz 
   / Sophie Cowles                       020 7466 5000 
  N+1 Singer (Nomad and 
   Broker) 
   Sandy Fraser / Nick Owen              020 7496 3000 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTRJMMTMBBMTMF

(END) Dow Jones Newswires

July 04, 2016 02:00 ET (06:00 GMT)

1 Year Hargreaves Services Chart

1 Year Hargreaves Services Chart

1 Month Hargreaves Services Chart

1 Month Hargreaves Services Chart

Your Recent History

Delayed Upgrade Clock